Everyone’s situation is unique, and our solutions are determined on a case-by-case basis. Examples of hardship situations may include:
Increase in housing expenses
Divorce or legal separation
Long-term or permanent disability
We may be able to offer you a deferral payment program, modification or other forbearance options during hard times1.
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.
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.
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.
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 firstname.lastname@example.orgOpens your email app. for more details.
No. The bank values our client relationships and wants to take every opportunity to help clients, so there are no charges or fees.
Your credit reporting may be affected by missing a payment. Depending on the option chosen, special comments may be added to identify your situation.
No. Although most borrowers seeking a payment assistance option are delinquent, that's not always the case. Payment assistance options are available at any stage of delinquency or emerging delinquency.
We’ll contact you within 30 days of receiving all your eligibility documentation.
The U.S. Department of Housing and Urban Development (HUD) is a federal agency focused on increasing homeownership. For a list of HUD-approved credit counseling agencies, please call 1-800-569-4287Opens your phone app..