How To Protect Your Mortgage Or Rent During The Coronavirus Pandemic…
Updated: Jun 3, 2020
We are now in a Global Pandemic, that is financially impacting each and every one of us. The unknown is truly scary. We have no idea how long this will last. Businesses are shutdown, employees are out of work, bills are due and we have no idea when we will be able to get back to making money.
If the coronavirus has caused you to lose your job, a reduction in income, illness, or other issues- mortgage relief options are available for homeowners. Mortgage forbearance or deferment on mortgage payments have been offered. Before you can entertain either of these possibilities, you need to find out who owns your mortgage. See links below for assistance.
*Make sure that you are aware of all the choices and how this will truly affect you. Be aware that you may have to pay the delayed payments in a lump sum.
Additional Resources for Mortgage Guidance:
There is increased tenant protections for the next 60-120 days. Contact your landlord to see if they can help you with your rent. Not all landlords have the ability- it depends on the type of loan they have.
There is credit protections for consumers during this time. The Fair Credit and Reporting Act is allowing more leeway for Consumers that come to a selected agreement with lenders whether it is making partial payments, deferment, forbearance or any sort of loan modification, with respect to one or more payments, then the account must be reported to the credit agencies as current. This is a big deal. Any negative payment history can and will negatively impact credit scores, harming the consumer's ability to borrow money in the future (New Mortgage, buying a car, etc).
If you have any questions about the impact of credit, please go to:
People impacted by COVID-19 can get additional information from:
U.S. Department of Housing and Urban Development (HUD): www.hud.gov
Federal Emergency Management Agency (FEMA): www.disasterassistance.gov
Small Business Administration (SBA): www.sba.gov
Centers for Disease Control and Prevention (CDC): www.cdc.gov
*We know this is a trying time with so many unknowns. We would like to help in any way we can! We will get through this! We are in this together. Stay safe and healthy.
-The Fowler Group