Arvest Bank announced that customers whose ability to make regular payments as a result of the federal government shutdown on consumer and mortgage loans may be able to temporarily defer those payments.
Mortgage loan customers may be eligible for short-term hardship programs, which include partial or full mortgage payment deferment while off work. The forbearance period will then be followed by other loss mitigation options to assist in making up the deferred payments, the Bentonville-based bank said.
Consumer loan customers have deferment options as well.
“We encourage all consumers who are affected by this to contact their bank and find out what their options for assistance are during this time,” said John Womack, chairman and CEO of Arvest Bank in Central Arkansas. “The government shutdown is out of our customer’s control and we want to assist them in keeping their finances on track while their pay is impacted. At Arvest, we always strive to do what is best for our customers, and that is especially true in a time of need like this.”
Arvest said customers who may be affected should contact their bank representatives or loan officers for more information.