Fresno Bee Newsroom Blog

Banks working with furloughed federal employees to defer loan, mortgage payments

Bank of the West is giving furloughed federal employees a break on paying their loans and mortgages.

The bank, which has five offices in Fresno, is granting one month deferrals on consumer loan payments and one month forbearance on mortgage payments.

“We are committed to helping our customers succeed financially through the ups and downs of life,” said Paul Wible, head of the bank’s National Finance Group.

Bank customers with auto, recreational vehicle and boat loans, credit cards and home equity loans and lines of credit can call (800) 653-0362 to request help.

Other banks like Bank of America and Wells Fargo are working with customers on a case-by-case basis.

“Federal government employees and other workers whose jobs are directly impacted by the government shutdown may be eligible for forbearance programs or other mortgage payment assistance depending on their individual circumstances,” a Wells Fargo spokeswoman said.

Wells Fargo and Bank of America customers, who are furloughed federal employees, are encouraged to contact their banks to work on a solution.

Responses

Janice says:

Wells Fargo is Not offering any type of help .. Most of the employees aren’t aware of a govt. shutdown

Stephanie says:

I called to see what options were available to us for our mortgage if shut down happens to go longer. Wells Fargo will let you forbear a payment but it will show negatively on your credit report as does a loan modification that can take months to process.

Mel says:

Bank of America nor Wellsfargo (both, of which I hold mortgage loans) do not offer any assistance or helpful solutions for furloughed government employees as of now.

R.H says:

Don’t bother contacting bank of America. They do not work with federal workers who have been furloughed. It is business as usual for Bank of America. If you call them they will direct you to their collection department for payment. There is no special help or deferred payment option for furloughed federal workers at Bank of America.

Dennis Neal says:

Wells Fargo is Satan’s bank. They are absolutely giddy at the prospect of foreclosing and care f*** all about whether their customers are suffering or not. I don’t have them as my mortgage financer by choice; my mortgage was sold to them and I have suffered continuously since that day. They are about as helpful as the Tea Party Patriots if you’re a government employee who got poleaxed by the furloughs as I did.

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