Payment Deferment

 

What is a payment deferment?
A payment deferment allows you to delay making the regularly scheduled payments until a later date. This option is a good solution for a short-term difficulty such as a job transition, illness or other emergency. Generally, a payment deferment is for a period of 90 days, at the end of which you restart the regular payment schedule. The deferred payments are added to the loan balance and accrue interest at the rate on your note for the applicable time period.

 

Why is payment deferment good for me?
It keeps you in your home and gives you the breathing room to make good on your obligation. All the while, your credit is protected.

 

Why is payment deferment good for the bank?
It gives a good customer an opportunity to protect their credit and remain in the home. It allows the loan to remain performing within the portfolio.