The spread of the coronavirus has crippled working Americans and put their financial future in jeopardy. As the nation begins to reopen, much uncertainty still lingers. The United States government rolled out stimulus checks and small business loans, and state unemployment programs have offered added relief until the end of July. Banks and creditors have extended a helping hand as well.
With all of these factors flying around at lightning speed, it is sometimes difficult to plan for the future without fully understanding what your options are. If you are one of the many that are worried about your mortgage, past due credit cards, student loans, or how to pay your rent, here is a list of banks and online lenders that are willing to work with you if you are in over your head.
List of Banks & Creditors Offering COVID-19 Financial Relief
National banking institutions are offering financial assistance to homeowners, small businesses, and even students by way of increased credit limits, waived service fees, forgivable loans, and forbearance. Here is a list of banks and creditors that are helping to keep folks afloat through this lengthy pandemic.
- Citi – On March 9th, Citi Bank announced the following: “For Retail Bank Customers: Fee waivers on monthly service fees; waived penalties for early CD withdrawal.” They also offered increased lines of credit for those that are eligible and collection forbearance programs. Mortgage holders received a variety of hardship programs through Citi’s service provider as well. To find out more about how Citi can help with your home loan and mortgage, contact them at 1-800-2CENLAR (1-800-223-6527).
- Capital One – You don’t have to let your credit score suffer because you are out of work. Capital One is largely used by those that are trying to rebuild their credit. There is no reason to have all of your hard work go to waste. Capital One is offering forgiveness for canceled travel plans, missed mortgage payments, and past due balances. They have released this statement to all of their clients. “At Capital One, the health and well-being of our customers, associates, and communities is our top priority. We understand the concern and uncertainty you may be experiencing surrounding the coronavirus (COVID-19) situation and are committed to being as responsive as possible to the needs of our customers and associates as the situation evolves.” For small business owners that use Capital One, you can find relief here. For credit card holders, you can reach out to Capital One to negotiate a way to pause your payments until a later date.
- Chase – Chase Bank is one of the world’s largest financial institutions. They have been extending help to their clients since the start of the COVID-19 pandemic. From car loans to home loans, Chase is offering payment forgiveness programs to help those that are worried about making payments on time. No one should be left out in the cold due to circumstances that are out of their control. Chase is willing to work with families and individuals that have lost their livelihood due to the coronavirus. If you bank with Chase and need assistance, reach out and find out what they can do to help.
- PNC Bank – With its headquarters in Pittsburgh, PNC Bank is one of the oldest banks in America and holds over $400 billion in assets around the world. PNC is offering its customers asset and investment management free of charge. With students in mind, PNC is allowing reduced or even canceled student loan debt. Learn about federal student loan forgiveness and what your options are. PNC Bank released the following statement to its website: “Should you, as a PNC customer, encounter hardship as a result of coronavirus, please call us at 1-888-762-2265 (7:00 a.m. to 10:00 p.m. ET Monday – Friday; 8:00 a.m. to 5:00 p.m. ET Saturday & Sunday) to discuss your options. PNC offers an array of hardship relief options for which customers may be eligible depending on their product(s) and needs.”
- Discover – While it may not be offering as much wiggle room as other banking institutions, Discover is extending relief to qualified customers. They are willing to extend payment dates on loan and credit cards, forgive service fees, and accept late payments without penalizing customers. If you bank with Discover and need help with missed payments or student loan forgiveness, you can contact them and reach a loan forgiveness solution.
- Internal Revenue Service (IRS) – Yes, even the IRS isn’t without a soul during a global health crisis. On March 17th, Treasury Secretary Steven Mnuchin announced, “If you owe a payment to the IRS, you can defer up to a million dollars as an individual… interest-free and penalty-free for 90 days.” Americans will get an extension on paying their taxes. The new due date has been extended from April 15th to July 15th. This, however, only applies to federal taxes. Check with your local and state governments to find out about state taxes and see if there are any extensions you qualify for.
CONTACT OAKTREE LAW TODAY TO SPEAK TO A FORECLOSURE ATTORNEY
OakTree Law is open for business during the COVID-19 crisis. If you’re in need of an experienced real estate attorney and #QuarantineLife has left you in limbo, reach out to us now. We’ll help explore your options, determine the kinds of payments you can afford, and whether alternatives to foreclosure may be available to you. Call us at 888-219-0654 for a free phone consultation today!