Residential & Consumer COVID-19 Relief Assistance
March 31, 2020
We, at Manasquan Bank, are diligently working to ensure that our clients have the financial resources and services available to them. Manasquan Bank recognizes that this may be a challenging time and we want our clients to know that we are here for you.
On Saturday, March 28, 2020, Governor Murphy announced that 40 New Jersey Financial Institutions are participating in the Residential Mortgage and Consumer Relief program. Prior to the announcement, Manasquan Bank was previously endorsing mortgage relief efforts, and we are pleased that other New Jersey based financial institutions were instructed to partake. If you have been disproportionately impacted by the coronavirus (COVID-19) pandemic, please review and consider the following relief programs.
Residential Mortgage and Consumer Relief
- 90-Day Grace Period for Mortgage and Consumer Payments Manasquan Bank will offer, consistent with applicable guidelines, mortgage payment forbearances of up to 90 days to borrowers economically impacted by COVID-19. In addition, we will:
- Provide clients a streamlined process for requesting forbearance for COVID-19-related reasons, with supported available documentation
- Confirm approval of and terms of forbearance program
- Provide you the opportunity to request an extension of your forbearance agreement if you continue to experience hardship due to COVID-19
Please note, all deferred payments are expected to be repaid over the 12 months following the deferral period.
- Negative Credit Impacts Resulting from Relief Manasquan Bank will not report derogatory tradelines (e.g., late payments) to credit reporting agencies, consistent with applicable guidelines, for our borrowers taking advantage of COVID-19-related relief.
- Moratorium on Initiating Foreclosure Sales or Evictions For at least 60 days Manasquan Bank will not initiate foreclosure sales or evictions, consistent with applicable guidelines.
- Relief from Fees and Charges For at least 90 days, Manasquan Bank will waive or refund at least the following for clients who have requested assistance:
- Mortgage and consumer loan related late fees; and
- Other fees, including early CD withdrawals (subject to applicable federal regulations).
In order to participate in these programs, you must complete the COVID-19 Residential and Consumer Loan Hardship form by filling out the survey below.
Your personal success is important to each of us at Manasquan Bank, not just as your financial partner, but as your neighbor. If we may offer any additional guidance related to any of the programs listed above, please contact us 844.626.2265 to be directly connected to your branch representative or lender.
*Due to the overwhelming response and the personalized service that is required for each request, response time can take 3-4 days. Rest assured that your response has been accounted for and we will reach out to you shortly. All late charges and adverse credit reporting has been temporarily suspended. We appreciate your patience and being a customer of Manasquan Bank.