Financial Hardship Assistance Programs

For more information and help with your accounts, you can always contact us Monday - Friday from 8 a.m. to 5 p.m. ET.

Home loan: 1-866-947-2610
Student loan: 1-800-836-2552
All other loans: 1-877-888-0478
TDD/TTY - 800-539-8336

You may email, mail or fax your documents to us.

Mail: KeyBank
Mail code: OH-01-51-4002
4910 Tiedeman Rd.
Brooklyn, OH 44144

Fax: 1-216-370-5819

Depending on the details of your situation and the type of KeyBank loan or account you have, you may qualify for a repayment plan, reage, modification, forbearance, extension, short sale, deed in lieu or long-term hardship plan.

For clients experiencing hardship directly or indirectly related to COVID-19, KeyBank offers three-month short-term COVID-19 forbearance plans for mortgages, home equity loans and home equity lines of credit. During the three-month forbearance period, the following happens:

• Regular payments are temporarily paused.
• Interest will continue to accrue.
• Fees are not assessed.
• We will not pursue foreclosure.
• At the end of the three-month forbearance period, all paused payments are due at once. If you cannot make the paused payments at once and resume your regular payment, KeyBank will re-evaluate your circumstances for any additional relief that you may qualify for.

• Your regular payment amount may change according to the terms of your note, mortgage, or agreement. For example, payment amount changes can result from an escrow analysis or an adjustable rate mortgage.
• Your payments will show as past due on your statements, and you may also receive required notices about any past-due payments, including those paused during the forbearance period.
• Entering into forbearance 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 agreement.
• If you are current at the time you receive a forbearance, we will not report your home loan 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. 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.
• You may make payments on your home loan, and you are able to end the forbearance at any time.
• If you are currently set up for KeyBank to automatically withdraw payments on your home loan, your automated payments will be cancelled as soon as possible once your forbearance is processed. Cancelling payments may take a few days to go into effect. So, if you are approved for forbearance and have an automatic payment coming up, you can cancel your payment by calling us at 1-866-947-2610. (Please note that once you resume regular payments and resolve your forbearance automated payments will not restart automatically. If you want to restart your automatic payments after your forbearance, please contact us at 1-866-947-2610 to set them up.)
• If your payments are made automatically through a third-party bill arrangement ( e.g., payments are sent from another bank to KeyBank), you will need to work with that third party to cancel or pause the automatic payments during your forbearance.

Forbearance is a three-month period intended to help you through this crisis. It’s important to know that once the three-month forbearance period ends, you will need to pay all the paused payments back at once as well as resume your regular payment. We recognize that this may be a financial burden. To help, we will talk with you before your forbearance period ends about your 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 loan delinquency.

A forbearance may be available for mortgages, home equity loans, and home equity lines of credit. A forbearance is an agreement to temporarily pause or reduce the number of your loan or account payments to allow time to get your finances back on track in order to pay off the past-due amounts.

The paused payments are not forgiven and need to be repaid at the end of the forbearance. If you cannot make the full paused payments owed and resume your regular payment, please contact us at 1-866-947-2610, so we can review your circumstances and see if you qualify for additional assistance.

A repayment plan may be available for mortgages, home equity loans, and home equity lines of credit. 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.

If you are experiencing temporary financial hardship, you may be eligible for an extension. An extension may be available for mortgages, home equity loans, personal loans, auto, boat, or RV loans, and student loans. An extension is an agreement to pause 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.

A reage program may be available for home equity lines of credit, credit cards, or personal lines of credit. When specific conditions are met on a delinquent account, we reage the account and return it to a current status without immediately collecting the total amount due. As a result, the account will no longer be considered delinquent. If you are currently past due on your payments and are able to make your regular payments going forward, you may be eligible for this option.

A loan modification may be available for home loans if you are facing long-term financial hardship. If you are unable to afford your current minimum payment but could pay a reduced amount each month, you may be eligible for a loan modification.

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

A deed in lieu may be available for home loans. If you are not able to sell your house, you can choose to voluntarily transfer the ownership of your property in exchange for a release from your home loan and payments. You may be responsible for paying the difference between what the bank receives when it sells the property and what you owed.

A long-term hardship plan may be available for auto or RV loans, credit cards, personal loans, or personal lines of credit. 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.