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Borrower Assistance Programs

Help for clients experiencing financial hardship.

March 2018

Our Coronavirus Response

Options for KeyBank clients impacted by the coronavirus.

If the coronavirus pandemic has caused you to lose your job or a significant amount of your income, or if you’ve had to stop working because of your own sickness or because you’re caring for a sick family member, you may be eligible for financial hardship assistance.

Payment Deferrals

Generally, a deferral extends your payment due date, giving you more time before your payment is due. If you are affected by the coronavirus, you can request a deferral for a variety of KeyBank products including mortgages, home equity loans and lines, auto loans, lines of credit and credit cards.

To learn more and request your deferral, fill out the appropriate online form for each type of assistance you need.

PLEASE NOTE: if you wish to make a deferral request on more than one option above, separate requests for each product type must be made.

Temporary Assistance Loan for Existing Clients

Starting at 1% APR,1 our shorter term, no collateral loans are easy to apply for and quickly funded—you could have your money as soon as the same day.2 Available to existing clients only. To learn more and apply, sign on to online and mobile banking.

Repossessions and Foreclosures and Evictions

As a result of COVID-19, KeyBank has temporarily stopped new repossessions of vehicles, residential property foreclosures and evictions, unless required by a government agency. Please note that KeyBank, in compliance with all laws and regulations, may resume repossessions, residential property foreclosures or evictions without notice.

Questions? 24/7 Customer Service

We’re experiencing longer than usual hold times. If you leave a message or ask for a return call, know that we will contact you as soon as possible.

1-800-KEY2YOU® (539-2968)

For clients using a TDD/TTY device: 1-800-539-8336

For clients using a relay service: 1-866-821-9126

Non-COVID-19 Related Assistance

Assistance with financial hardships not due to the coronavirus.

Unemployment, decrease of income, rising expenses, declining property value, divorce, injury or illness are all considered hardships. If you’re experiencing a hardship that makes it difficult for you to pay your bills, there may be help.3

Home Equity or Mortgage

To request any of the following options, use the form Request for Borrower Assistance.

Repayment Plan

If you are behind on your payments, you may qualify for a repayment plan that allows you to make your regularly scheduled loan payments, plus pay off a portion of the past due amounts over time.

Reage

A reage returns a delinquent account to a current status without immediately collecting the past due payments that are contractually due. If you are currently past due on your payments, and are able to make your regular payments going forward, this option may be right for you.

Modification

If you are unable to afford your current monthly minimum payment, but could pay a reduced amount each month, a loan modification may be right for you.

Forbearance

If you are experiencing a temporary hardship, you may be eligible for forbearance. A forbearance is when the lender agrees to temporarily suspend or reduce a number of your loan payments to allow time to get your finances back on track in order to pay off the past due amounts.

Extension

If you are experiencing a temporary hardship, you may be eligible for an extension. An extension is where the lender agrees to suspend a number of your loan payments for a period of time and add those payments to the back end of your loan – extending the length of your loan term. To be considered for an extension, you must be able to show that you have the ability to make future payments.

Short Sale

If you want to sell your house but it’s worth less than the amount remaining on the combined mortgage and home equity loan/line balance, a short sale may allow you to sell your house for less than the balance owed. You may be responsible for paying the difference between what the bank received in the short sale and what you owed.

Deed in Lieu

If you are not able to sell your house, you can choose to voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments. Options are available to help you leave the home immediately. You may be responsible for paying the difference between what the bank received in the eventual sale of the property and what you owed.

Boat, Auto or RV

Extension

If you are experiencing a temporary hardship, you may be eligible for an extension. An extension is where the lender agrees to suspend a number of your loan payments for a period of time and add those payments to the back end of your loan – extending the length of your loan term. To be considered for an extension, you must be able to show that you have the ability to make future payments. Please gather your financial information and contact us to discuss your situation.

Boat Short Sale

If you want to sell your boat but it’s worth less than the amount remaining on the loan balance, a short sale may allow you to sell it for less than the balance owed. You may be responsible for paying the difference between what the bank received in the short sale and what you owed.

To request this option, use the form Request for Short Sale.

Credit Card and Lines of Credit

Reage

A reage returns a delinquent account to a current status without immediately collecting the past due payments that are contractually due. If you are currently past due on your payments and are able to make your regular payments going forward, this option may be right for you.

Long-Term Hardship

If you are unable to afford your current monthly minimum payment or are currently past due on your payments, but could pay a reduced amount each month, a long-term hardship plan may be right for you. To request this option or discuss additional Borrower Assistance programs, please contact us at 1-866-947-2610 (clients using a TDD/TTY device: 1-800-539-8336).

Student Loans

Forbearance or Extension

If you are experiencing a temporary hardship, you may be eligible for a forbearance or an extension. A forbearance is where the lender agrees to suspend or reduce a number of your loan payments to allow time to get your finances back on track in order to pay off the past due amounts. An extension is where the lender agrees to suspend a number of your loan payments for a period of time and add those payments to the back end of your loan – extending the length of your loan term. To be considered for forbearance or an extension, you must be able to show that you have the ability to make future payments. Please gather your financial information and contact us to discuss your situation.

Additional Resources

Additional Resources

  • The Department of Housing and Urban Development (HUD)
    Housing counseling agencies approved by HUD are available and can offer independent advice based on your objectives and circumstances, often at little or no cost. To contact a HUD-approved housing counseling agency in your area, visit HUD.gov or call 1-800-569-4287 (TTY: 1-800 877-8339).

  • For Washington State Homeowners
    You can speak with a counselor about your financial options. Call the Washington Homeownership Information Hotline at 1-877-894-HOME or visit Washington Homeownership Information.

  • Talk to an expert from KeyBank (Toll free, weekdays, 8 a.m. to 5 p.m. EST)
    Make sure to have your monthly income, household expenses, and an explanation of your hardship or foreclosure concern ready to discuss.
    • Student loans - 800-877-2860
    • All other loans - 866-947-2610, (TTY - 800-539-8336)
1

To receive the promotional APRs for KeyBank’s temporary assistance loan, borrowers must: (1) establish an automatic payment deduction plan from a KeyBank checking or savings account at the time of account origination; and (2) be an existing KeyBank client, defined as a banking relationship with KeyBank for greater than or equal to six months from the date of application. If either requirement is not met, standard posted rates for personal loans will apply. Normal checking or savings account service charges apply. Key-to-Key refinances are not eligible for this offer. Limit one offer per client. Please refer to specific account disclosures for details. As an example, if you were to borrow $5,000 for 36 months and qualify for the 3.00% APR Temporary Assistance Loan offer, your monthly payment would be $145.41. The 3.00% APR is a promotional offer charged by KeyBank across Key’s footprint (OH, IN, MI, PA, NY, MA, CT, VT, ME, CO, ID, UT, WA, OR, AK).

2

Funds may be available as fast as same business day of application under the following conditions: (1) certain underwriting criteria are met including, but not limited to, credit score; (2) loan funding does not require third party payoff(s); (3) funds are deposited directly into a KeyBank Account; and (4) complete loan signing by 2:00 p.m. EST on a day that the bank is open for business. Income verification may be required, which may delay availability of funds. Additional conditions may apply. All credit products are subject to credit approval and other program terms.

3

Some restrictions apply.

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Clients using a TDD/TTY device:
1-800-539-8336

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