Financial assistance options available for members affected by COVID-19

Young woman holding an infant while on the phone

As news of the COVID-19 pandemic continues to evolve, we at TwinStar realize that the virus is touching us all in a very real way. Our hearts are with everyone directly affected by this situation. We are here for you if you are facing financial distress due to the virus. Our team is committed to alleviating your financial hardship with various services available to you.

Assistance for business members

If you are a business member, please see your assistance options here.

 

We have a number of options available to assist our members:

  • Short Term Assistance Loans are available. See details
  • Assistance is available for members with a mortgage with us. See details
  • Skip a Payment is available by phone or secure message.
  • Loan refinancing or loan modifications may be available for existing consumer loans
  • Free financial counseling and budget coaching is available to members through our partners at Balance. Call 888.456.2227 to discuss possible solutions or see our web portal at https://twinstarcu.balancepro.org/ for more information on programs.

 

Short-Term Assistance Loans are available to members based on need*

Members who are experiencing income loss due to their employer/place of business closing as a result of COVID-19 are eligible. You must also be a member for the last 60 days, at the time of application and in good standing.

Loan Details:

  • Loan amount up to one month’s gross income, max $10K
  • 24 or 36 month term.
  • 7% APR (Annual Percentage Rate)
  • No credit pull required
  • 90 days until first payment
  • When applying, please provide proof of income (most recent paystub; last 2 months bank statements for self-employed members) and proof of employer or business closure if applicable (i.e. email or letter from employer, link to website or online article)

*Payment of $45.29 per $1K borrowed with 24-month term. Payment of $31.23 for every $1,000 borrowed with 36-month term, and a minimum loan amount of $5,001. For terms less than 24 months please contact us. One loan per member. Finance charges accrue from date of loan funding. Must show proof of hardship.

 

We’re here to help homeowners affected by COVID-19

As news of the COVID-19 pandemic continues to evolve, TwinStar Credit Union realize that the virus is touching us all in a very real way. Our hearts are with everyone directly affected by this situation. If the pandemic is impacting your ability to pay your monthly mortgage, the CFPB has a guide to understanding your relief options and more information for homeowners on their website.

If you have a mortgage serviced by TwinStar, our team is committed to assisting you with several options available:

  • If you are impacted by the COVID-19 pandemic, you are eligible for a forbearance plan to reduce or suspend your mortgage payments for up to 12 months, with no incurring late fees
  • Suspending credit bureau reporting of past due payments of borrowers in a forbearance plan as a result of hardships due to the COVID-19 pandemic
  • After forbearance, we will work with you on a permanent workout option to help maintain or reduce monthly payment amounts as necessary, including a loan modification
  • Foreclosure sales and evictions are suspended for 60 days

You will be allowed to make the escrow only portion of your payment or skip payments altogether on a forbearance plan for 3 months. When the forbearance ends, your situation will be reassessed in a discussion with TwinStar. We will not be requiring financial packages or other documentation due to the scope and scale of the event. However, we will need a letter explaining your situation. Additional information may be necessary, with discretion.

When you are financially able to resume making monthly payments, you will enter an additional payment plan for up to 12 months or a loan modification with a 3-month trial payment period. The modification option would only extend the term by as much as necessary and leave the Principal and Interest (P&I) payment as close to original as possible. You will need to call Midwest for your initial consultation at 1-800-240-4214 or by email: lossmit@midwestloanservices.com.

 

You are not alone in this challenging time. Your health and financial peace of mind is paramount to us as we work through this life disruption that is affecting us all. Thank you for being a member of TwinStar Credit Union.

We are all in this with you - Realizing our Financial Dreams Together.