OceanFirst Bank Offers Mortgage Relief Amid Government Shutdown

As the federal government shutdown continues to drag on to the longest in U.S. history, there are some steps being taken to help those caught in the middle.

OceanFirst Bank posted a message on its website urging those affected financially to call the bank for help.

"Any OceanFirst Bank customers who are experiencing financial hardship as a result of the U.S. Government shutdown should contact our Mortgage Relief Team at 732-240-4500, ext.7714 for possible assistance," the message said.

Approximately 800,000 federal employees are expected to not receive paychecks this week, and thousands more employees of contractors, vendors and other businesses are being impacted as well.

That prompted the program for its borrowers, OceanFirst officials said.

"As a community bank, OceanFirst wants to provide support to every mortgage customer who works for the federal government or businesses that are affected by the current shutdown," said Anthony Giordano, III, OceanFirst Bank’s senior vice president and senior operations officer.

"We recognize these are stressful times for these customers, many of whom are worried about meeting their mortgage and other financial obligations, especially if there is a prolonged shutdown. By offering the Mortgage Relief Program, we hope we can ease any concerns relating to their mortgage or home equity loan until they get back to work and are paid," he said.

For borrowers whose income is affected by the shutdown and are unable to make their monthly mortgage loan, home equity loan, or a home equity line of credit payment, OceanFirst Bank is offering a forbearance or temporary suspension of mortgage and home equity loan payments for up to 90 days.

During this time no loan fees will be assessed, and no additional interest will accrue.

The program is available to federal employees as well as employees who work for government contractors, vendors, and other businesses that rely on work from government agencies or that offer goods andservices to members of the government workforce.

Borrowers wishing to participate in the Mortgage Relief Program must contact OceanFirst Bank and apply. For additional information or to apply, please call 732-240-4500 ext.7714 or email Hardship@oceanfirst.com.

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