We recognize it may be difficult to pay your mortgage during this time. We’re here to help. First Interstate Bank offers forbearance agreements for up to 90 days for any mortgagor whose income has been affected due to Coronavirus. The terms of the forbearance are as follows:
- Your mortgage loan payment will be suspended for up to 90 days1.
- At the end of the forbearance, you will be given the following options to bring your loan current:
- Bring total past due payments current.
- Repayment Plan: Past due payments will be spread over a six-, nine- or 12-month period and will be added to your existing mortgage payment until the loan has been brought current.
- Loan Modification: Past-due interest and escrows will be added to the principal balance of the mortgage. The term will be extended as needed to keep your payment less than or equal to your pre-forbearance loan amount.
- There will be no credit reporting or late fees charged for the duration of the forbearance and subsequent plan to bring your loan current.
If you are interested in learning more about our mortgage forbearance agreements, please contact First Interstate’s Mortgage Servicing Department at 866-295-1339.
1 Subject to change