Financial Assistance Overview

Be it a Permanent Hardship, financial situation that you expect to last more than six months or a Temporary Hardship, financial situation that you expect to last less than six months, PenFed offers assistance programs that meet your needs.

Ways We Can Help

Cards and Loans
We provide financial assistance programs for a variety of consumer banking products like Credit Cards, Auto Loans, Personal Loans, Personal Lines of Credit, Student Loans.

Home Loans
We provide financial assistance programs for a variety for Mortgage products like VA Mortgages, First Mortgage, Equity Line of Credit & Home Equity.

If you have a home loan and are unable to stay in the home, we may be able to assist you with a short sale or deed-in-lieu to avoid foreclosure.

If you are seeking assistance on a mortgage that 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 Fannie Mae and their complete list of relief programs visit:
  • To find out if your loan is owned by Freddie Mac and their complete list of relief programs visit:

Depending on your loan type, we have the following relief options for you:

  • Deferring payments
  • Forbearance Plan
  • Repayment Plan
  • Loan Modification

Financial Hardship Applications

Steps to Apply

Submit your Application

Send us your information by filling in the application that suits your need and one of our Loss Mitigation Analysts will reach out to begin the process.

The Hardship Application lists out documents that you need to send for your specific hardship e.g. most recent pay stubs, bank statements etc. A complete application will help speed up your review and decision process.



Application & Documentation

Why Did I Receive This Application?

Do I need to fill out the entire application?

How far back should I go with supplying documents?

I am unemployed, what documents do I need to supply?

If I have a reduction in income, what documents do I supply?

I am self-employed, what documents do I need to supply?

My business failed, what documents do I need to supply?

Where do I send additional documents?

Application Review Process

I have completed my hardship application, what is the next step?

Do I continue to make my payments while my application is being reviewed? If I don’t make my payment what happens?

Home Loans & Foreclosures

What Is Foreclosure?

What Are the Consequences of Foreclosure?

What Happens If I Have Waited Too Long and My Property Has Been Referred to an Attorney for Foreclosure? Should I Still Contact You?

Where Can I Find More Information on Foreclosure Prevention?

Will It Cost Money to Get Help?

What Happens to My Mortgage While You Are Evaluating My Request for Financial Information?

Will the Foreclosure Process Begin If I Do Not Respond to this Letter?

Can I Still Be Evaluated for Mortgage Assistance If My Property Is Scheduled for a Foreclosure Sale?

Will My Property Be Sold at a Foreclosure Sale If I Accept a Foreclosure Alternative?

What If I Acquired an Ownership Interest in the Property, Such as Through Death, Divorce, or Legal Separation?

Credit Score and Ratings

Will My Credit Score Be Affected by My Late Payments or Being in Default?

Will My Credit Score Be Affected If I Accept a Foreclosure Prevention Option?

Government Programs


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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