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.
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