Mortgage Forbearance and Post-Forbearance

Special Update for Mortgage Applicants

VyStar Credit Union’s Mortgage Department would like to thank you, in advance, for your business. We would also like you to know that our ability to serve our membership and support our community is paramount.

Please Note:

We are experiencing a high volume of applications and higher than normal call and e-mail volume.
We’re working to process applications to the best of our ability.
With that, responses from our team will be delayed. Thank you in advance for your patience and together we will get through this!

VyStar Credit Union is offering 90-day forbearance on mortgage loans for those who qualify.

VyStar Credit Union introduced a 90-day mortgage forbearance program in March to ease the financial burden some members were experiencing due to the coronavirus (COVID-19), and we remain committed to providing relief options to those who need them.

Mortgage forbearance essentially allows members who qualify short-term relief to suspend your mortgage payment, allowing you time and flexibility to manage the financial challenges you and your loved ones may be facing. It is important to note a forbearance plan is not forgiveness of any portion of the debt.

Members will be asked to complete documentation as part of our 90-day mortgage forbearance assistance. If interested, please complete the Mortgage Forbearance form linked here and a representative will contact you in a timely manner.

Please read below for additional details about the program.

Please note: If you prefer to continue making your mortgage payments as usual rather than receive loan relief, you can do so by paying as you normally would.

Mortgage Loan Forbearance and Post-Forbearance FAQ

What is a forbearance plan?

A forbearance plan is a temporary suspension of your monthly mortgage payments. It is intended to allow you time and flexibility to manage the financial challenges you and your loved ones may be facing as a result of COVID-19. A forbearance plan is not forgiveness of any portion of the debt, and interest will continue to accrue on the missed payments. Please note: At the end of your forbearance plan, the full amount you did not pay during the temporary suspension will immediately be due. However, if that presents additional hardship, we can work with you on alternative options that may be available.

Am I eligible for forbearance?

If you have been impacted by COVID-19, either financially or otherwise, you may qualify for a 90-day forbearance plan.

Will I automatically receive a forbearance plan?

No. You will not automatically receive a forbearance plan, so it’s important that you contact a VyStar representative to initiate the process. You can also request a mortgage forbearance by clicking on the attached link.

Is a forbearance plan right for me?

A forbearance plan may be helpful for you if you need a temporary breather from making your monthly mortgage payments. We are unable to tell you if a forbearance plan is right for you without speaking to you about your situation, so we encourage you to speak with our VyStar Hardship department to address any questions you may have to make the best decision for you and your family. The VyStar Hardship department can be reached via e-mail at mortgagehardshipprocessingunit@vystarcu.org

Depending on your situation, we will work with you to determine the best option to bring your account current. Those options could include:

Full repayment: Homeowners have the option to immediately reinstate their loan, which means they can catch up on all missed payments and past-due escrows in a single payment, if it’s a viable option. If a homeowner chooses to reinstate their loan, they can continue to pay their mortgage under the original terms that were agreed upon before they received forbearance.

Short-term repayment plans: Homeowners can gradually catch up on the past-due amount over an agreed-upon time frame (maximum of 12 months). A portion of the past-due amounts must be paid in addition to their current monthly mortgage payments. After completing their repayment plan, they can continue paying their mortgage under the original terms that were agreed upon before they received forbearance.

Loan modification: The original terms of the loan are changed in order to address the homeowner’s ongoing hardship and make their monthly payments more manageable.
Modifications could include:
- Extension of the loan term.
- A higher loan balance, if past due amounts and fees and costs are added to the unpaid principal balance.
- Re-amortization with principle, interest and escrows, if applicable, added to the loan balance.