Terms and Conditions
To assist members who have experienced a hardship resulting from COVID-19 (for example- unemployment, reduction in regular work hours, or illness of a borrower/co-borrower or dependent family member) which has impacted their ability to make their monthly mortgage loan payment; we have enacted the following option:
You may request up to three months (90 days) forbearance for First Mortgages or Second Mortgages.
At the end of the forbearance period, the member will have 3 choices:
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Pay the number of month’s forbearance payments that you elected to have deferred.
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Amortize the deferred month’s payments over a maximum 24 month period.
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Mortgage modification – which means we add the three payments to the end of the mortgage.