Making your monthly mortgage payment is likely one of your top financial priorities. However, life happens and you may find yourself struggling to pay your KeyBank mortgage on time. If you’ve recently lost income, dealt with unexpected expenses, or are simply finding it difficult to make ends meet, this article will provide you with useful information and resources related to making KeyBank mortgage payments.
Understanding the Importance of Paying Your Mortgage
Before getting into the specifics of how to make KeyBank mortgage payments, it’s important to understand why making consistent and timely payments really matters After all, a home is likely your most valuable asset and the largest debt most people carry
Your Credit Score is at Risk
If you miss or make late mortgage payments, it can drastically drag down your credit score. Your credit score plays a role in so many aspects of your financial life from qualifying for other loans, credit cards, and even employment or insurance. Damaging your credit score can have long-lasting impacts.
You May Owe Late Fees
Most mortgage lenders, including KeyBank, can charge late fees upwards of 5% of your monthly payment if you are more than 15 days late. These extra penalties and interest charges add up fast, making your monthly payment even less affordable.
Foreclosure is Possible
In a worst-case scenario, if you cannot make payments for an extended period of time, the lender can begin the foreclosure process and you could lose your home. This is why communication with your lender is key when struggling to make payments.
How to Make Your KeyBank Mortgage Payments
If you have a KeyBank mortgage, you have a few different options to submit your monthly payments. Here is an overview:
Set Up Automatic Payments
The easiest option is to have your payments automatically drafted from your KeyBank checking or savings account each month. You can set up automatic payments through KeyBank’s online banking platform or by visiting a local branch.
Pay Online
KeyBank offers online mortgage payments through their website. You can make one-time payments or set up recurring payments to be made from another bank account. There are typically no fees for online ACH or debit card payments.
Pay by Phone
You also have the option to make mortgage payments over the phone using KeyBank’s automated payment system. To use this method, you’ll need your mortgage loan number and bank account details.
Pay by Mail
If you prefer, you can mail your mortgage payments each month to KeyBank’s Payment Processing Center (P.O. Box 93885; Cleveland, OH 44101-5885). Be sure payments arrive by your due date to avoid late fees. Send a check or money order—do not mail cash.
Pay in Person
Lastly, you can submit payments at local KeyBank branches. Visit any location and let a banker know you need to make a mortgage payment. Bring a printed payment coupon to make the process faster.
What to Do if You Can’t Pay Your KeyBank Mortgage
Despite your best efforts, you may face financial hardship that prevents you from making timely KeyBank mortgage payments. If you anticipate this happening or have already missed payments, take the following recommended steps right away:
Contact KeyBank Immediately
The moment you suspect problems making payments, reach out to KeyBank’s mortgage assistance team at 1-800-KEY2YOU (539-2968). Waiting will only worsen the situation and limit your options. KeyBank has specially trained representatives to help.
Review Modification Options
KeyBank may be able to modify your loan terms to make payments more affordable based on your situation. This could mean reducing interest rates, extending the repayment timeline, or only requiring interest payments temporarily.
Ask About Special Forbearance
If you have missed mortgage payments due to a temporary hardship like job loss, KeyBank may be able to pause payments for several months through forbearance until you recover financially. This prevents your account from going into default right away.
Consider Selling Your Home
As a last resort, you may need to consider selling your home and paying off your KeyBank mortgage in full. This is not an ideal situation but prevents foreclosure, which is even more damaging to your finances. Review all your options before making this decision.
KeyBank Mortgage Payment Resources
In addition to contacting KeyBank directly, make use of free resources that can provide guidance with mortgage payments:
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HUD Approved Housing Counselors – Get expert advice on managing mortgage debt and avoiding foreclosure.
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Making Home Affordable Program – Federal program for mortgage assistance and preventing foreclosure.
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211 Social Service Helpline – Connect with local non-profit organizations offering housing assistance.
Don’t wait to ask for help if you are having trouble making KeyBank mortgage payments. Be proactive and take advantage of modification programs, forbearance, and other resources so you can avoid damaging your credit or putting your home at risk of foreclosure. With open communication and a willingness to adjust your mortgage terms, you can get back on track with your home loan.
Frequently Asked Questions About KeyBank Mortgage Payments
If you still have questions about properly making KeyBank mortgage payments, here are answers to some commonly asked questions:
What is the mailing address to send my mortgage payment?
KeyBank’s payment processing address is:
KeyBank National AssociationP.O. Box 93885Cleveland, OH 44101-5885
Be sure any mailed payments arrive by your due date listed on your monthly coupon.
When is my payment due each month?
KeyBank mortgage payments are due on the 1st of each month. However, your payment coupon provides a specific grace period before late fees are charged (usually the 16th of the month). Pay by the due date, not the grace date, to avoid issues.
What if I cannot pay by the due date?
Immediately call KeyBank at 1-800-KEY2YOU (539-2968) if you anticipate having trouble making a mortgage payment on time. Do not wait until after the due date. The sooner you reach out, the more options KeyBank will have to help avoid fees, penalties, or credit damage.
How can I check if my last payment was received?
The easiest way is to log into your KeyBank online banking account and view your mortgage account details. Here you can see the date your most recent payment was received along with how it was applied. You can also call your local KeyBank branch for assistance.
What happens if I pay late? After 30 days? 60 days?
Expect late fees around 5% of your monthly payment if more than 15 days late. After 30 days, KeyBank will report payment issues to credit bureaus. Once 60+ days late, they may begin the foreclosure process. That is why timely communication with them is vital when struggling to pay.
Can I pay more or pay ahead on my mortgage?
Yes, KeyBank does allow extra principal payments that go directly toward paying your mortgage down faster. This can help you pay off your home sooner and reduce total interest costs. Contact KeyBank to specify any extra payment should go toward principal.
Making consistent KeyBank mortgage payments is crucial for protecting your financial health and maintaining stable housing. But if you do encounter hardship, know that options exist to get help—you don’t need to navigate it alone. With open communication and a proactive approach, you can keep your home and improve the situation.