Skip to main content

Florida Banks Willing to Work With Borrowers on Mortgage Payment Plans

Navi Persaud
Apr 14, 2020
Home by the beach (Photo credit: Matthew McBrayer on Unsplash)

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.
 

 
Published
Apr 14, 2020
Enact Holdings Completes IPO

Genworth Financial Inc. announced the completion of the initial public offering for its subsidiary Enact Holdings Inc.

Industry News
Sep 21, 2021
Offerpad Expands Into Kansas City, St. Louis

Tech-Enabled Platform For Real Estate Transactions Now In 20 Markets

Industry News
Sep 20, 2021
KBRA Assigns Preliminary Ratings To RCKT 2021-4

Includes 1,002 Residential Mortgages With An Aggregate Principal Balance Of $968.4M

Industry News
Sep 20, 2021
KBRA Assigns Preliminary Ratings To SEMT 2021-6

Pool Of 497 First-Lien Loans Combined Have A Principal Balance Of Nearly $449M

Industry News
Sep 16, 2021
Fugo Appoints Bahlman As VP, Client Relations & Sales

Brings 19 Years of Experience To Texas-Based Back-Office Support Company

Industry News
Sep 16, 2021
Envoy Mortgage Expands To Atlanta

Envoy Mortgage lender expanded its Southeast operations to Atlanta, GA.

Industry News
Sep 15, 2021