COLUMBIA, Md.–Maryland’s credit unions said they will act to supportfinancial relief initiatives announced by Gov. Larry Hogan aimed at assisting consumers affected by the economic fallout from the COVID-19 pandemic.
The Maryland/DC Credit Union Association said the governor’s initiative advises that consistent with applicable guidelines, Marylanders may be eligible for the following relief upon contacting their financial service providers:
Mortgage Relief
90 Days of Payment Forbearance or Deferral
- Mortgage lenders and servicers will provide up to a 90-day forbearance or deferral period for mortgage payments
Waiving Late Fees
- Mortgage lenders and servicers will not charge late fees during the forbearance or deferral period
Credit Reporting
- Mortgage lenders and servicers will not report negative information to the credit bureaus during the forbearance or deferral period
90 Days Forbearance from Foreclosure Initiation
- Requesting all mortgage lenders and servicers to follow the forbearance and reduced payment programs established by federal authorities
Support for Initiative
“We support Governor Hogan’s initiative to provide relief options to consumers who are struggling financially during this unprecedented time, said MD|DC Credit Union Association President/CEO John Bratsakis. “Credit unions have a long history of offering assistance during periods of severe economic distress including the Great Recession and last year’s government shutdown. More than 95% of area credit unions are already responding, helping members pay bills and stay in their homes. Giving consumers a financial lifeline when they need it most is what credit unions do.”
As CUToday.info reported here, Connecticut’s CUs are also participating in a similar program in that state.