Financial hardship assistance

Sometimes, financial hardship is unavoidable. When you have trouble keeping up with your loan payments during uncertain times, we’re here to help. No matter the reason, get in touch with us early so that we can help get you back on track faster. Reach out to us at 877-448-6500Opens your phone app. or us.onlinesupport@cibc.comOpens your email app. to take the first step.

Understanding your options

Everyone’s situation is unique, and our solutions are determined on a case-by-case basis. Examples of hardship situations may include:

  • Unemployment
  • Reduced income
  • Increase in housing expenses
  • Divorce or legal separation
  • Serious illness
  • Long-term or permanent disability
  • Natural disaster
  • Business failure

Assistance programs

We may be able to offer you a deferral payment program, modification or other forbearance options during hard times1.

Forbearance plan

A forbearance plan temporarily suspends all or some of your monthly payments, and includes a formal plan to bring your account current. If your hardship is short-term, or you know that you’ll be able to pay a particular amount on a specific future date and continue with your payments from that point forward, this may be an option for you. This plan allows you to keep your home. 

Repayment plan

A repayment plan adds a portion of past due amounts to your regular monthly payment until your account is current. If your hardship is short-term, and you have the ability to make an increased payment for a short period, this may be an option for you. This plan allows you to keep your home. 

Modification

A modification adjusts your payment to be more affordable by permanently changing one or more of the terms of your original note and mortgage. If you can afford a reasonable payment that is less than your current payment, or if you don't have enough funds to bring your loan current, this may be an option for you. This plan allows you to keep your home.

Short sale

A short sale allows you to sell your home for its current value, even if it’s worth less than what you owe. If you can’t make any payment but want to avoid foreclosure, this may be an option for you. This plan allows you to move out of the home.

Economic Hardship Loan

CIBC Bank USA offers an Economic Hardship Loan to help you through tough times caused by unforeseen events. The loan is for current consumer clients who have unique and urgent financial needs due to economic or emergency events. We offer loan amounts up to $10,000, with no payments for the first 90 days and 0% interest for the life of the loan, up to 24 months2. Contact the Client Support Center at 877-448-6500Opens your phone app. or us.onlinesupport@cibc.comOpens your email app. for more details.

Have questions?