If you’re experiencing income loss or financial hardship, we are offering a forbearance option for eligible Figure Home Equity Line members. Read below to learn more.
If you’re a Student Loan Refinance member in need of repayment assistance, click here for information on repayment options.
Figure understands that members sometimes experience financial hardship resulting from loss of income and unexpected expenses.That’s why we’re offering forbearance for our Figure Home Equity Line members.
3-month payment forbearance term
Figure offers payment forbearance in three month increments, for up to a total of 12 months over the life of the loan.
Payments optional during forbearance.
If approved, you are not required to make payments during the forbearance term but can do so at your option. However, additional draws will be suspended during the forbearance term.
Resuming payment after the forbearance
At the end of the forbearance term, the amounts due loan will be re-amortized across the remaining term, keeping the same maturity date. This means the total amount due at that time will be spread out evenly across the remaining number of months left on the loan. Interest will not be calculated on the interest that accrued during the forbearance term. Your monthly payment will resume on the next due date after the forbearance term has ended but additional draws will continue to be suspended until 3 consecutive payments have been timely made.
To see if you qualify, review the following steps and submit the PDF form linked below.
Confirm that your loan is not more than 30 days past due, and you have paid any past due amounts prior to submitting this request. If your loan is secured by property located in Oregon, please contact our Customer Success Team (888-819-6388 Opens a new window.) to discuss your eligibility as different requirements may apply.
Ensure you can demonstrate and attest to hardship. If you are not able to demonstrate a hardship, forbearance may be denied.
Download the “Loan Assistance Application” from the ‘Download PDF’ link.* Fill out the required information and submit via email using the email address provided (firstname.lastname@example.org Opens a new window..)
Once the completed application is received, Figure’s Member Services Team will review to determine eligibility. You can expect an email notifying you of the results of your review within a few short days, and if you are approved, a Forbearance Agreement will be sent to you outlining the terms of your specific loan forbearance offer.
Our member services team is here to help you from Monday through Friday, 6am PT to 6pm PT.
Call us at 888-819-6388 Opens a new window.