COVID-19 Hardship Assistance F A Qs
If I can't make my payments due to a COVID-19 related hardship, how can I contact you for financial assistance?
You can notify us of your situation and learn about the assistance options that are available to you.
- Mortgage Customers. 1-800-724-1633 (Monday–Thursday 9am–9pm ET, Friday 9am–5pm ET)
- Loans, Lines of Credit and Credit Card Customers. 1-800-724-2525 (Monday–Thursday 8am–9pm ET, Friday 8am–5pm ET)
What is a loan modification?
A loan modification is a process of restructuring an existing loan’s features (rate and term) in hopes of meeting your affordability needs.
Ultimately, the goal of a modification is to assist in long-term homeownership success. Learn more about loan modifications.
How do I cancel my automatic payments?
For Mortgage Accounts:
Your automatic payments can be canceled by leveraging one of these methods:
- Email us at firstname.lastname@example.org
- Call us at 1-800-724-2224 from 8:30am – 9pm Monday – Friday
For Other Loans and Lines of Credit Accounts:
You can stop your automatic payments by doing one of the following:
- Visit a Branch
- Call us at 1-800-724-2440 from 8:30am – 9pm Monday – Friday
You will need to reactivate your automated payments once you are ready to resume your normal payments. Please contact any third-party bill pay providers to adjust those payments on your own.
Will you accept a partial payment?
No. We cannot accept partial payments unless you are in a Loss Mitigation plan or program. Please contact us to find out what options may be available.
- If you are currently on a Covid-19 forbearance plan you may have the ability to make a partial payments. For more information log into Online Banking or contact our Homeowner Assistance Center at 1-800-724-1633 (8:00am – 9:00pm Monday to Thursday and 9:00am – 5:00pm Friday) to discuss your ability to make a partial payment and or to schedule your payment in full.
- If you are not on a Covid-19 forbearance plan, please contact our Homeowner Assistance Center at 1-800-724-1633 (8:00am – 9:00pm Monday to Thursday and 9:00am – 5:00pm Friday) to discuss your hardship assistance options.
Loans, Lines of Credit and Credit Card Customers:
Call 1-800-724-2525 to discuss what your situation is and what assistance options are available.
I have been impacted by COVID-19, what are my options for my mortgage and / or lending accounts?
We're sorry to hear you have been impacted by COVID-19 and are working to ensure that our customer's needs are met. If you can continue to make your loan payments during this time, you should do so.
It's important we understand your individual situation to help identify the best alternative for you. Please contact us at 1-800-724-1633.
Once we're notified of your request for assistance, we may be able to offer:
- Mortgage Customers: M&T follows direction on alternatives from the Federal and State Government. There are specific mortgage assistance options set by each investor/insurer.
- Installment and Mobile Home Loan Customers (including Auto, RV, Marine and Personal Loans): an extension of up to 90 days
- Home Equity Line of Credit (HELOC) Customers: a forbearance plan that allows you to defer your monthly payment temporarily
- Overdraft Line of Credit and Credit Card) Customers: a solution to bring your account current or keep it from going past due
What resources are available for the Homeowners Assistance Fund?
- Homeowner Assistance Fund — NCSHA
- Get Homeowner Assistance Funds | Consumer Financial Protection Bureau (consumerfinance.gov)
- If you are in the state of Maryland: https://dhcd.maryland.gov/Residents/Pages/HomeownerAssistanceFund.aspx
- If you are in the state of Texas: https://www.texashomeownerassistance.com/
- If you are in the state of California: Download CA Mortgage Relief Program PDF
- If you are in the state of Hawaii: Download HI Mortgage Relief Program PDF
What is a COVID-19 mortgage forbearance?
A COVID-19 mortgage forbearance is when your mortgage servicer or lender allows you to temporarily pause your mortgage payments.
How long will you be providing assistance for my mortgage if I’ve been impacted by the COVID-19 pandemic?
If your mortgage is backed by the federal government, including FHA, VA, USDA, Fannie Mae or Freddie Mac loans, you have a right to request forbearance for up to 6 months.
