As of November 27th, our Panama City branch relocated to:
415 Richard Jackson Blvd, Panama City Beach.
New Hours for Panama City Beach (Richard Jackson Blvd):
Monday - Thursday, 9:00 am - 4:00 pm and Friday, 9:00 am - 5:00 pm
As recovery efforts from Hurricane Michael continue, First Federal Bank is here to help you rebuild. Our bank and our employees have been impacted by the storm as much as you, and we’re in this with you. As we rebuild our communities together, we’re here to help – we’re locals serving locals. Our local leaders can make local decisions to help you or your business navigate difficult financial decisions ahead. We’re listening and are ready to help you find the best path forward.
Below is information about options you may have for getting you or your business back up and running. If you want to speak to someone at the Panama City Beach branch directly, click here.
Contact your Mortgage Servicer
Notify your mortgage servicer that you have been impacted by the storm. Note whether you are in a Providentially Declared Disaster area (if you are aware).
If you have been displaced (temporarily), make sure to let your servicer know to contact you.
Ask about available disaster assistance payment relief options including payment forbearance and subsequent loan modification options. If you don't know how to reach your servicer, go to their website or check the Mortgage Bankers Association website for posted contact information for your servicer. If you have a mortgage from First Federal, click here for more information.
What happens if you can't make your mortgage loan payments?
If you work or live in area impacted by a disaster, you may be eligible for assistance with your mortgage loan such as:
- Foreclosure Moratoriums - a freeze or pause on all proceedings toward the foreclosure of your home. If you are already delinquent or in the foreclosure process, this pause provides time to stabilize the borrower's finances before dealing with default and foreclosure.
- Forebearances - An agreement between the borrower and the mortgage company to temporarily pause mortgage payments. *Remember: this is not forgiveness. You will eventually have to make up the payments. You should ONLY consider this action if your income or employment has been impacted by the disaster, or you have incurred a temporary spike in expenses related to the disaster. The sooner you can begin making regular payments, the better. Check with your Servicer for your repayment options, as they depend on your loan type.
- Waiver of Late Charges - Servicers may waive late fees or other penalties during a time of disaster.
- Suspension of Negative Credit Reporting - during a disaster-related forbearance period, missed payments would not be reported to credit reporting agencies in order to avoid negative effects on the borrower's credit score.
Beginning the Recovery Process
File Insurance Claims
MAKE THE CALL.
- Your Homeowner's Insurance Provider - Speak with a representative about your policy and what they can offer to assist with recovery
- Your Flood Insurance Provider - If you have a flood insurance policy, contact your provider to begin the claims process.
- Windstorm Insurance - If you have a windstorm insurance policy, contact your provider to begin the claims process.
If you don't have insurance or sufficient insurance to cover the damage to your home, there is assistance which may be available to you.
Federal Emergency Management Agency (FEMA) - Apply for FEMA disaster assistance. DO NOT WAIT to hear back from your insurance providers. PAY ATTENTION TO APPLICATION DEADLINES.
www.disasterassistance.gov | (800) 621-FEMA [ TTY: (800) 462-7585 ]
Small Business Administration (SBA)
Apply for SBA disaster loans. (FEMA may direct you to these options when applying to disaster assistance). While you may qualify for some housing assistance funds through FEMA, most disaster assistance from the Federal government is in the form of low interest disaster loans administered by the SBA. *Despite its name, SBA loans are not just for businesses!
(800) 659-2955 [ TTY: (800) 877-8339 ]
American Red Cross
Apply for immediate assistance. In addition to shelter, and other aid during a disaster, surivors can apply to the Red Cross' immediate assistance program to receive financial aid. PAY ATTENTION TO APPLICATION DEADLINES.
www.redcross.org | (800) RED-CROSS
State and Local Grants
Check your state and local government websites for additional programs and assistance for which you may be eligible.
2-1-1 is a free and confidential service available 24/7 to help people across the United States find local resources, including those related to natural disaster.
www.211.org | Dial 2-1-1