Loan Payment Deferral
Help for our Members
As the impacts of the COVID-19 crisis continue to play out in our region, Associated Credit Union offers a range of solutions to help you manage through periods of reduced or lost income. Our team is here to assist with services that address your unique situation.
Mortgage Loan Payment Forbearance Options
If your mortgage is with Associated Credit Union and you are experiencing a financial hardship resulting from the COVID-19 pandemic, you have the option to request a payment deferral on your mortgage for up to 90 days. This option is available on mortgages for primary residences, second homes, and investment properties.
Important Information Regarding an ACU Mortgage Loan Payment Forbearance
A forbearance agreement does not extend the length of your mortgage repayment period. Upon completion of the forbearance agreement, you will be required to either bring the loan current, commit to a repayment plan, or qualify for a loan modification.
To qualify for a payment deferral, you must complete our application providing documentation that you are experiencing a hardship resulting from COVID-19—such as:
- loss of employment
- reduction of income
- reduction of regular work hours
Other Information about ACU Mortgage Loan Payment Forbearance:
- Mortgage payments must be current or less than 31 days delinquent as of March 13, 2020 in order to qualify.
- Finance charges (interest) will continue to accrue.
- Late fees will not be assessed as a result of a payment deferral.
- Credit reporting will be suppressed during the active forbearance period.
- This does not apply to Equity Lines of Credit or Home Equity Loans
How to Request Your ACU Mortgage Loan Payment Forbearance
Contact Member Services (M-F 8:00 AM to 5:00 PM) at 770.448.8200 ext. 2360. An ACU teammate will help you process your request.
We're here to help you get your finances back on track with Skip-A-Payment.
Associated Credit Union wants to help members get back on track by offering Skip-A-Payment. Through May 31, 2020, members who qualify can defer the payment of an eligible Associated Credit Union loan up to 30 days past its due date. There is no service charge.
To qualify, you must have:
- A minimum monthly loan payment equal or greater than $100
- A current loan balance greater than $1,000
- A minimum of six months of full, consecutive and on-time payments toward the loan prior to the request
- A minimum of twelve months remaining on the loans
Eligible Loan Types
- Regular Auto Loans
- Personal Loans
- Personal Lines of Credit
- Home Equity Lines of Credit
- 2nd Mortgages
- Rate Reward Auto Loans
Ineligible Loan Types
- 1st Mortgages
- Time Deposit Loans
- CURE Loans
- Loans with CPI Add-ons
To apply for Skip-A-Payment:
- Call 770.448.8200, Ext. 2390 for Auto and Personal Loans
- Call 770.448.8200, Ext. 2141 for 2nd Mortgages and Home Equity Lines of Credit
Deferment of payment will extend the life of the loan and may cause an increase in the final payment amount. Offer only available on Regular Auto Loans, Personal Loans, Personal Lines of Credit, Home Equity Lines of Credit, and 2nd Mortgages that are currently financed with Associated Credit Union with a maximum of three extensions allowed during the term of the loan. Members must have had their loan with Associated Credit Union six months prior to a Skip-A-Payment Payment request. Loans must be current and all accounts in good standing. If your auto loan has GAP insurance, please contact your insurance carrier to determine how a Skip-A-Payment may affect your coverage. Offer subject to approval and does not apply to the first payment of any loan. Limit to one Skip-A-Payment per qualified loan during promotional period beginning April 1, 2020 through May 31, 2020. Financial Institution to Financial Institution refinance will be decisioned on a case by case basis.