Home Mortgage Forbearance

1-4 Family Mortgage Forbearance offers you relief through Loan Forbearance for up to 3 months

 

Like many of our mortgage customers, your loss of jobs, rent and other forms of income may quickly deplete your savings and could jeopardize your ability to make your monthly mortgage payment. We understand that this is a temporary and unforeseeable situation and would like to help you get through it. If you find yourself unable to pay your mortgage payment as a result of COVID-19, we can offer you relief through what’s known as a Loan Forbearance Program.

WHO IS IT FOR?

We can offer you a Forbearance on your Home Mortgage if you have a Ponce Bank mortgage loan on a 1-4 Residential building (including mixed-use). However, your loan payments must have been up to date as of February 15th, 2020 in order to apply. If your loan was already unpaid as of February 15th please contact us directly at residentialloans@poncebank.net and we’ll help you evaluate your options.

WHAT DOES IT DO?

The Ponce CARES 1-4 Family Mortgage Forbearance Program will allow you to:

  • Stop paying your mortgage for up to 3 months

  • No late fees assessed

  • It will NOT affect your credit score

  • Your missed payments will simply be added to the end of your loan term

How to Apply - Current Ponce Bank Customers

1. Download and fill out Mortgage Forbearance Form

This request form indicates the period during which you need relief from paying your mortgage. (You may select a 3 month period that begins in March, April, May or June.)

2. Upload the above document via the secure portal

If you’re uncertain how to navigate the secure portal once you’ve clicked on the button here’s the steps:

  • Select 1-4 Family Forbearance from the drop down menu inside the secure portal

  • Enter your name

  • Enter your loan number

  • Attach the completed request form by clicking the “Choose File” button and selecting the document you saved

  • Click on Submit Request.

  • You’ll receive an email confirming that we’ve received your request and within a day or two a Ponce Banker will contact you explaining what’s next.

 

We Trust You.

 

The Ponce CARES 1-4 Family Mortgage Forbearance Program will allow you to stop paying your mortgage for up to 3 months, provided your loan was in good standing as of February 15, 2020. There will not be any late fees assessed and it will NOT affect your credit score during this period. At the completion of the forbearance period you are expected to resume your regular payments and your missed payments will simply be added to the end of your loan term. If at the end of 3 months, you’re still struggling financially, call or visit us and we’ll work with you to find the best solution.

We’re trusting that you’ll only ask for this if you really need it because this will ensure that we can do everything possible to help those truly affected by the pandemic. Our community has seen hard times before. We’ve been here with you for over 60 years and we’ll get through this together, because at Ponce Bank we know that we’re stronger together.

Please note - Ponce Bank will suspend automatic payment withdrawals from your Ponce Bank checking account (if applicable) for the months that you are requesting the forbearance.  If payments are remitted from an external source other than Ponce Bank, it will be your responsibility to notify your financial institution to suspend said payments.