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Loan Relief Programs 

 

The COVID-19 pandemic continues to impact our daily lives and forces us as a credit union to adapt to the new financial landscape our Members are facing. As a people-first organization, our focus is to support you and your families in any  way we can. That is why we have implemented loan relief programs for all our major financial products.

Listed below are details and links on how these programs can help those experiencing financial hardships due to COVID-19.

Auto & Personal Loan Assistance

  • Skip-A-Pay options
  • Loan extension options

Learn more

Mortgage Loan Assistance

  • CARES Act forbearance 
  • Real Estate Loan FAQ's

Learn more

Credit Card Payment Assistance

  • Skip-A-Pay option
  • Other resources

Learn more

Student Loan Assistance

  • Relief on existing loan payments
  • Additional Resources

Learn more

Commercial Loan Assistance

  • How we can help
  • Other funding resources

Learn more

 FAQ's & Other Resources

  • Local Employment Opportunities
  • Financial Assistance Resources

Learn more

Vehicle and Personal Loan Assistance

 

The Credit Union has lending solutions to help. Loan payment assistance we may be able to provide include:

  • Skip-A-Pay1:  Our no-fee Skip-a-Pay options allows Members with eligible loans to skip their next qualified loan payment.  Members are able to view which loans currently qualify for the Skip-a-Pay Option, and process their request within Online Banking.  
    Learn more
     about the no-fee Skip-A-Pay option and how to apply.
  • Loan Extension2:  Members with loans that are not eligible to process a Skip-A-Pay request can request assistance via Online Banking.  Please log in to Online Banking and click on the Loan Payment Relief information at the top of the Account Summary Screen.  From here, you will be able to select the loan for which you are requesting assistance.  Your request will be submitted to a dedicated CCU team member, who will contact you as soon as possible.   

Request Payment Relief Online: Log in to Online Banking

1SKIP-A-Pay information and disclosures

2Must be a current CCU member in good standing with no charge offs as of March 19, 2020. Both new and used vehicles are eligible for offer. Loan will be charged interest during the extension period. Loan subject to underwriting criteria. No loan application fees or prepayment penalties. CCU reserves the right to change this offer or program at any time for any reason.

 

Credit Card Payment Assistance

Members may be eligible to Skip their May and/or June 2020 Visa Credit Card payment.  

  • Skip-A-Pay1:  Our no-fee Skip-A-Pay option allows Members with eligible loans and credit cards to skip their next qualified payment.  Members are able to view which loans qualify for the Skip-A-Pay Option, and process their request, within Online Banking. 
     
    Please log in to Online Banking and click on this image to view eligible loans to process your request.

    skip-a-pay-covid-side-banner


    Or, click on the Loan Payment Relief message at the top of your account summary screen.   Then click on the Skip-A-Pay link next to your VISA account. 


    Learn more
     about the no-fee Skip-A-Pay option and how to apply.

1SKIP-A-Pay information and disclosures


Request Payment Relief Online
Log in to Online Banking

Mortgage Loan Assistance

If COVID-19 has affected your ability to make mortgage or home equity payments, we want to help. We understand all the options for payment relief can be confusing.  Please know, we are here to help you understand your options and guide you through every step of the process. We encourage you to reach out to us as soon as possible if you think you may be needing assistance with your mortgage payments.  If you are unsure, it is better to contact us and discuss your situation and learn of options prior to a payment becoming past due. 

How Do I Request Assistance?
If you have an existing mortgage or home equity loan and need assistance discussing payment arrangements, we’re here to help. To start the conversation, please log in to your CCU online banking account and click on the Loan Payment Relief message at the top of your Account Summary screen.  From here, you will be able to select the loan for which you are requesting assistance.  Your request will be submitted to a dedicated CCU team member, who will contact you as soon as possible.  
Request Payment Relief Online
Log in to Online Banking

If you have an existing mortgage with Dovenmuehle and need assistance discussing payment arrangements, please see below:

Dovenmuehle Mortgage Inc Information

Dovenmuehle Mortgage Inc also known as DMI is a subservicer of mortgage loans from Meadows Credit Union.

