How to Ask Creditors for Loan and Credit Card Forbearance

How to Ask Creditors for Loan and Credit Card Forbearance

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Michael Micheletti / Director of Corporate Communications

March 20, 2020

How to Ask Creditors for Loan and Credit Card Forbearance
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Although most people know us as experts in debt relief, Freedom Debt Relief strives to do much more than that to help everyday Americans — especially in difficult times like these, where the coronavirus pandemic is creating so much income uncertainty.

To help you manage your credit card debt, mortgage, auto, and student loans, we’ve put together the information below on how you may reach your creditors and find out what they might be able to do to help. Right now, most creditors may be willing to work with you, so talk to them.*

While some lenders and creditors have created new programs to help their customers specifically during the COVID-19 outbreak, this information may also be used in times of financial hardship caused by any kind of emergency, whether it is job loss, wildfires, government shutdown, or an epidemic.

Terms to know: What is loan and credit card forbearance?

If you are missing payments to creditors or worried you will have to miss payments due to a financial hardship, you may consider asking your lender or creditor for a loan or credit card forbearance. All this means is that you are asking them for more time to make payments. Sometimes, they may let you skip interest payments and only pay on the principle of your debt. When it comes to loans, the change in terms will depend on the type of loan, the circumstances, and the lender’s policies.

Getting ready to talk to your lender

When you contact your creditors, be sure you have all the information they will need to find your loan or account and help you. Have this information ready before you call, email, or write. (Reminder, don’t send sensitive personal information over email.)

  • Account number or ID

  • Personal identifier (i.e., your social security number, date of birth)

  • Current loan amount or total owed

  • Monthly payment/minimum payment due

  • Days past due (if applicable)

  • Your hardship details: what, why, how long you think it might affect your ability to pay

  • Any other information you think will help your lender make a decision in your favor. Include relevant facts only. The more accurate and prepared you are, the better equipped they will be to help you.

  • A list of questions you want to ask. We all tend to get a little rushed or flustered on the phone.

Update, May 15, 2020: Many banks have updated their policies to allow customers who revived a stimulus check to get the full amount of the check, even if they have a negative balance in their account. Please talk to your bank for more information.

Mortgage Forbearance Assistance

Lenders may be more likely to work with you if you reach out early.

Update, March 30, 2020: Remember, you can only get forbearance from the lender who currently owns your loan. If your loan has been sold, that is the institution you need to speak to. Here is a list of most of the major lenders in the U.S.

Ally Bank

Update, March 24, 2020: Ally has announced it will allow existing mortgage customers to defer payments without charges. Contact the bank for more information.

Ally Bank Home Loans Customer Care

866-401-4742

Visit webpage here.

Wells Fargo

Update, March 24, 2020: Wells Fargo has said it will suspend residential property foreclosure sales, evictions and involuntary auto repossessions, but please contact the bank for programs that apply to your specific situation.

800-678-7986

Visit webpage here.

Quicken Loans

800-251-9080

Visit webpage here.

JPMorgan Chase

800-848-9380

Visit webpage here.

Bank of America

Update, March 20, 2020: Bank of America has announced an official deferment plan. Effective March 19, the bank will pause foreclosure sales, evictions and repossessions. Please check with the bank for more details.

800-669-6650

Visit webpage here.

United Wholesale Mortgage

469-322-3899

Visit webpage here.

Loan Depot

888-983-3240

Visit webpage here.

U.S. Bank

800-365-7900

Visit webpage here.

Caliber Home Loans

800-401-6587

Visit webpage here.

Fairway Independent Mortgage

800-201-7544 (Customer service)

Visit webpage here.

Flagstar Bank

800-393-4887

Visit webpage here.

PennyMac

800-569-4287

Visit webpage here.

Guild Mortgage

800-365-4884

Visit webpage here.

Citi

866-272-4749

Visit webpage here.

Fifth Third

Update, May 15, 2020: The bank has stated foreclosure actions on residential properties and autos are on hold. Contact the bank for details.

866-351-5353

Visit webpage here.

PNC

800-523-8654

Visit webpage here.

Sun Trust

800.443.1032

Visit webpage here.

Mr. Cooper

888-480-2432

Visit webpage here.

Regions

800-748-9498

Visit webpage here.

Freedom Mortgage

855-690-5900

Visit webpage here.

BB&T

800-827-3722

Visit webpage here.

USAA

855-430-8489

Visit webpage here.

Veterans United

855-259-6455

Visit webpage here.

Navy Federal CU

888-503-7102, Option 4

Visit webpage here.

