Home Loan Payment Assistance
Understanding the Home Loan Payment Relief Process
NavyArmy is committed to helping home loan members experiencing financial hardships. Currently many of our members are experiencing financial difficulties from the impact of COVID-19. We’re here to help!
Please watch this informative video for a brief overview of payment assistance options.
What is the process?
We strongly encourage utilizing our Loan Solution Center to avoid long phone hold times!
Temporary Hardship typically results in a forbearance. Here’s what you need to know about a forbearance:
- Payments are suspended for 90 days
- No late fees are accessed for 90 days
- No negative credit reporting for 100 days
The suspended payments will be due in full. It is difficult right now, to predict the impact or time it will take to recover from this COVID-19 pandemic. If your financial situation is stabilized before the 90 days and you are able to pay your payments as agreed, thank you!
A Forbearance Agreement will be mailed to you. You will be required to return the signed and dated Forbearance Agreement before the date shown on the agreement. Please view the Sample Forbearance Agreement in order to know what to expect. All borrowers must sign and date the agreement.
The signed and dated forbearance agreement can be returned using any of the following methods:
NavyArmy intends to offer three options for homeowners to resume payments once exiting a Pandemic Forbearance Plan.
- Reinstate your loan – if you’re able to pay the suspended payments and you can resume your regular mortgage payment.
- Extend your Forbearance – if your financial position has not improved and you can’t resume your regular mortgage payment.
- Defer suspended payments to the end of the loan, interest free (as a balloon payment) – if you can’t reinstate the loan but can resume your regular mortgage payment.
- Extend your loan term to defer the suspended payments to the end of the loan – if you can’t reinstate your loan but can resume your regular mortgage payment. (Please note: Texas prohibits balloon payments on Texas Home Equity Loans.)
Note: If you loan was past due prior to the forbearance and you were granted a forbearance, we can help you. Please contact us at 1-800-622-3631 ext. 1003.