For non-government backed or private loans, you have a right to request forbearance for at least 3 months.
Federal and State Government directives and investor/insurer requirements may vary this timeframe. M&T will follow applicable government directives and investor/insurer requirements for your loan.
Do I have an opportunity to extend my forbearance after the initial assistance period?
We will stay in touch during the assistance period to determine the best next step for your individual situation.
Extending your forbearance plan may be an option for you. Please contact us at 1-800-724-1633 to discuss your circumstance.
What happens at the end of my mortgage forbearance period?
Many programs exist to assist clients with post-forbearance options to resolve unpaid forbearance payments, as well as longer hardships such as a reduction of income. The missed payments must be repaid once the forbearance has ended, but you will not be required to make up all of those payments at one time, immediately at the end of the COVID-19 forbearance period. Instead, we’ll work with you to understand how your temporary hardship is being resolved and to discuss potential repayment options that may meet your individual circumstances, such as:
- Loan modification. We will work with you to determine if a loan modification/partial claim can assist you. This may include an extension of the term of your loan giving you additional months at the end of your loan to pay the forbearance amount
- Repayment plan. Over a set number of months, an extra amount will be added to your regular mortgage payment to cover the amount you owe from the forbearance
Note that these options may require additional paperwork submission and approval of the investor/insurer for your loan. Please keep checking back on this site for updates regarding any new options that may become available.
Please note that we will send communications to you throughout your COVID-19 forbearance plan which will further detail the investor-specific programs available to you.
What resources are available for me to find additional information on my mortgage?
Loans/Lines of Credit/Credit Cards
What is a Loan Extension?
An extension is an agreement between a borrower and a lender that generally will allow a borrower to miss some payments and add the missed payments to the back end of the loan.
- Your loan term will be extended by at least the term of the deferral period
- Interest will continue to accrue on your outstanding balance during the deferral period
- When you resume making payments after the deferral period, those payments will be applied first to outstanding interest, causing the reduction of principle to be delayed and more interest to be accrued over the life of the loan than if you had not taken the deferral. The loan term may be extended beyond the deferral period to allow you to satisfy the full balance due after the final payment
Do I have the opportunity to extend my loan for another 90 days after the initial 90-day extension?
Visit our COVID-19 website to complete an online hardship assistance form or call 1-800-724-2525 to discuss what your situation is and what assistance options are available.
Checking & Savings Accounts
I have been impacted by COVID-19 or received incentive or child tax benefit payments related to COVID-19, what are my options for my deposit account (Checking, Savings or CD)?
We're sorry to hear you have been impacted by the recent events and are working to ensure that our customers' needs are met. Please call us at 1-800-724-2440 (Monday–Friday 6am–9pm ET, Saturday and Sunday 9am–3pm ET) to discuss your situation.
I have a student loan through M&T, where can I get information on student loan hardship options?
If you require hardship assistance during this time, please reach out to the servicer on your statement. M&T Bank Student Loan servicers are below:
- M&T Student Loans serviced by American Education Services (AES)
- M&T Loans Serviced by Firstmark Services a Division of NelNet
- M&T Loans Serviced by Sallie Mae
How do I know if I have a federally backed student loan?
To find out if your Direct and FFEL Program loans are owned by U.S. Department of Education, please visit StudentAid.gov/login.
After you log in with your FSA ID, you will be on your StudentAid.gov dashboard. If you click on “view details,” you will be taken to your Aid Summary. If you scroll down on this page, you will see a section called “Loan Breakdown.” In your Loan Breakdown, if you see a servicer name that starts with “DEPT OF ED,” that servicer is for a loan that is owned by U.S. Department of Education.
What sort of student loan assistance is available during the Coronavirus outbreak for federally backed student loans?
Under the CARES Act, most student loans owned by the US Department of Education have their payments suspended between March 13, 2020 and September 30, 2021, with no penalty, and interest won't accrue during this time.
Visit StudentAid.gov/coronavirus for the latest information about the CARES Act and federal student aid.
Please note that federally backed student loans owned by M&T are not subject to the CARES Act. Please reach out to your servicer to see what options may be available if you are experiencing a hardship.