Mortgage help available for those impacted by coronavirus

Image Source: Pixabay / MGN
Image Source: Pixabay / MGN(KALB)
Published: Apr. 2, 2020 at 4:08 PM EDT
Email This Link
Share on Pinterest
Share on LinkedIn

It's an unprecedented time of unemployment and the need for banks to work with customers on mortgage payments is greater than ever.

"We know unemployment is going to go up because we've shut down the country," Martin Sutter, president of Genoa Bank, said.

Sutter said banks like Genoa are willing to work with mortgage customers on at least a 90-day forbearance.

"What we're trying to do is make sure you're paying your escrows up on your taxes and insurance and those kinds of things, but more importantly as you're deferring it, you're deferring your payments," Sutter said.

It is important for customers to know those payments will still need to be made later. Sutter said it's still a loan and it's still an obligation, that you're just deferring your principle and interest to the end.

And if you need longer, you need to let your lender know as soon as possible. Most will still work with you throughout this pandemic.