Hanscom FCU Offers Mortgage Forbearance Program

small house in hands mortgage forbearance

Hanscom FCU has instituted a 3-month mortgage forbearance program for its first mortgage and second mortgage/home equity line of credit (HELOC) holders to help qualified members who are suffering financial hardships because of the COVID-19 pandemic.

"We know many of our members are experiencing job losses, reductions in work hours, illnesses, and other issues that have a critical impact on their finances," said Dan Picard, Hanscom FCU's VP of consumer lending and collections. "We want them to know we can work together to keep them in their homes, where they should be, during this world-wide pandemic."

Here's how Hanscom FCU's forbearance program works:

First Mortgages

If you have a first mortgage with Hanscom FCU and you're experiencing financial hardship, all you need to do is call our collections department at 866-746-0073. Picard says one of our team members will ask you a few simple questions about the financial situation you're in. The process is designed so that qualified members can quickly eliminate the worry of how they'll make their next mortgage payment so they can focus on getting back on their feet. Note that all borrowers must be available during the call for authorization.

Second Mortgages/Home Equity 3-in-1 Advantage Plan

If you have a second mortgage/home equity line of credit (Home Equity 3-in-1 Advantage Plan) with Hanscom FCU and are experiencing financial hardship, the process for issuing a forbearance is a little different. You will need to complete a forbearance form, which you can do online or by mail. A member of our collections team will reach out to you for an electronic signature, which is required due to the nature of a home equity loan/line of credit. Note that all borrowers must be available for authorization of the request.

Forbearance Form

If you need financial relief during this crisis, start the process by calling our collections department at 866-746-0073. If you have any further questions about Hanscom FCU's forbearance program, please contact Dan Picard at (978) 540-3340 or email dpicard@hfcu.org

Download our free Financial First Aid Guide! It'll walk you through the best ways to manage your money during uncertain times. We’ll show you how to take inventory and review all your expenses, assess your debts, prioritize bills and communicate with creditors, and so much more!

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About Author

Diana Burrell
Diana Burrell

Diana Burrell is the communications manager at Hanscom FCU and edits the MoneyWisdom blog. She has a background in magazine journalism, as well as marketing, advertising, and public relations, and has written over a dozen books. You can reach her at dburrell@hfcu.org.

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