COVID-19 Financial Relief
Sierra Central is offering payment forbearance plans for members who have mortgage or consumer loans with the credit union and who have been affected by income loss or reduction as a result of the nationwide response to the COVID-19 Pandemic.
Mortgage Loan and Consumer Loan Forbearance (Deferred Payment);
- A forbearance is a temporary pause in your loan payments to help you during the period of shelter-in-place and quarantine called for by our federal, state, and local governments. If your regular income has been reduced or lost altogether during this period, a forbearance may be beneficial to you until you’re able to return to work. Our forbearance plans for both consumer and real estate loans (first mortgages, home equity loans, and home equity lines of credit) are currently offered for 90 days.
- A forbearance plan is very easy to apply for – use the request options below, complete the required information and submit. We will respond during our regular business hours. After-hour requests will be responded to the next business day.
- You don’t need to be behind on your payments to apply for a forbearance plan. The plan is designed to help you avoid late charges and negative credit reporting during your temporary loss of income. There will be no future repercussions if you apply for a forbearance plan for a Sierra Central loan. If you think you’re going to fall behind on your payments, please contact us immediately to apply for a forbearance plan so that we can help you avoid that.
- A forbearance plan is not a refinance, an interest rate modification, or a cancellation or forgiveness of your loan obligation. It is simply a deferment of payments and will require re-payment.
- Once your request is approved, we will send you a document for you to sign agreeing to the temporary pause in your loan payments – please sign and return that document as soon as possible.
- A forbearance plan is usually the best option for members with temporary financial hardships. If you don’t think your full financial health will be restored soon, we have other options we will discuss with you.
What you need to do:
- Complete and submit the required information and we will send you a request form.
- After we send you the request form, you will need to complete all of the required information including a description of your financial hardship.
We know this crisis is impacting many of our members financially, so we are:
- Waiving Non-CO-OP Networks ATM fees
- Suspending online or call-in fees for payments
- Waiving early withdrawal penalties or excessive withdrawal fees
- Offering a low interest rate personal loan with a 3 month deferred first payment.
Additional Resources Available
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