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KeyBank offers three-month short-term forbearance plans for home loans, such as mortgages, home equity loans and home equity lines of credit, for clients experiencing a hardship directly or indirectly related to the coronavirus.

Short-Term Forbearance Plan Details

  • The forbearance period is for three months.
  • Regular payments are temporarily paused during the forbearance period.
  • Interest will continue to accrue during the forbearance period.
  • During the forbearance period, fees are not assessed.
  • We will not pursue foreclosure during the forbearance period.
  • At the end of the forbearance period, all suspended payments are due at once. If you cannot make the suspended payments at once, as well as resume your regular payment, KeyBank will re-evaluate your circumstances for additional relief and to find an option to assist.

What to Expect During Forbearance

  • During the forbearance period, your regular home loan payment may change according to its normal terms. The change may be related to escrow analysis or an adjustable rate mortgage, for example.
  • Your payments will show as past due on your statements and you may also receive required notices about any past due payments, including those suspended during the forbearance period.
  • Entering into a forbearance plan does not mean that your home loan will be considered current, and does not change its terms or conditions, or waive any rights KeyBank has under your mortgage or home equity agreements.
  • If you are current at the time you elect to receive a forbearance plan, we will not report your account as delinquent to the credit reporting agencies as a result of your forbearance.
  • If your home loan has an escrow account, it will be maintained during the forbearance period. Any impact to your escrow account after the forbearance period is dependent upon the post-forbearance path of your loan.
  • If your home loan does not have an escrow account, you must continue to pay your taxes and homeowner’s insurance during the forbearance period.
  • You may make payments on your loan during your forbearance period, and you are able to end the forbearance period at any time.
  • If you are currently set up for KeyBank to pull automated payments on your home loan, your automated payments will be suspended as soon as possible once your forbearance request is approved and processed. Suspending payments may take a few days to go into effect. So, if you are approved and have an automatic payment coming up, you may wish to contact us to cancel your payment at 1-866-947-2610. (Should you wish to restart your automatic payments after your forbearance period ends, contact us to set them up.)
  • If your payments are made automatically through a third-party bill arrangement (for example, payments are sent from another bank to KeyBank), you will need to work with that third party to cancel or suspend the automatic payments during the forbearance period.

Making Payments at the End of Your Forbearance Period

Forbearance is a temporary option intended to help you through this crisis. It’s important to know that once the forbearance period ends, you will need to pay all the suspended payments back at once as well as resume your regular payment. We recognize that this may be a financial burden. To help, it’s our practice to speak directly with our clients before their forbearance period ends about their circumstances and the options which may be available.

  • We will contact you near the end of your forbearance period to evaluate your financial situation and see if you are able to make the payments. If you miss the call, make sure to contact us before the last day of your forbearance period.
  • Based on our conversation, we may be able to offer you continued forbearance, an alternative repayment plan, payment deferral or loan modification, depending on your loan type and financial situation.
  • Failure to make your payments or enter into an alternative option may cause account delinquency.

Nearing the end of your forbearance period? Contact us.

TDD/TTY 1-800-539-8331

Monday to Friday, 8 a.m. to 5 p.m. ET.

Request Forbearance

To request a three-month forbearance or to continue forbearance of payments for your mortgage, home equity loan or home equity line of credit due to a hardship created by the coronavirus pandemic, complete this form. By submitting the form, you certify that you are experiencing a financial hardship due directly or indirectly to the COVID-19 emergency and are requesting KeyBank process a three (3) month forbearance of payments on your mortgage, home equity line of credit or home equity loan due to this hardship.

  • During the forbearance period, you will not be required to make regular payments including principal, interest and, if applicable, escrow, for three (3) months.
  • At the end of the forbearance period, you will be required to repay all the paused payments at once, along with resuming your regular payment. You may not be current if you fail to make the lump sum payment and resume your payments at the end of the forbearance period.
  • This program does not result in payment forgiveness, and you may be reviewed for other options if you are still experiencing a hardship at the end of the forbearance period.

For the fastest possible response, it's important that we have the full accurate information we request on this form. We use information like your full account number to locate your account. In some instances, we may need to contact you for additional information. So, make sure to provide the email and phone number that are best to reach you.

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