Borrowers who are experience financial hardship can contact DMI experts at 866-397-5370.

  • Address to remit payments to (IL & WI states only):
    • Consumers Credit Union PO Box 0054 Palatine, IL 60055-0054
  • Address to remit payments to (Texas only):
    • Consumers Credit Union PO Box 660592 Dallas TX 75266-0592

Members can also make a payment within DMI website as well as sign up for auto drafting, get a copy of their 1098, and a lot of other information about their loan.

The DMI Member website address is: https://yourmortgageonline.com

There is also a mobile application available. The member can search for the app under “yourmortgageonline”

The DMI general website address is: https://www.dovenmuehle.com/

DMI Main phone number: 800-669-4268 or 847-550-7300



For more information on forbearance, and other assistance options, view our Real Estate FAQs below and the FAQs from the Federal Housing Finance Agency (FHFA).



CARES Act

A new federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, offers mortgage assistance options for borrowers who have federally-backed mortgages and who are experiencing financial hardship as a result of the virus.

But before you make any decisions about pursuing these options, carefully assess your situation. If you are still able to pay your mortgage, even in part, please try to do so. Mortgage assistance does not relieve you from your obligation to make your payments.

Carefully read the information below and the attached facts to understand your options. You may also go to the Consumer Financial Protection Bureau (CFPB) for tools and resources to help you navigate the financial impact of the coronavirus. Watch the CFPB video for information about mortgage assistance options.

What You Need to Know

The CARES Act offers certain protections for any homeowner whose mortgage is backed by the federal government. These protections include:

1. A right to forbearance due to financial hardship

The CARES Act allows you as the borrower to request a forbearance on your mortgage.* A forbearance is a temporary suspension of your monthly mortgage payment with the understanding that all suspended payments along with the current month’s payment are due in full at the end of the forbearance term. There may be other options available to you at the end of the forbearance period based upon investor and insurer guidelines.

*Residential loans may be federally-backed or not federally-backed. The CARES Act only applies to federally-backed mortgages. The vast majority of borrowers in owner-occupied homes have federally-backed loans. If you do not have a federally-backed mortgage, other mortgage assistance options may be open to you, but different eligibility requirements may apply.

A Note about Deferment:

Deferment suspends the principal and interest portion of your mortgage payments for a specific period of time and defers them to the end of your loan. If your loan is federally-backed, you are not eligible for deferment under the CARES Act. However, if your mortgage loan is not backed by the federal government you may be eligible for other options like deferment.

2. A foreclosure moratorium

For federally-backed mortgage loans, your lender or loan servicer may not foreclose or take eviction action on you for 60 days after March 18, 2020. Specifically, the CARES Act prohibits lenders and servicers from beginning a judicial or non-judicial foreclosure against you, or from finalizing a foreclosure judgment or sale, during this period of time. For non-federally-backed mortgage loans, some states have also implemented moratoriums on foreclosures and evictions.

About Forbearance

Under the CARES Act, there are new options for homeowners. However, as with all major financial decisions – and especially with those affecting your home – you should carefully consider all the implications, weigh your options and run the numbers. Take a look at these examples to help determine if forbearance is right for you:

Example One: 

John's monthly mortgage payment is $1,500 and is due on May 1. He chooses a 90-day forbearance in May. As a result, the forbearance period will run from May through July. During this time, his monthly mortgage payments are suspended. At the end of the forbearance period, John will owe a total of $6,000 on August 1. That is, he will owe $4,500 for the May through July payments, plus his August payment of $1,500 (total = $6,000).

Example Two:

John's monthly mortgage payment is $1,500 and is due May 1. He chooses a 180-day forbearance in May. As a result, the forbearance period will run from May through October. During this time his monthly mortgage payments are suspended. At the end of the forbearance period, John will owe a total of $10,500 on November 1. That is, he will owe $9,000 for the May through October payments, plus his November payment of $1,500 (total=$10,500).

