We understand that some of our customers may be adversely impacted by disruptions related to COVID-19. Savings Bank of Danbury is prepared to work with our borrowers through these challenging times, and we will offer each customer the same customized service and solutions that you’ve come to expect from us.
Savings Bank of Danbury customers will receive the following support:
- Foreclosure sales and evictions of borrowers are suspended for 60 days
- Homeowners may be eligible to participate in a forbearance plan to reduce or suspend their mortgage payments for up to 6 months
- Credit bureau reporting of past due payments of borrowers in a forbearance plan will be suspended
- Homeowners in a forbearance plan will not incur late fees
- The bank will work with customers who are in a forbearance plan 30 days prior to the forbearance expiration date, for evaluation of post forbearance options
Following is additional on assistance programs that you may be interested in learning about.
1. Savings Bank of Danbury Personal Banking Customer Relief Program
For Savings Bank of Danbury to consider your relief request, please complete and submit the following required documentation:
- Hardship Letter detailing the specific impact COVID-19 has had on you. The letter MUST detail the following:
- Loss of employment; temporary or permanent.
- What impact has the disruption had on your income/expenses?
- What other measures have you taken, or do you plan to take to mitigate these disruptions?
- Other pertinent information you feel the Bank should know when considering your request.
- Mortgage Assistance Application
Please forward the above-completed items and send them by email to SBDLoanAssistance@sbdanbury.com.
If you have questions regarding the required information or process, please email SBDLoanAssistance@sbdanbury.com or call 888-743-0008.
For Frequently Asked Questions about Mortgage Assistance Click here.
2. Fannie Mae Assistance Options for Homeowners Impacted by COVID-19
Fannie Mae has Resources and Assistance Options for Homeowners Impacted by COVID-19.
Homeowners experiencing a hardship such as job loss, income reduction, or sickness due to COVID-19 and no longer able to make their mortgage payment have the following options:
- Payment relief through a forbearance plan offers a reduction or suspension of your mortgage payments for up to 12 months, offered in increments of up to six months
- Late fee relief during your forbearance plan period
- Repayment options following your forbearance, including a repayment plan to catch up gradually or a permanent loan modification that aims to maintain or reduce your monthly payment
For more information visit: https://www.fanniemae.com/portal/media/corporate-news/2020/covid-homeowner-assistance-options-7000.html
3. Freddie Mac - Extending Help to Homeowners Impacted by COVID-19
If you are a homeowner experiencing financial hardship directly or indirectly related to Coronavirus (COVID-19) and your mortgage is owned by Freddie Mac you have options.
Whether you’re facing job loss, reduced income, illness or other issues that impact your ability to make your monthly mortgage payment, Freddie Mac is working to ensure you are protected. Relief options include:
- Ensuring payment relief by providing forbearance for up to 12 months
- Waiving assessments of penalties or late fees
- Halting all foreclosure sales and evictions of borrowers living in homes owned by the company until at least May 17, 2020
- Suspending reporting to credit bureaus of past due payments of borrowers who are in a forbearance plan as a result of hardships attributable to this national emergency
- Offering loan modification options to provide mortgage payment relief or keep those payments the same after the forbearance period
Borrowers are eligible for forbearance regardless of whether their property is owner occupied, a second home or an investment property.
For more information visit: https://myhome.freddiemac.com/own/getting-help-disaster.html
4. U.S. Department of Housing and Urban Development (HUD)
HUD COVID-19 Resources and Fact Sheets
For more information visit: https://www.hud.gov/coronavirus