Mortgage Payments during COVID-19
As a situational lender, Magenta has always prioritized individualized solutions to help borrowers through their short-term credit challenges.
Magenta, like banks and other lenders, is providing flexible solutions on a case-by-case basis to borrowers facing financial hardship caused by COVID-19.
These options include making partial payments, deferring payments or skipping payments, depending on the mortgage.
Deferring or Skipping Payments
Please keep in mind that deferring a payment means the payment is postponed to a later date. Skipping a payment means the payment amount is added back to your mortgage principal.
Deferring or skipping multiple payments may significantly increase interest costs over the life of your mortgage, so it’s important to carefully evaluate your options.
If you’re experiencing a reduction or interruption to your income and would like to hear more about your options, please contact us.
If possible, please contact us at least two (2) business days ahead of your scheduled mortgage payment.
Please note that our offices are closed to the public, but are still accepting mail and deliveries.
1 (888) 267-1744