Financial Hardship center

We are committed to help you



We recognize the impact the COVID-19 virus is having on our members, and we are committed to supporting you. We have currently discontinued the self-service courtesy skip payment program. If you are encountering any financial concerns with your accounts, we encourage you to apply for assistance through our Financial Hardship Form. If you have further questions please call us at 1-800-247-5626.




We understand that sometimes “life” happens to everyone.  When you apply for assistance, we will:

  • Work with you to explore all options and help you understand which one best suits your situation
  • Work with you to determine the solution that is right for you, whether your situation is a temporary hardship (6 months or less) or a permanent situation

Start by sending us your information. One of our Loss Mitigation Analysts will contact you to begin the process.

Our process is the same whether you have a mortgage, credit card, auto loan, or any type of loan with PenFed. Our Goal is to help you get back on your feet.




We can help with a variety of workout options depending on the type of loan you have, from deferring payments, a forbearance agreement, a repayment plan, or even a modification.

If you have a mortgage and are unable to stay in the home, we may be able to work with you on a short sale or deed in lieu of foreclosure.

If you are seeking assistance on a mortgage and the loan has been sold to a Government Sponsored Enterprise (GSE), such as Fannie Mae or Freddie Mac, we will follow their assistance guidelines.

To find out if your loan is owned by a GSE and for a complete list of their workout options, follow this link to see if your loan is owned by Fannie Mae: or this link to see if your loan is owned by Freddie Mac:



We’ll work with you to tailor the assistance that is best for your situation.

A permanent hardship is a financial situation you expect to last more than six months

Use this application if your hardship is regarding your mortgage and it is owned by Fannie Mae or Freddie Mac

Gather your information

To get started, please complete the appropriate application above based on your hardship. The Hardship Application lists the documents required for each type of hardship (also included at the bottom of this page). Please gather all of the documentation while completing the application. A complete application package will help speed up the review and decision process. Fill out the Hardship Application above to get started!

Send us your documents

After completing the application and collecting all required documentation, choose the best delivery option for you. Either use the upload feature available when you log in to your PenFed Online account or fax your application package to our Loss Mitigation Department at 866-298-2635 or 703-633-7092 (local).

We’ll review and provide options

Within 5 business days of receiving your Hardship Application, we will review the application and supporting documentation. We will let you know if we require additional information to complete our review. Once we confirm all required information is present, your Loss Mitigation Analyst will render a decision within 30 days. At that time, we will call you and mail a notice explaining all options, so you can decide what's right for you.

Let us know your decision

After we provide your eligible options, usually you’ll have 14 days to let us know which option is best for you.

Review next steps

Your Loss Mitigation Analyst will follow up with you about the option you’ve selected and will help guide you through the next steps.


If you have any questions about collecting and/or completing your documents, please call us at 1-800-247-5626 (Request to speak with Loss Mitigation). To begin your request for assistance, you will need to provide certain documents. This is a list of the initial documentation required. We may request additional information to complete our review, depending on the Hardship.


Gross (pre-tax) wages, salaries and overtime pay, commissions, tips, and bonuses

Self-employment income

Unemployment benefit income

Taxable Social Security, pension, disability, death benefits, adoption assistance, housing allowance, and other public assistance

Non-taxable Social Security or disability income

Rental income (rents received, less expenses other than mortgage expense)

Investment or insurance income

Other sources of income not listed above



Long-term or Permanent Disability; or serious illness of a Member/ co-Member or dependent family member

Death of a family member or wage earner in the household

Divorce or Legal Separation

Business Failure

Distant employment transfer/relocation

Other: Hardship that is not covered above


Government Programs & Advice



If you would like mortgage counseling or assistance, you can find a list of counselors in your area on



The U.S. Department of Housing and Urban Development (HUD) sponsors non-profit housing counseling agencies throughout the country that can provide advice on defaults, foreclosures, credit issues and other housing topics. Please contact HUD at (800) 569-4287 or visit their website at



The Servicemembers Civil Relief Act (SCRA) is a program that provides certain protections in lending for servicemembers who are called to Active Duty.  If you are a Military Servicemember who is currently on Active Duty or has been on Active Duty within the last 12 months, please contact us at (800) 247-5626 and request to speak with a Loss mitigation Analyst.  To verify your status on the Official SCRA Website please visit .



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