Wells Fargo will postpone payments for up to 90 days when the customer contacts them to discuss their situation.
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“During this time, all negative credit bureau reporting, late fees, collection calls, and foreclosure referrals and sales are also suspended,” says Paul Gomez, vice president of corporate communications at Wells Fargo.
Bank of Hawaii offers a grace period for borrowers who either can’t make their mortgage payments or are facing foreclosure.
“We are definitely suspending foreclosures and evictions during this time of hardship, says Stafford Kiguchi, media representative for Bank of Hawaii. “The initial period of time is for the length of the emergency loan program, which is six months for forbearance.
“However, we will work with each borrower to suspend foreclosure for as long as it takes to recover their repayment capacity. If the hardship turns out to be more than a temporary situation, we have other, long-term relief programs, such as our loan modification program, which permanently lowers a borrower’s monthly payment.”
Bank of Hawaii is also making cash accessible for people in need through special loan programs. Some features include low interest rates; deferred payments for the first three months; fast approval; reduced payments, with loan terms up to 60 months; and loan amounts up to $25,000.
Qualified borrowers can use funds for:
- Emergency supplies and living essentials.
- Home or vehicle repairs or replacement.
- Bridging working capital needs.
Bank of Hawaii customers may also be eligible to receiving forbearance and extensions on loans.