The IRS requires GuideStone to attempt a loan draft each month, therefore it is not possible to have your monthly loan payment drafts paused or stopped. In extreme circumstances, you may consider contacting your bank to request a stop payment to be placed on the draft requested by GuideStone. This will deny the draft request each month as long as the stop payment is in effect.
Important: If you have 4 missed loan payments at the end of a quarter, you will be set to incur a "deemed distribution" which means your unpaid loan balance will be treated as taxable income. Also, most banks will charge a fee of $30 or more for each monthly loan payment that is stopped.
Click here for more information on the consequences of a "deemed distribution".
Once you are ready for the drafts to resume, you must contact your bank again and request that the stop payment be removed.
For information regarding the CARES Act: Coronavirus Related Loan Payment Deferral option please click HERE