The nation is facing increased employment and plenty of uncertainty on the mortgage front, however, financial institutions throughout the industry have been willing to help borrowers as much as possible through this hardship. As more borrowers realize the harsh reality of a forbearance plan that requires them to pay the money back in a lump sum payment, worry is beginning to set in. They are searching for other options and a few Florida banks are onboard with coming up with payment plans to help ease the minds of borrowers.
"We recognize not all clients may be able to pay all of the suspended payments in a lump sum at the end of a forbearance period," said David White, VP of corporate communications for Truist Bank, which merged with BB&T bank last year, according to Bay News
. "We will work with clients before the end of their forbearance to explore repayment options available for their individual loan product and circumstances, including loan modifications."
In addition to Truist Bank, officials at Bank of America, Chase and Wells Fargo all revealed that customers will have repayment options similar to those being proposed by Truist. The catch is, there will be an approval process which means borrowers will have to qualify for it.