We're working remotely, but we're still working for you.
As a precaution against the spread of COVID-19, HomeOwnership Lending has implemented a policy of having staff work remotely and moving in-person meetings to phone or online conference, effective immediately. Our staff are reachable through email and phone. Please do not hesitate to contact us.
COVID-19 Financial Hardship Loan Forbearance
(Para Español)
Millions of consumers have been impacted by the COVID-19 crisis. Loss of income, illness, social distancing and business shut downs have caused a significant financial disruption that has left families reeling.
How HomeOwnership Lending Can help
HomeOwnership Lending is offering a 90 day forbearance period to every borrower that declares a financial hardship and completes an application. Below is our Financial Hardship Application for you to complete. The 90 day period will beginning on the day hardship was declared and as stated in your approval letter when you receive it. Forbearance mean that your monthly payments of principal and interest will be suspended without fees. However, all principal and interest payments will become due at the end of the forbearance term. If at the end of the 90 forbearance period the borrower wishes to change their loan terms, HomeOwnership Lending will make every effort to accommodate such requests on a case by case basis and at its sole discretion. Pre-payments will always be allowed without question and without fees or penalties.
Warning Signs of Financial Trouble
Do you know the signs that indicate that your finances are getting out of control? It’s best to address any issues that crop up in your personal finances before they get to the point where you are significantly impacted.
Some common signs that you are headed for financial distress include:
High balances (or balances beyond your credit limit) on credit cards
Using credit to pay for everyday expenses when you aren’t able to pay off balances monthly
High debt to income ratio
Utilizing high-interest loans or cash advances to make ends meet
Juggling monthly bills
Making only minimum payments on balances
Fear of knowing what you owe (ignorance is not bliss!)
Late or over the limit fees piling up
Reduced credit score resulting from high balances and/or late payments
Inability to qualify for needed credit
Please know that we are here to help keep you in your homes and to help get you through this difficult and stressful time.
Be well.
The HomeOwnership Lending Team