Other Important Details

The length of the typical forbearance period has been extended under the CARES Act. A typical forbearance period is about three months, but under the CARES Act, you have the option to choose a forbearance period of up to six months and if necessary, extend for up to another six months. But again, this takes serious consideration. It’s important to weigh your options.

Applying for Forbearance

Due to heavy call volume and long wait times in our call centers, we encourage you to use our website and this form to pursue forbearance.

No negative credit reporting or late charges will occur on your account during the duration of the forbearance period.

If your loan was current at the start of your forbearance plan, your loan will remain current for credit reporting through the duration of the forbearance period. However, if your loan was delinquent at the start of your forbearance plan, your loan will remain delinquent throughout the forbearance period.

Stopping Automatic Payments

If your automatic monthly draft was set up with us, your payment will be stopped when your forbearance plan begins.

If you set up monthly drafting (bill pay) with another financial institution, you will need to contact them directly to stop automatic drafting.

Weigh Your Options

Here are a few things to think about as you are considering whether forbearance is right for you.

All suspended payments are due in full at the end of the forbearance term.

Forbearance does not mean mortgage payment forgiveness. You will have to pay for all the months you missed – either in one lump sum or over time (if you qualify for a loan modification, repayment plan or payment deferral).

The CARES Act does give you the option of up to six additional months of forbearance when the initial forbearance period is done, however those additional months will be added to the final amount due. Proceed deliberately and carefully, weigh your options and run the numbers.

You still have to pay taxes and insurance.

If your monthly mortgage payment does not include an escrow payment for taxes and insurance, you must continue to pay for taxes and insurance during the forbearance period in accordance with your mortgage loan documents. However, if your account is currently escrowed for taxes and insurance, those escrow payments will be made on your behalf and assessed against your escrow account.

You should consider making partial payments during your forbearance period.

If your financial situation improves and you are able to make partial mortgage payments, it pays to do so. You will reduce the amount due at the end of your forbearance period.

What Happens When Forbearance Ends?
Once the forbearance period is over, the full amount of your missed payments are due, but we will work with you to evaluate your situation and best next steps. There are several additional assistance options should you determine you need additional relief. These include:

  1. Repayment Plan: The total amount of suspended payments is spread out over future payments until the full amount is repaid.**
  2. Loan Modification: Permanently change the terms of your mortgage to bring it current.**
  3. Payment Deferral: Deferment of suspended or past due principal and interest payments as a non-interest bearing balance, due and payable at maturity of the mortgage loan, or earlier upon the sale or transfer of the property, refinance of the mortgage loan or payoff of the unpaid principal balance and any unpaid fees.**
  4. Extension of the Forbearance Plan: If you have a federally-backed mortgage, the CARES Act provides for the ability to extend the forbearance period for up to an additional 180 days. You do not need to submit additional documentation to qualify other than your claim to have a pandemic-related financial hardship. There will be no additional fees, penalties or additional interest (beyond scheduled amounts) added to your account.

** Available options may vary depending on investor guidelines. Additional eligibility requirements and documentation may be required for these options. 


What's Next? Contact Us.

If you would like to be considered for a forbearance plan under the CARES Act, please log in to your CCU online banking account and click on the Loan Payment Relief message at the top of your Account Summary screen.  From here, you will be able to select the loan for which you are requesting assistance and provide request details.  Your request will be submitted to a dedicated CCU team member, who will contact you as soon as possible. 
Request Payment Relief Online
Log in to Online Banking 

Submitting this form does not guarantee you will receive mortgage assistance under the CARES Act. To be eligible, you must be experiencing financial hardship because of the Coronavirus and have a federally-backed loan.

Either way, submitting the request is the best place to start if you are facing financial hardship due to the Coronavirus and need mortgage assistance.

What if I cannot log into Online Banking and want to submit a request online?

The preferred method is to log in to Online Banking, as your loans will be presented to you and the log in process authenticates and records your submission.  However, you may also submit a general loan relief request here.  Please provide us as much detail as possible regarding the loan for which you're requesting assistance. 


