3 Must Do’s To Stop Worrying About Your Mortgage During the Epidemic
Coronavirus has not only impacted the health sector, but it also had severe effects on the economic market too. Unfortunately, this might just be the beginning of it all. Many food chains and freelancers are watching their funds get eaten up. Retirement funds are collapsing due to the dying job market. It seems like time is not on our side either, as America will soon be prone to another problem.
On the off chance that you have a home loan and your source of income is undermined by the aftermath from the novel coronavirus, you are most likely feeling stressed, which is natural. But do not fear, for President Trump declared that you would be protected in any event through April.
Federal regulators proclaimed that mortgage owners who are affected by the pandemic can qualify for a reduction in the mortgage payment or can defer it if their home loans are credited to Freddie Mac or Fannie Mae. But just in case, here are some steps to protect yourself if you ever lose money:
Make direct contact with your mortgage servicer
Oftentimes, the mortgage servicer is also your mortgage provider. However, that is not always the case, so the best thing you can do is call them to confirm. If they are the same entity, tell them that you might have the risk of missing a payment due to the ongoing outbreak as you are not making enough money. Ask them for all the available options and request for a payment reduction or deferred payment.
Diligently document your financial hardship
It is possible that the government might change its policy or provide relief to those people who get qualified for their program. Because of the fluidity of the situation, your mortgage servicer might tone it down a little bit. When all this takes place, you need all of the documented data to be compiled in a way that makes your case look unique. It needs to show that you are really in dire need of extending the date for your mortgage.
Record everything that takes place between you and your servicer
Home loan servicers are going to be overwhelmed with calls from individuals managing the coronavirus aftermath. It is essential to report all your correspondence with them for your own records. If you can record your calls with them utilizing a voice recorder or cell phone, do it. By doing this, if the servicer ever loses track of what was promised to you, you will have all the recorded data to support your claim.
More in Pocket Change
Stay Clear of These Major but Invisible Mistakes When Investing
People work to accumulate savings for the future. Making investments is also a part of this saving plan so that they...May 29, 2020
Out of Work During Lockdown? Here are a Few Tips to Reinvent Your Career
With the emergence of COVID-19, many public and private sectors have resorted to working from home. Some industries like aviation have...May 28, 2020
How to Make a Polished Resume That Could Get You Noticed
If you recently got unemployed or are looking for a new opportunity in your career, the first thing you need to...May 28, 2020
Journalists Could Still Maintain Thriving Careers Amid the Lockdown—Here are 6 Ways How
Like most people around the world, journalists are also trying to navigate their way around the stay-at-home orders and social distancing....May 22, 2020
Yes, You Can Reinvent Your Career While on Quarantine—Here’s How
The coronavirus crisis has affected our lives and careers in more ways than one. It has also brought on a lot...May 20, 2020
Here’s How Americans Are Spending their $1,200 Stimulus Checks
When the Great Recession wreaked havoc in the economy in the late 2000s, Americans received stimulus checks from the federal government to help...May 20, 2020
Students Looking for Extra Income Can Apply for These Three Online Jobs
Students usually have limited budgets. And with unexpected expenses threatening to mess with those funds, most of them are now considering...May 15, 2020
The Five Most Important Things You Need To Consider When Getting a Personal Loan
A personal loan means borrowing from a lending entity, may it be a bank or some other credit provider. It’s...May 15, 2020
A Step-by-Step Guide on How to Spend Less and Save More in 2020
Most New Year’s resolutions involve the phrases “spend less” and “save more”. However, a lot of people end up failing to...May 13, 2020