- If you have a home loan with Chase and have been impacted by COVID-19, you may qualify for a 90-day mortgage deferment.
- Interest will still accrue during the deferment period, but Chase will not charge late fees or report late or missed payments to credit bureau agencies.
- When you defer, you pay any outstanding balance at the end of the 90-day period.
- You can sign into your account online or call 1 (800) 848-9136 to apply for deferment.
- Read more personal finance coverage »
Chase Bank is offering special assistance to customers who have been financially impacted by COVID-19. If you already have a home loan with Chase and have lost work due to the coronavirus, you may qualify for mortgage deferment, also known as forbearance.
Chase is offering mortgage deferment for up to 90 days
If you’ve been financially affected by the coronavirus, you may be eligible for up to 90 days of payment protection through Chase. The bank won’t charge late fees during this time.
Interest will continue to accrue, and at the end of the 90-day deferment period, you’ll have to pay the outstanding balance. It can be financially difficult to make up to 90 days’ worth of payments at once, so Chase encourages you to continue making payments if you can.
If you can’t pay the total amount at the end of 90 days, contact a Chase representative. The bank might be willing to set up a payment assistance program to make payments more feasible for you.
Chase will not report any late or missed payments to credit bureaus, so you don’t need to worry about mortgage payments affecting your credit score if you’re enrolled in the deferral program.
A Chase representative may contact you during your deferment period. The bank ensures that these aren’t collection calls – Chase is just checking in to see how your financial situation is progressing.
How to apply for deferment through Chase
Chase is not deferring mortgage payments automatically. To apply, you can sign into your account online or on your Chase Mobile® app, or you can call 1 (800) 848-9136. Just know that call wait times might be longer than usual.
Whether you apply for deferment digitally or on the phone, double-check that any automatic payments you had previously set up are turned off.
What to keep in mind if you’re considering mortgage deferment
When you sign up for mortgage deferment, your payments aren’t forgiven – they’re just on hold. Keep in mind that you will have to pay the full amount at the end of the 90-day deferral period.
If possible, consider making smaller payments each month during deferment rather than skipping payments all together. This way, you won’t have to pay such a large amount at the end of the deferral period. However, if making partial payments amid the COVID-19 outbreak would put you in a financial bind, pausing payments completely may be the best choice. Do what is best for your household.
When you set up deferment, double-check the date your lump sum payment will be due after the deferral period. Make a note of the date on your calendar or set a reminder in your phone. Missing this payment could hurt your credit score and result in penalties.
If you’re still struggling financially at the end of 90 days, talk to Chase about your situation. You may qualify for further payment assistance.
- Read more on managing your money in this tumultuous time:
- 3 options for people struggling to pay their mortgage during the global health crisis
- 4 reasons to get disability insurance, even if you don’t think you need it
- If you’ve been financially impacted by the coronavirus, you may be able to pause payments on these 8 bills
- How to get a stimulus check from the US government, which could pay up to $US1,200 if you qualify
- In response to the coronavirus, credit card issuers like Amex and Capital One are letting customers skip payments without interest and more
Business Insider Emails & Alerts
Site highlights each day to your inbox.