We are experiencing very heavy call volumes and wait times as we work with all those experiencing financial hardships due to the Coronavirus pandemic.  The quickest way for us to assist you is by submitting the request online via Online Banking. We sincerely thank you for your patience and ask that you allow us the time to handle your request


Frequently Asked Questions

Q. I can’t afford to make my mortgage payment because of COVID-19. What options are available for me?

A. During this crisis, if you are eligible, we are offering options like forbearance plans. The best way to get help is by login into Online Banking to submit request.

Q. I need emergency funds. Can I refinance my home loan or take out a HELOC or home equity loan?

A. If you are interested in any of these options, we are offering them. Please note that you still need to qualify for the loan, which means you must have income to make your payments. Having all your financial documents ready when you contact us will help us expedite your loan process. To learn more, visit our Consumers Mortgage Page.

Q. Can I defer a mortgage payment?

A. You may be eligible to defer a payment, this means we will take the total deferred payment amount and add it to the end of the loan term. For example, if your monthly payment is $2,000 and you receive a 3-month deferral and you have an unpaid principal balance of $250,000 on your mortgage, your unpaid principal balance will increase to $256,000.

Q. How is a forbearance plan different from a deferral plan?

A. A forbearance is repaid immediately after the suspension of payments is lifted. For example, if your monthly payment is $2,000 and you receive a 3-month forbearance in April, you will have to pay $6,000 on July 1 – plus your regular mortgage payment in July.

Q. What if I already received help from CCU and am still experiencing financial hardship?

A. If you are still experiencing difficulties, please contact us at 877-275-2228.  We really do want to help.

Q. Will my credit be negatively impacted during the payment suspension period (forbearance plan)?

A. During the payment suspension period of your Forbearance Plan, we’ll report the loan as current, if your loan was current before forbearance started. If your loan was delinquent before entering forbearance, we’ll maintain your delinquent status. If you’re able to bring the loan current, we’ll report it as current. We cannot advise on any impact to your credit rating.

Q. Will late fees be assessed during the payment suspension period (forbearance plan)?

A. Late fees will be waived once the plan is completed, even though your loan may still show past due in your CCU account page online and may show assessment of late fees.

Q. Will interest continue to accrue, or will there be added interest either during the forbearance period or at the completion of the forbearance period?

A. During the forbearance period, fees, penalties or interest, beyond the amounts scheduled, won’t accrue. The account will be treated as if you made all contractual payments on time and in full under the terms of the mortgage.

Q. When can I expect to hear back about my request?

A. We will review your request and get back to you as soon as possible.  We appreciate your patience, as we are receiving a high volume of requests.  Rest assured, we will review your request in the order it is received and contact you if any more information is needed. Mortgage loan modifications will require a conversation with a CCU representative and we’ll reach out to you for this discussion.  

Q. If I’m able, can I make a payment(s) during the forbearance period?

A. Yes, you can make payments during the forbearance period, if you choose to do so. Making payments won't invalidate or alter the scheduled completion date of your forbearance period.

 

 

Other Loan Options and FAQ's

Q. Is CCU offering any financial assistance at this time?

A. Yes, we’re offering several options to assist eligible members who may need help.

Q. I have not tested positive for COVID-19 but still need help, may I still request help?

A. Yes, if you’ve experienced challenges related to the virus including those brought on by job loss, temporary unemployment, reduced income or similar, please request assistance via the loan payment relief form within Online Banking. 

Q. How can I access the relief offerings?

A. Please log in to your Online Banking Account.  You will be able to select your loans for which you need assistance.  You will also be able to add details and information related to your request.  Your request will be submitted to a dedicated CCU team member, who will contact you as soon as possible.   


Q. What if I cannot log in to Online Banking and want to submit a request online?

The preferred method is to log in to Online Banking, as your loans will be presented to you and the log in process authenticates and records your submission.  However, you may also submit a general loan relief request here.  Please provide us as much detail as possible regarding the loan for which you're requesting assistance.

