Many people have been out of work for a couple of weeks now. Others are concerned that, while they are still employed, it’s not going to last. Still others are at high risk and really shouldn’t leave the house. All a result of Coronavirus and the resulting shut downs happening across the country. Many americans are worried not only for their physical health, but for their financial health. The government is trying to help but we can’t just rely on them. If you are one of the people concerned and are struggling with a mortgage due to Coronavirus keep reading.
No Foreclosures or Evictions
Yes, it is true that the federal government put a hold on foreclosures and evictions. That, unfortunately, doesn’t put a hold on your responsibility to pay. It also doesn’t put a hold on anyone reporting no or late payments on your credit. That is why you must get involved in your well being. If you are having trouble, or are going to have trouble, paying your rent or your mortgage, you have to pick up the phone and call the party or company you have obligations to and have that difficult conversation. You won’t be the only one. You might have to sit on hold a long time or make several attempts. But really, what else do you have to do right now? When you are able to talk to someone, tell them you’re struggling with your mortgage due to Coronavirus. Tell them your situation. They should work with you.
Many mortgage companies are offering forbearance. Forbearance is not waiving your payments but delaying them. They may tack those payments onto the end of your loan term or delay them for a specific period of time before they come due. You must talk to your mortgage company to find out what their policy is and how that can help you. If you pay rent, your landlord may have their own mortgage obligations so it’s important they are aware of your situation. That could impact their decisions right now too. Hopefully your landlord can help. Regardless, if you don’t make the call, you will get no help.
Beware of Scams
As with any disaster, there will be people trying to take advantage of the situation. There will be people trying to make a buck off of people who need it most. Be aware of scams. Your mortgage company is not going to contact you and ask you to not make mortgage payments. They prefer all their clients pay their mortgages as planned. Beware of companies offering to handle it for you. The Consumer Financial Protection Bureau is a great resource to tap into. Here’s a link to their website talking about your mortgage options right now.
Lookout for Each Other
The Coronavirus pandemic is a time we all need to take precautions to lookout for each other. We need to stay at home. We need to wear masks if we have to go out. We need to wash our hands and not touch our faces. These precautions are not just to protect our health but to protect the health of others.
We should continue this mindset for our financial health and mental health too. Have the hard conversations. Do what you can to lookout for yourself and to lookout for those around you. Use technology to check in with the people in your life. We all have the power to make a difference.