COVID-19 – Mortgage Assistance

Lisa Tedder, Mortgage Servicing Manager

Lisa Tedder, Mortgage Servicing Manager

In response to the COVID-19 pandemic, we have implemented a plan to ensure continued access to mortgage services, along with assistance to mortgage customers financially impacted by this health crisis. We try to respond to all inquiries, whether by phone or through email, in a timely manner.

I MAKE MY MORTGAGE PAYMENTS TO STOCKMAN BANK. WHAT IF I CAN’T MAKE MY HOUSE PAYMENT?

If your mortgage loan is serviced by Stockman Bank and you are unable to make your house payment due to a COVID-19 related financial hardship, please contact us right away by emailing your inquiry to Mortgage Servicing at CRESDept@stockmanbank.com, or by calling (406) 234-8545 during business hours.

Q. How can you help me?
A. We are able to place your monthly loan payments on hold for 90–180 days, to help lessen your financial burden during this time. This is known as a CARES Act Forbearance (forbearance).

Q. What is forbearance?
A.
Forbearance allows us to reduce or completely suspend your monthly mortgage payment until you are able to start making your regular monthly payment again.

Q. Will I be charged late fees on the forbearance payments?
A.
No, Stockman Bank is waiving all late charges during this time.

Q. Will this be reported negatively on my credit?
A.
No, your loan will be reported as Current – Under a National Disaster.

Q. Are there additional fees for this?
A.
No, there are no fees for the forbearance.

Q. Will I still be charged interest?
A.
Yes, if your loan is a fixed rate, 15 or 30 year scheduled mortgage. This means you will still owe the scheduled monthly interest that you would have paid had COVID-19 not created this hardship. However, the interest on your type of loan does not compound on itself. You will not incur additional interest by opting for a forbearance plan.

Q. Will it all be due in one lump some at the end?
A.
No. If you are able to make all the payments at once, that is an option, but not the only option if you meet the following criteria:

  1. You attest to a verifiable, undue financial hardship because of COVID-19.
  2. Your loan is due March 1, 2020 or later. ***This is a must, if you do not want to complete a borrower response package with proof of hardship, income, all checking and saving account information for the past three months, etc.
  3. You haven’t been collecting rent for the property that has not been applied to the forbearance payments.

Once we are back to our “new” normal, we will be here to help you with options you may qualify for based on your situation and loan type.  With the above criteria met, possible options include a repayment plan, loan re-amortization, loan modification, or a subordinate loan.  The option we choose for you will be based on your situation and loan type.

There are no additional fees for any of these options.

Q. What if I go back to work before my forbearance is over?
A.
You must contact us immediately if your financial circumstances change during the term of your forbearance plan so that we may discuss potential options to resolve the payments that have been deferred during your forbearance.

Q. Can I still make a payment during the forbearance?
A.
Yes, you can make payments. This forbearance does not prohibit you from making a monthly payment if you choose to do so during the forbearance period.  Making a payment will not void this forbearance.
*We encourage you to make payments if you are able to do so even if it isn’t every month or a full payment.

Q. Why a forbearance rather than another loan, or adding the payments onto the end of my loan?
A.
We anticipate our current situation to be a short-term hardship (3-6 months). The Federal Government’s CARES Act allows us to provide immediate relief by forbearing monthly mortgage payments during this unprecedented time.

Our current situation is very fluid, affecting each of us differently.  We don’t want to implement a permanent solution until your temporary hardship is resolved and you are able to return to making your monthly payment.

CONTINUED ACCESS TO MORTGAGE SERVICES

While our bank lobbies are temporarily closed, our mortgage lenders are still available to assist customers during business hours. If you want to purchase a home, or refinance your existing mortgage, you may contact your local Stockman Bank to speak with a mortgage lender. You may also contact our Home Loan Support toll free at 1 (833) 840-5289.

Given the recent volatility in our markets, the volume of inquiries has increased substantially. This may cause some delays in our response times. We greatly apologize for this, and will respond as soon as we are able.

WE ARE HERE TO SUPPORT YOU

If you have been impacted by COVID-19 and need our support, please contact us. We are ready to assist you.

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