Local Lenders Help Those in Need with Mortgage Payments

 

 

 

 

 

 

 

It’s easy to love Franklin County Massachusetts in good times, but it’s in these difficult times that the reasons to love our community are highlighted even more. So many local businesses have stepped up in the past few weeks with the outbreak of COVID-19. Some have done their part to protect our community by shutting their doors, offering services which are in line with social distancing, or even offering ways to help financially.

Two of our local banks, Greenfield Savings Bank and Greenfield Cooperative Bank, have updated their mortgage payment policies to help those who have been financially impacted by the COVID-19 Pandemic. The following statements are taken directly from each banks’ websites:

Greenfield Savings Bank COVID-19 Residential Loan Relief Program

Effective immediately, Greenfield Savings Bank is offering to defer up to 90 days of mortgage and/or equity line or equity loan payments to all our Residential Loan customers who have been financially impacted by the COVID-19 pandemic.

• This program is available during the National COVID-19 emergency
• It is available on residential mortgages and/or equity lines, secured by one-to-four family properties
• There are no processing fees
• Your Credit Report will not be affected by this program.
• Customers can select 30, 60 or 90 days deferment of payments
• The program will include your property tax escrow payment, if applicable
• It is open to all residential loan customers economically affected by the COVID-19 pandemic, including job loss, reduced wages, etc.

Visit Greenfield Savings Bank online for more information and to opt-in to this special relief program.

Greenfield Co-operative Bank Announces New Payment Option for Customers as a result of Coronavirus (COVID-19) issues

Michael E. Tucker, President & CEO of Greenfield Co-operative Bank and its Northampton Cooperative Bank division, was pleased to announce that our community bank board has approved a program to provide a “Payment Holiday” for existing GCB customers who have a portfolio loan at GCB to defer making their monthly payments coming up in April and May for up to 60 days. For eligible customers who wish to “Opt In”, there will be a simple form to complete. The payments usually due for April and May would simply be added to the back end of the loan term. Customers would then not have to make those payments until the end of the original term. The term would be extended 2 months to allow those payments to be made at the end of the original term.

If you have a fixed rate Federal National Mortgage Association (FNMA) loan that is serviced by GCB, we regret we are unable to offer this program at this time. We are contacting FNMA to see what might be available and will notify the public if circumstances change.

Visit Greenfield Cooperative Bank online for more information and to fill out the mail-in or online Opt-In Form.