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COVID-19 Loan Relief Program

Facing personal hardships due to the Coronavirus (COVID-19) crisis? Look to us for financial relief. 

 

Consumer and Home Loan Relief Program1

Peoples Security Bank & Trust remains committed in our promise to ensure that your financial needs are met in this most critical time of need. While you are striving to protect your own physical health and safety, you can depend on us to assist with your financial security and well-being.

As the global outbreak of COVID-19 continues to unfold on an hour-by-hour basis, a time marked by uncertainty and uneasiness, we at Peoples Security Bank recognize and share in your concerns about how your own lives and employment have been affected during these uncertain times. That’s why we have developed the Coronavirus Loan Relief Program. 

For those who are directly affected by the COVID-19 pandemic, you can defer your monthly loan payments for up to 90 days. The following consumer and home loans are covered in our Loan Relief Program1:

  • Mortgage Loans 
  • Home Equity Loans
  • Home Equity Lines of Credit (with principal and interest monthly payments)
  • Personal Consumer Loans
  • Auto Loans

Qualifying criteria1,3 for Peoples Security Bank loans:

  • The borrower must have a COVID-19 related hardship (e.g., unemployment or reduction in regular work hours).
  • The loan must be current or less than 31 days delinquent as of March 13, 2020.
  • The borrower indicates the ability to continue making payments under normal circumstances (to include tax payments, insurance premiums and/or Escrow shortages, if applicable).
  • The loan may be secured by a primary residence, second home, deposit accounts or automobile title.

Qualifying criteria1,3 for secondary loans2 (Freddie Mac, Fannie Mae, and FHLB):

  • The borrower must have a COVID-19 related hardship (e.g., unemployment or inability to work due to contraction of COVID-19). 
  • If the borrower is unable to make any payments, a Forbearance Agreement must be initiated prior to any modification.
  • The loan may be secured by a primary residence, second home or investment property.

 

For more information, please call your local branch.

 

(1) Some restrictions apply. PSBT Loan Deferment plan approval is based solely on eligibility under the program guidelines as outlined above. This offer is effective March 26, 2020 and may discontinue at any time. 

(2) Secondary borrowers refer to Mortgage Loans sold to the Secondary Market (Freddie Mac, Fannie Mae and Federal Home Loan Bank). Such loans will be treated as a forbearance agreement in accordance with Freddie Mac Guidelines and procedures.

(3) Ineligible borrowers are those who are currently performing under another Plan, such as, forbearance plan or repayment plan are excluded from eligibility of this plan.