If You’re Struggling to Pay Rent or Mortgage During COVID-19, These Tips Will Definitely Help You Out
Let’s face it- when talking about monthly bills, your rent and mortgage bills sit right at the top of the list. Paying for housing is by far your biggest responsibility and it tends to bite off a sizeable chunk of your salary every month. On top of that, the financial restraints in these times are not making matters any easier. In fact, many people have been facing issues regarding their housing payments since the pandemic outbreak.
Unsplash | Pending payments can be quite worrisome for people affected by COVID-19
The pandemic took its toll on some of the most thriving sectors of our economy. Even now, it continues to wreak havoc globally, with hundreds of thousands of people out of a job indefinitely. Due to the uncertain situation, we decided to do some digging of our own to help you figure out your options with regards to your mortgage or rent payments.
Dealing With Mortgage Payments
Most banks across the nation have introduced plans for their clients to help them out in this difficult time. Bank of America, for example, is allowing its clients to the extend their already deferred payments to another addition 90 days.
The best part is that there is no additional cost for this as well, and you don’t need to submit documents to verify the loss of a job or a decrease in working hours. Many banks all over America have introduced similar policies. All you have to do is visit your respective bank’s website and see if their available plans can help out your situation or not.
Unsplash | Many banks have introduced plans to help people with their mortgage payment
Dealing With Rent Payments
Starting off, we’d like to have you know that over 43 million Americans throughout the nation are renters. So, if you’re own of them, try not to worry too much. Apartment Guide is one of the leading property searching tools in America. Its top representative on matters concerning rent is Brian Carberry, who has had his hands full during the outbreak, trying to help worried clients with their renting ordeals.
Unsplash | If you’re short on cash, consider asking your landlord to waive or reduce your rent
Brian advises people all over the world to stop panicking and start thinking of ways in which you can solve your rent dilemma. What’s the first thing that pops in mind? Your landlord, obviously. Just like in every other situation, communication is absolutely vital.
If you’ve lost your job or have had a reduction in working hours, let them know about it, and ask how they can help you out. The current situation is hard on everyone and they might just be kind enough to make a concession.
One other thing you can do is figure out a payment plan. Remember that security deposit your landlord already has? Maybe try digging into it a bit, if they’ll let you. Creative problems require creative solutions. But, to solve anything, you have to get up and try to do something about it first.
More in Loans & Mortgages
Mark Cuban’s Top 5 Financial Wellness Tips
Before becoming a billionaire, Mark Cuban remembers the struggle in his 20s when it would be difficult to make ends meet....January 28, 2021
Shopping For New Windows? You Need to Have a Look at These Tips First
When redecorating your home, revamping the windows is one of the most crucial steps. A simple enhancement of the windows and...January 22, 2021
This Small Investment Will Set Your Career
In 2020, many people struggled with their careers. Millions globally even lost their jobs, and Singaporeans were no exception. Therefore, SAP...January 22, 2021
Tesla Enters S&P 500 Stocks – Here’s What You Need to Know!
Even though the U.S. economy entered a downturn recently, the securities exchange has been on fire. And one of its breakout...January 20, 2021
Is Valedictorian Enough to Succeed in Life?
In the modern world, especially in less developed countries, students are gauged and valued upon their school performance. This is ofttimes...January 19, 2021
Want to Invest But Have No Clue About The Market? Here’s What You Can Do
Everyone knows that investing in the stock market reaps big rewards. We’ve all come across rags to riches investment stories that...January 16, 2021
Writing a Kick-Ass Business Plan
When starting a business, the first and foremost thing you’d require is a business plan. A business plan acts as a...January 14, 2021
Tried and Tested Job Tips for 2021
Coronavirus has gobbled up every ounce of normalcy that was ever present in the world. Your Christmas dinner became a solemn...January 13, 2021
Here’s All You Need to Know About Job Hunting During The Pandemic
From patience to generosity, from looking out for each other to standing against racism, 2020 has taught us a lot. But...January 12, 2021