Effective March 26, 2020
At Greensboro Municipal Federal Credit Union, we realize that the COVID-19 pandemic has made finances difficult for many of our members. To help ease your financial burden, we have instituted a deferment program for our members experiencing financial hardship. To receive this deferment, you will need to call our offices 336.373.2090 (Option 4) or email firstname.lastname@example.org and speak to a loan officer to make arrangements.
Frequently Asked Questions
What does payment deferment mean?
Deferring your payment means that you won’t pay your monthly payment but you will still be responsible for interest accrued during that time as well as the balance of the loan after the deferment period is over.
What loans are covered by this deferment?
Any loan excluding first mortgages is covered by this deferment program. You will need to call us at 336.373.2090 (Option 4) or email email@example.com and speak to a loan officer to use this deferment program. If you have a mortgage, please see the additional provisions for mortgage deferment below.
Will the interest on my loan continue to accrue?
Yes. Interest will continue to accrue during the deferment period.
What will my payments look like when they start up again?
When you start making payments again, the amount of interest that has accrued during the deferment will be paid back first. You may see your entire first payment or more go only towards interest depending on your loan balance and interest rate.
Will this cost me more money in the long run?
Yes. By skipping these payments, you will be paying more interest and the term of your loan(s) will be extended. You can start repaying at any time before the deferment period is up to avoid additional interest. You will want to look at your interest rate on each loan you have with us and calculate how much more interest you will be be paying to see how this will affect the loan.
I have an auto loan with GAP insurance. How does this affect my payments?
GAP policy will not cover your deferred payments in the event your auto is totaled. You will be responsible for those payments.
I have a mortgage with GMFCU. Are the deferment terms for mortgages different than other loans*?
Yes. Our mortgage loans are serviced through our partner Neighborhood Mortgage Service (NMS). You will need to contact NMS directly by phone at 877.658.2230 (option 8), via text messaging at 989.497.1440, or through email at firstname.lastname@example.org.
For mortgage loans, NMS can grant partial or no payments if deemed financially necessary. Interest is accrued during the time of forbearance and is due upon your first payment after the end of the forbearance period.
During this time, NMS will suspend reporting to credit bureaus for all COVID-19 mortgage related hardships.
For specifics on the NMS forbearance program, please contact them by phone at 877.658.2230 (option 8), via text messaging at 989.497.1440, or through email at email@example.com. Please make sure that you ask them questions concerning repayment before agreeing to forbearance.
*Please note, first time mortgages are not covered under any deferment or forbearance plan with GMFCU or NMS.
Please make sure that you ask questions about what deferment or forbearance means for you long term before entering into any deferment or forbearance plan.
We are here to help with any questions you may have at this time. Please give us a call at 336.373.2090 (Option 4) or email firstname.lastname@example.org to speak with our loan department to discuss your options, or, if your concern is about your GMFCU mortgage contact NMS directly at 877.658.2230 (option 8).