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Unemployment, decrease of income, rising expenses, interest rates, 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.

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, we may agree to a repayment plan that allows you to make your regularly scheduled loan payments, plus pay off a portion of the pay 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 or Extension

If you are experiencing a temporary hardship, you may be eligible for forbearance or an extension. A forbearance is when 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 when 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. 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/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.

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.

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.

To request this option, use the form Request for Borrower Assistance.

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.

Learn More About Your Options and Request Assistant

  • 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)
  • Forms for Requesting Assistance from KeyBank
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Explore options that fit your financial life.
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