Q. I’ve completed the form, what’s the next step? 

A. A CCU representative will reach out to you regarding your request. We do ask for your patience, as we are receiving a high volume of requests. 

Q. How can an auto loan help me right now?

A. You may want to refinance your auto loan for a lower payment or to pay less interest. An auto loan with refinance with cash out may also assist you if you need extra cash flow. Make sure that you have enough equity in your vehicle to qualify for refinancing – don’t worry, we can help you figure this out if you don’t know. To learn more about our auto loans or to apply, click here.

Q. I’m hesitant about taking out a new loan and/or depleting my share balance, but I still need some extra cash. What can I do?

A. A secured loan is a great way to get cash at a low interest rate but retain your savings capital and leverage your deposits to meet your needs. As the loan is paid, a portion of the pledged deposits (e.g. your savings account or a Share Certificate) can be made available for your use. Click here to learn more or to apply.

Q. Does interest still accrue during a Skip-a-Pay or an extension?

A. Yes, interest continues to accrue.

Q. How long will assistance programs be available?

A. Consumers Credit Union will evaluate the programs regularly and adjust as support for Members is needed.

Q. I need some help and want to talk to someone. Where do I go?

A. Your financial wellness remains at the heart of all we do.

If you want to talk about your investments or retirement accounts, our Consumers Financial Group Advisors* are available to listen to your concerns and answer your questions. To set up a free appointment today, visit our Financial Planning page.

Another benefit of membership is complimentary access to counselors and educational tools by phone or online through our partnership with GreenPath™ – an industry leader in expert financial advice. They offer great articles and tips; for example, what to do if your income is reduced or what costs to cut immediately if you are facing financial hardship. Look for the Get Started button on our GreenPath page to connect to the GreenPath™ site. Once you’re on the GreenPath™ site, select the Request a Call button at the top of the page or directly call 800-550-1961.

Our Dollars & Sense Program is also available online – the program can help you jumpstart planning how to manage your money during this time and assessing the state of your personal finances.

* Consumer Financial Group Advisors are registered representatives of CUNA Brokerage Services, Inc. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/ SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc, is a registered broker/dealer in all fifty States of the United States of America. FR-2520484.1-0419-0521 

 

 

Local Employment Opportunities & Resources

The Illinois Lake County Workforce Development provides a helpful resource on the Lake County Job Center website, featuring local job opportunities and essential employers hiring during the coronavirus pandemic.   Please visit the www.lakecountyjobcenter.com and click on the WHO's HIRING button to view featured job opportunities and to access job postings, referral services and business service assistance.  The Lake County Job Center also provides resources to various opportunities throughout the state via the  Illinois Job Link which provides employment resources throughout Illinois.

 

Commercial Loan Assistance

If you have been affected by COVID-19 and are experiencing difficulties with repayment, please reach out to your personal CCU commercial loan officer.

SBA Funding Programs

Unfortunately, CCU is not able to participate in the additional SBA funding programs made available with the CARES Act. To get details on these programs as well as find an approved participating local lender please go to sba.gov.

Additional Resource: Specific to the state of Illinois, small businesses can get up to $50,000 loans from the Illinois Small Business Emergency Loan Fund. Those interested must go through IL Department of Commerce & Economic Opportunity (DCEO) and Accion. Visit this link for more details.

 

Student Loan Assistance

University Accounting Service (UAS) is the loan servicer for your Credit Union Student Choice (CUSC) account and provides 24/7 access to view your loan information and make payments at www.uasecho.com.

Payments by mail should be sent to University Accounting Service PO Box 5865 Carol Stream, IL 60197-5865

If you are experiencing difficulties at this time and need to discuss student loan repayment options to keep your account in good standing, give us a call.

Relief on existing loan payments: 800-723-2210

Additional Resources
Student Choice maintains a library of recorded webinars on various topics including navigating college planning during the Coronavirus Pandemic.