COVID-19 Relief Program Frequently Asked Questions
Click to view answers to our Frequently Asked Questions.
If I am able to make payments prior to the end of the forbearance period, can I reduce the forbearance period?
Yes. Your entire payment is deferred.
Franklin Synergy Bank will report the status of your loan account as “current” or as the status reported prior to the accommodation pursuant to the COVID-19 Relief Forbearance Agreement and in accordance with the provisions of the CARES Act.
Escrows can be repaid in a lump sum or in equal monthly payments over a 12 month period. If payments are made in equal monthly payments, the amount will be added to the normal monthly payments due.
The rate will not change if the loan was 31 or fewer day’s delinquent at the time of the National Emergency
declaration on March 13th, 2020. The rate may change if the loan was more than 31 days delinquent at the time of the National Emergency
declaration on March 13th, 2020.
The home will not be subject to foreclosure during the forbearance period. Following the forbearance period, the loan will be subject to default due to borrower non-performance and the Bank’s remedies and cure options for defaults as defined in the loan documents.
Payments will not be forgiven however we will be able to discuss repayment options prior to the end of the forbearance period pending guidance from governing authorities.
If I’m not ready to accept the disaster relief options today, how long will the disaster relief options be available?
That is to be determined based on guidance from governing authorities.
Franklin Synergy Bank
Attn: Mortgage Loan Servicing
722 Columbia Avenue
Phone: 615-236-4673 (Local)
866-834-4838 (Toll Free)