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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, and fears are that this might just be the beginning of 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, and America will soon be prone to another problem other than already piled up issues.

On the off chance that you have a home loan and your source of pay is undermined by the aftermath from the novel coronavirus, you are most likely and naturally exceptionally stressed. Yet, dread not as president trump declared you will be protected in any event through April.

Federal regulators on Friday 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 or Fannie.

Here are some steps to protecting yourself in case you are losing money.

Make direct contact with your mortgage servicer

In some cases, the mortgage servicer is also your mortgage provider, but that is not the case every time. You can call them and say that you might have the risk of missing a payment due to the ongoing outbreak as you are not making any money. Ask them for all the available options and make a request about the payment reduction or deferred payment.

Diligently document your financial hardship

It is more likely 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 of this takes place, you need all of the documented data to be compiled in such a way that your case looks unique, and it really shows that you are 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. Just document everything for future correspondence.

In this way, if the servicer loses track of what was promised to you, you will have all the recorded data to support your claim.

 

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