You’re not alone if you’ve found yourself wondering how you will pay rent or mortgage during the current crisis. More than 25 percent of Americans missed their payments because of it. Fortunately, some options are in place to help you get back on your feet quickly. These are some things you can do if you find yourself falling behind:
Reach out to Your Landlord or Lender
The first thing you have to do is reach out to your landlord or mortgage company to let them know of your unfortunate situation. The CARES Act may cover you. The CARES act is a government relief program that may protect you from eviction and foreclosure during the crisis. Next, discuss other options your lender or landlord may have for you. They may offer you a forbearance, deferment, or hardship loan modification.
Consider Forbearance and Refinance Options
Loan modifications and forbearances are two likely options you can choose. A loan modification may leave you with a lower monthly payment than you can handle. A forbearance will provide you with six to 12 months of payment suspensions. You’ll still have to pay your mortgage, but the forbearance will allow you time to regroup.
Search for Additional Options
Check government websites for other options such as grants and pandemic-related programs for homeowners and renters. You may also want to inquire with banks, credit unions and other financial institutions.
What to Do if You’ve Been Approved
Take the opportunity to get caught up and improve your financial standings if you receive approval for some of the above-mentioned relief. Make small payments if you can and save any money you earn to have a security blanket if times worsen.
Our country is here to help us during these unprecedented times. Use all available resources to help yourself and your family stay above the water.
Contact one of our loan consultants to learn more.
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