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Apr-04-2020 15:41printcomments

What To Know About Mortgage Payments and Rent Payments Amid COVID-19 Pandemic

Homeowners should get the ball rolling as soon as possible. Do not delay.

home owner

(SALEM, Ore.) - Understanding your mortgage payments or rent payments during the COVID-19 pandemic is important.

You may have lost your job, or you have chosen to stay home from work to protect yourself and your family from the coronavirus. This could be putting financial strain on your life.

It is important to know that you are not alone. Millions of American households are facing financial issues, or going to in the near future due to COVID-19. Even governments are going to face hardships.

Making your mortgage payment or rent payment in the coming months might seem difficult due to reduced hours or loss of job. You may be considering loan options like a reverse mortgage, and you can check this informative site for more information. You may also be considering personal loans.

To help you understand COVID-19 pandemic options for homeowners and renters, we compiled some essential information.

What Homeowners Need To Know

The first thing any homeowner should do is contact your mortgage lender. There are a number of consumer advocates and financial experts telling homeowners to contact the loan companies they have their mortgage with. This allows you to discuss payment options in these uncertain times.

You may be able to work out delayed payments. In fact, there are many waivers that are being issued right now due to coronavirus. And if a lender does not want to help you in these moments, you can report the lender to the Oregon attorney general’s office, as well as the Consumer Financial Protection Bureau (CFPB).

Homeowners Should Not Delay On Learning More About Mortgage Payment Help

The options available are potentially going to be in application form. This means that you need to contact your lender to get the ball rolling as soon as possible. Do not delay.

You definitely don’t want to wait until your mortgage payment is due, or until you are very behind in payments. Take advantage of all programs you have at your fingertips.

If you can’t get any help from your lender, you may need to get a personal loan to help ease the coming financial burden. A personal loan may be a good option to get some cash flow to pay your mortgage.

In fact, there are many banks that are preparing COVID-19 packages for personal loans, like Bank of America, Chase, and Wells Fargo.

Do a bit of research and call your bank to see if they have any options available. They may be able to help, or they may be able to point you in the right direction. Remember, your home is your biggest asset, so be sure to protect it from any financial problems amid this pandemic.

What Renters Need To Know

Before you fall behind on your rent, you need to talk with your landlord. Experts recommend that you contact your landlord and begin working out partial payment options in order to not get evicted.

Most landlords will be more than willing to work with you, because it could be more difficult to find a new tenant during these times of financial hardship.

Negotiate A Payment Plan With Your Landlord

The best thing you can do is to give your landlord some of the rent and negotiate a payment plan.

The payment plan can outline payment dates. And be sure to get everything in writing. For instance, you can write up a document that outlines a partial payment for the next six months, and then an adjusted higher payment once the coronavirus pandemic settles.

If making any payment is not in the cards, you should definitely talk to your landlord about it.

Maybe you can negotiate a free month or two and then spread those missed months out over the remaining lease payments once you have more cash flow. This is a good option for those who lost their jobs recently.

You can also contact the United Way to see if they have any renters assistance programs to help you in these uncertain financial times. Talk to your landlord and seek out help.

Get The Facts About Mortgage Payments and Rent Payments During COVID-19 Pandemic

It is very important to know what you need to do, and what you can do during the coming months. If you lost your job or have had hours cut due to the pandemic, you are not alone. And since you are not alone, many programs are being put into action to help.

The above insight for homeowners and renters is just the tip of the iceberg. There are many other essentials that you should learn concerning mortgage payments and rent payments amid the COVID-19 pandemic.

Source: Special Features Dept.


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