The COVID-19, or coronavirus crisis has left many homeowners without a job or with reduced hours and wondering how to pay their mortgage. Homeowners facing financial stress may be eligible for a mortgage payment deferral to help ease the financial burden.

Our COVID-19 Mortgage Payment Deferral program will be ongoing. You can apply at any time during this outbreak.

What is mortgage payment deferral?

Mortgage payment deferrals can help you during times of financial hardship — like unemployment or reduced employment due to the Coronavirus (COVID-19) outbreak.

The deferral is a written agreement between you and Amos Financial. Typically, the agreement indicates that we have agreed to pause or suspend your mortgage payments for a certain amount of time. It’s also known as a mortgage payment deferral agreement or mortgage forbearance agreement and it’s a temporary measure.

After the agreement ends, your mortgage payments return to normal and the missed payments — including principal and accumulated interest - repaid.

How mortgage payment deferrals can help you?

A mortgage deferral helps you when you’re struggling to make your payments by allowing you to skip your mortgage payment for a specified amount of time.

Are the deferred payments erased or cancelled?

The mortgage deferral agreement does not cancel, erase or eliminate the amount owed on your mortgage. At the end of the agreement, you will have to resume payment according to your regular payment schedule.

NOTE: The interest that hasn’t been paid during the deferral period continues to be added to the outstanding principal of your mortgage. This can affect the total amount you owe in accordance with the original payment/amortization schedule.

Do I need to repay the deferred amounts?

Yes, you’ll need to repay the amounts of the skipped payments including both principal and interest.

How do I repay the deferred amounts?

Details of the repayment will vary.

The interest on your mortgage that hasn’t been paid during the deferral period continues to be added to the outstanding principal of your mortgage. When your payments start again, your mortgage payment might be based off the total amount you then owe to pay off your mortgage in accordance with the original payment schedule.  In some instances, the missed payments may be tacked on to the end of the loan.  Deferring payments will result in your paying more interest than if you made your payments on time.  Deferring payments may extend the term of your loan and increase the number of payments required to repay your loan in full.

IMPORTANT: Mortgage payment deferrals focus on your mortgage (principal & interest). It may not affect escrow payments, like property taxes and homeowner’s insurance.

What are my options?

The payment deferral is for people who will struggle to make their next mortgage payment. If you are in a position to make your payments, you should.

If at any point in this crisis you think you won’t be able to make your regular mortgage payment, it’s important for you to take quick action. Please contact us immediately, before you miss a payment.