Other assistance programs

Fannie Mae and Freddie Mac

Update, March 27, 2020: If you live in multi-family housing building or are a landlord of one, Freddie Mac and Fannie Mae announced that properties they finance may receive mortgage forbearance if landlords suspend evictions for nonpayment. In addition, for single family mortgage holders, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions for at least 60 days.

Visit webpage here.

Update, April 27, 2020: The FHFA has released a statement confirming that if you request forbearance for your Fannie Mae or Freddie Mac-backed mortgage, there will be no lump sum repayment required at the end of the forbearance period. At this time, this policy applies only to Enterprise-backed mortgages, however, FHFA Director Mark Calabria encouraged all lenders to “adopt a similar approach.”

HUD Foreclosure Avoidance Counseling Map

Provides ability to choose your state, then lists, for selected state, foreclosure prevention counseling services. These are provided free of charge by nonprofit housing counseling agencies working in partnership with the federal government. Most states have many agencies listed, all with a URL, phone number and email (or some combination thereof).

Assistance for those in Washington State

877-894-4663

Visit webpage here.

Assistance for those in New York State

800-342-3736

Visit webpage here.

Visit webpage here.

Hardest Hit Program

Interactive map

Designed for specific states where housing has been most affected by an economic downturn, this program provides mortgage assistance to those who are unemployed, underemployed and who owe more than their home is currently worth. The Hardest Hit Fund programs are designed and administered at the state level, and are customized specifically to address the housing issues that affect each state. Homeowners may check to see if their state is included.

Student Loan Forbearance Assistance

Remember there is a difference between forbearance and deferment of student loans. You should also be aware that a student loan interest waiver doesn’t mean you can stop making payments.

Update, March 20, 2020: President Trump announced that students with federal student loans will be able to hold payments for up to two months, and interest will be waived for 60 days, retroactive to March 13. Be sure to talk to your borrow for exact details.

Update, March 30, 2020: The Consumer Finance Protection Bureau is tracking changes to the law and procedures affecting student loan forbearance. At this time, there is now an automatic suspension of principal and interest payments on federally-held student loans through September 30, 2020.

Update, April 3, 2020: From March 13 to September 30, 2020, the interest rate on some federal student loans will be at 0%. Payments made will be applied to the principle of the loan. This does not apply to all federal loans and private student loans are not covered by the CARES Act. Important and updated information can be found at Federal Student Aid.

Update, December 9, 2020: The Department of Education announced on December 4th that student loan forgiveness for federal loans will be extended until January 31, 2021. More changes may be coming, so be sure to check with your lender for the latest information.

AES/FedLoan Servicing

Forbearance Information

800-233-0447

Visit webpage here.

Granite State

Forbearance Information (public and private loans)

888-556-0022

Visit webpage here.

HESC

800-888-0741

Visit webpage here.

MOHELA

888-866-4352

Visit webpage here.

Navient

888-272-5543 for all FFELP and HEAL Student Loans

800-722-1300 for all U.S. Department of Education Student Loans

888-272-5543 for all Private Student Loans

855-284-4879 for all Military Service Members

Visit webpage here.

Nelnet

Forbearance information for public and private loans

888-486-4722

Visit webpage here.

OSLA

Forbearance Information

866-264-9762

Visit webpage here.

Cornerstone

Forbearance Information

800-663-1662

Visit webpage here.

Citizens Bank

800-708-6684

Visit webpage here.

Common Bond

800-975-7812

Visit webpage here.

Discover Student Loans

800-STUDENT

800-788-3368

Visit webpage here.

LendKey

888-966-9268

Visit webpage here.

SallieMae

800-472-5543

Visit webpage here.

Simple Tuition

800-555-8733

Visit webpage here.

Sofi

855-456-7634

Visit webpage here.

Wells Fargo

800-658-3567

Visit webpage here.

Auto Loan Extensions and Forbearance Assistance

Know that under auto loan forbearance, your loan payments may be postponed or reduced, but interest continues to accrue during the period of forbearance. If you don’t pay the interest during that period, the interest may be “capitalized,” which means it is added to your principal balance.

JP Morgan Chase

(have to sign in)

800-336-6675

Visit webpage here.

Ally Financial

Update, March 24, 2020: Ally may defer payment for existing auto customers for up to 120 days without incurring late fees or finance charges and has terms for new customers as well. Contact Ally for specific information.

888-925-2559

Visit webpage here.

Capital One Auto

800-689-1789

Visit webpage here.

Wells Fargo

800-289-8004

Visit webpage here.

Bank of America

Update, March 24, 2020: Bank of America has announced it will defer payments (payments added to the end of the loan) for auto loans upon request.

Customer service number for auto loans

800-215-6195

Visit webpage here.

US Bank

(have to sign in)

Customer service number for auto loans

877-329-0540

Visit webpage here.

