Members that have been financially impacted by the ongoing COVID-19 Pandemic may qualify for a 90-Day Loan Payment Forbearance. This program is to assist our borrowers who have been most hurt financially by the pandemic. If qualified, a borrower will not be required to make a loan payment for 90 days from the current due date. A loan payment forbearance is not a loan forgiveness, and interest will accrue during the forbearance period. The maturity date of the loan will also be extended as a result.
A loan qualifies for forbearance if:
- The borrower(s) combined monthly gross income has decreased by 20% or more. (A reduction in overtime is not considered as SJPECU does not utilize overtime pay when approving loans.)
- The subject loan was current prior to the COVID-19 related loss of income.
To request a 90-day forbearance you will need to do the following:
- Call the credit union at 1-800-637-5993 or e-mail a credit union employee to request a forbearance.
- Provide paystubs for the entire month of February.
- Provide paystubs for the most current month if still employed.
- Provide a copy of a severance notice if a borrower lost employment.
NOTE: Mortgage Loans with Impound Accounts: Borrower qualifying for a forbearance on their 1st mortgage who also have SJPECU impound for their taxes and/or insurance will need to make a lump sum payment equal to 3-months of impound payments as soon as possible to avoid non-payment of property tax and insurance.
If you have been impacted financially by the COVID-19 pandemic and are in need of loan payment forbearance contact the credit union at 1-800-637-5993.
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