Property tax & mortgage relief for those affected by COVID-19

Property Tax Relief

The California State Association of Counties announced that Counties will use their existing authority to cancel penalties and other charges to homeowners, small businesses and other owners that are not able to pay the property taxes on April 10 due to COVID-19 on a case by case basis.

Property owners that can afford to pay the taxes should continue to pay on time.  Click here to read the statement.

Mortgage Relief

The following banks were listed by Forbes as offering relief to customers affected by Coronavirus (COVID-19).

Ally

On March 18, Ally shared measures it will implement to offer relief to those experiencing financial hardship due to the coronavirus pandemic.

Here’s how the bank is offering assistance:

• Ally is waiving all fees related to expedited checks and debit cards, overdrafts and excessive transactions on savings and money market accounts until July 18, 2020.
• Auto loan payments can be deferred for up to 120 days. Referral requests for deferral of up to 120 days can be made online. No late fees will be charged, but finance charges will accrue. After payments resume, the contract will be extended by the number of months payment was deferred.
• Home loan payments for existing customers can be deferred for up to 120 days. No late fees will be charged, but interest will accrue. For payment assistance, customers are encouraged to apply via their Ally account online, in order to avoid long call wait times at 866-401-4742.

Bank of America

On March 12, Bank of America emailed information to Forbes about potential measures it was ready to take in response to the coronavirus:

“We continue monitoring the developments of coronavirus and are always prepared to support our clients facing financial hardship or loss of income due to illness. All employees who work directly with our clients are trained to identify and assist impacted clients and provide the right support to address their unique personal needs. As part of our regular practice, we offer assistance to qualifying consumer and small business clients facing hardships, including forbearance with certain fees.”

Bank of America customers who need help making credit card or mortgage payments can now apply for a payment deferral online. A video has been added to the bank’s coronavirus help page (linked below) to explain the additional assistance the bank is offering to clients and small businesses, which now have their own coronavirus help resource.

On March 19, Bank of America announced additional support that will be provided, working on a case-by-case basis, including:

• For consumer and small business deposit accounts, clients can request refunds of overdraft, insufficient funds and monthly maintenance fees.
• Clients can request to defer payments and refunds of late fees on their small business loans.
• On auto loans, personal loans, mortgages and home equity loans, clients can request deferral of payment, with those payments added to the end of the loan. So long as clients are up to date, no negative credit bureau reporting will be made.

Clients facing financial hardships related to the coronavirus are encouraged to visit Bank of America’s coronavirus help page and contact the client services team.

Capital One

In an email to customers on March 12, Capital One encouraged them to access their accounts with the bank’s digital banking tools, including online and app access. 

Customers facing financial difficulties due to the coronavirus are urged to contact the bank directly through one of its many customer support lines. At its website, Capital One encourages customers who may be impacted or need assistance to reach out so that the bank can help find a solution.

Capital One tells Forbes that all customers will be eligible for assistance, which will vary on the type of product they have and their individual needs. Examples of assistance include:

• Minimum payment assistance
• Deferred loan assistance
• Fee suppression

On April 5, Capital One added resources to its website that address individual customer assistance, fraud prevention and travel cancellations. A new business customers’ page provides guidance specific to the SBA Paycheck Protection Program.

For more information and updates, visit Capital One’s coronavirus help page.

Chase

• If you need help,  you can enroll in payment assistance by:
  • Sign in
  • Calling us at 1-800-848-9136
• If you’re in the military and have been activated to respond to a disaster, you may be eligible for additional benefits. Please call our military services hotline at 1-877-469-0110.

Citibank

Effective from March 9 through May 8, Citibank customers can contact the bank for assistance with:

• Waivers on monthly service fees, for both regular and small business customers
• Waived penalties for early CD withdrawal, for both regular and small business customers
• Fee waivers on remote deposit capture for small business customers
• For small business customers, bankers available after hours and on weekends
• Some credit card customers may be eligible for collection forbearance programs.
• Some mortgage customers may be eligible for hardship programs through Cenlar FSB, the bank’s service provider. For assistance, call them at 855-839-6253 (Mon–Fri, 8:30 a.m.–8 p.m. ET or Sat, 8:30 a.m.–5 p.m. ET).

To receive instant account information, Citi customers are encouraged to use either the Citi website or the Citi mobile app to check balances, make payments, transfer funds, deposit checks or locate nearby ATMs.

For more information and updates, visit Citibank’s coronavirus help page

If you’ve been impacted by the Coronavirus, it is worth checking in with your lenders and banks to see if they’re offering any type of relief at this time.  If you have any questions, it is highly advisable to seek the guidance of an attorney knowledgeable in this area.  Eileen Kendall of Kendall Law can help you.  For a consultation contact Kendall Law or call (310) 619-4941.