Huntington Bancshares

Customer service number for auto loans

800-480-2265

Visit webpage here.

PNC

Customer service number for auto loans

866-522-2517

Visit webpage here.

USAA

Can ask questions to submit

800-531-8722

Visit webpage here.

5th 3rd Bank

Customer service for all customers, hardship assistance application: (https://secure.53.com/options/)

800-972-3030

Visit webpage here.

Ford Credit

800-727-7000

Visit webpage here.

Toyota Financial Services

800-874-8822

Visit webpage here.

Nissan Motor Acceptance Corporation

Nissan has a standard 90-day extension policy that carries no fees for qualifying customers.

800-456-6622

Visit webpage here.

Chrysler Capital

855-563-5635

Visit webpage here.

Kia Motor Finco

Customer service contact number only

866-331-5632

Visit webpage here.

VW Credit

Customer service contact number only

800-428-4034

Visit webpage here.

GM Financial

From URL, can click on link to payment extension fact sheet.

800-284-2271

Visit webpage here.

Subaru Motors Finance

Customer service number only. Subaru Motors Finance is provided through Chase Bank.

800-662-3325

Visit webpage here.

Roadloans by Santander Holdings USA

888-222-4227

Visit webpage here.

Credit Acceptance

Customer service/contact us number only

800-634-1506

Visit webpage here.

World Omni Financial-Southeast Toyota Finance

Customer service/contact us number only

888-688-1166

Visit webpage here.

Americredit Financial Services-GM Financial

800-284-2271

Visit GM Financial website here.

Westlake Financial Services

888-739-9192

Visit webpage here.

Exeter Finance

800-321-9637

Visit webpage here.

Regional Acceptance-BB&T

877-722-7299

Visit webpage here.

American Credit Acceptance

866-544-3430

Visit webpage here.

Flagship Credit Acceptance

Customer service number only

800-900-5150

Visit webpage here.

SunTrust (Light Stream)

Update, March 24, 2020: Truist (formerly SunTrust) has offered payment relief assistance for clients on consumer loans, personal credit cards, business credit cards and business loans. Please contact for full information.

866-519-3479

Visit webpage here.

Navy Federal Credit Union

888-842-6328

Visit webpage here.

Credit Card Forbearance Assistance

Here is a list of contact information for the major credit card companies and banks.

Update, April 8, 2020: An additional note for small businesses. Banks are working with the federal government to implement the Paycheck Protection Program under the CARES Act. Details will be available from your lender, but small business owners may want to have information on payroll, revenue, and number of employees when they call lenders. According to the SBA, the program is only available through June 30, so act promptly.

American Express

866-703-4169

Visit webpage here.

Bank of America

Update, May 15, 2020: B of A will waive fees for non-clients who want to cash their stimulus checks.

800-732-9194

Visit webpage here.

Barclay’s

Update, April 13, 2020: Barclays has updated its call center hours in response to the increased demand. Customers who are unable to make payments can request Payment Relief online by logging in to their account at the website listed on the back of their card. Choose Contact Us, then Payment Relief to submit a request.

855-207-3506

Visit webpage here.

Capital One

800-227-4825

Visit webpage here.

Chase

800-432-3117

Visit webpage here.

Citi

800-950-5114

Visit webpage here.

Discover

800-497-2816

Visit webpage here.

Goldman Sachs Apple Card

Note: Apple Card holders will be receiving an email about a new program allowing customers to skip their March payment. Check communications from the company for more information.

There is no Apple Card website, you may contact the company through Apple Wallet.

877-255-5923 (overall Apple support number)

Visit webpage here.

Synchrony (Branded cards such as Walmart, Old Navy, Amazon)

877-295-2080 or refer to number on back of card

Visit webpage here.

USAA

800-531-8722

Visit webpage here.

U.S. Bank

888-287-7817

Visit webpage here.

Wells Fargo

800-642-4720

Visit webpage here.

Take Charge of Your Financial Future

Be proactive about contacting your creditors; you could be much more successful if you don’t wait. Please come back to our blogs for more information on how you can keep working to take care of yourself, your family, and your financial future.

*Editor’s Note: Our initial post was based on our information and research as of time of publication. We are updating as new information becomes available.

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Michael Micheletti / Director of Corporate Communications
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Michael Micheletti serves as the Director of Corporate Communications at Freedom Financial Network where he is responsible for the strategic communications planning, knowledge dissemination and outreach to key consumer audiences. Before joining Freedom he held a variety of high profile communication and consumer education roles focusing on healthcare, tax and housing. He is a former reporter for FOX News, CNN and served as news director for Clear Channel Radio San Francisco.