Consumer Mortgage Deferral Request

For COVID-19 related hardships, please use our Mortgage Payment Deferment Hardship Request Form.

If you need assistance with a Small Business Lending product, please visit information on the CARES Act Payroll Protection Program:

- Payroll Protection Program (PPP)

Response Time: Because of the extraordinary events impacting our communities and the high volume of customer inquiries, it may take us up to 3 business days to notify you of the outcome of our review.

Deferment Questions

Who is Eligible for a COVID-19 Mortgage Deferment?
Borrowers that have been laid off (or lost income) due to the pandemic and need enough cash for living expenses until they are able to go back to work.

How Do I Apply For A Deferment?
Complete the COVID-19 Mortgage Deferral Form and return it to us.

What Are the Deferment Terms If My Loan Is Owned By A Government Sponsored Enterprise such as the Federal Home Loan Bank?
We are not sure yet, but we're working on it. When we made your loan, to get you the lowest possible rate, we may have used the Federal Home Loan Bank’s mortgage program. Most banks use Government Sponsored agencies as part of their home-loan offerings, including Fannie Mae, Freddie Mac, and the Federal Home Loan Bank.

In short, this means the Federal Home Loan Bank may own your loan and we only service it.

Right now, if the FHLB owns your loan, we are waiting on instructions from the FHLB on how to document deferral requests related to the pandemic.  We are talking with them daily and hope to have a deferral process in place within the next 10 days.

In the meantime, even if you can’t make your current payment, we’ll refund any late fees on your account and your credit will not be impacted.  As soon as we have guidance, we’ll get back to you to get the ball rolling.

What Are the Terms If My Loan Is Owned By Osgood State Bank?
We will be able to defer your principal and interest payments for up to 90 days.  You’ll just need to continue sending us payments for your property taxes and homeowner’s insurance if you’re escrowing.

For your awareness, the deferment is temporary relief of making payments for 90 days, not debt forgiveness. 

After the deferment period, your payments will remain the same.  However, unless you make special arrangements to catch up the deferred payments, you will need to pay the balance due when the loan is paid off (Including if you refinance) or at maturity. 

If you are okay with these terms and are approved, we will need you to sign a deferral agreement.  We will make arrangements quickly for you to sign and return it to us.

If you need more than 90 days, you’ll need to let us know before the deferment expires. Depending on your situation, we may be able to extend the deferment.