![]() ![]() Assess your finances and prioritize bills Additionally, while the federal government has halted foreclosures on mortgages guaranteed by Fannie Mae and Freddie Mac, and some local governments have suspended evictions, you should still communicate with your lender or landlord, since those suspensions will eventually end. You don’t want to be surprised by balloon payments, higher interest rates, or other fees. Regardless of the plan your lender offers, be sure to ask what billing will look like once your temporary payment plan ends. Your lender could allow you to make partial payments or interest-only payments on a temporary basis. You may be able to postpone your car loan payment or credit card bill for a few months without late fees (but finance charges could still accrue). Your student loan lender may allow you to postpone your payments (payments have been automatically stopped for individuals with federal student loans until September 30, 2020). Your bank may offer a payment deferral for up to 120 days with no late fees for your mortgage or home equity loan. So what are some potential outcomes when you tell your lender you need to skip a loan payment because of coronavirus? Here are a few possibilities: So, if you’re concerned about paying your mortgage, car loan, student loan, or other bills, you’re in good company with plenty of other hard-working Americans.īankruptcy: Understand Your Options What to expect from your lender On a more specific level, the current study revealed that well over half of respondents are worried about being able to feed themselves and their families, and nearly half say they will miss payments on some bills within the next six months. The shift from financial optimism to pessimism has been both sudden and widespread. Just two months earlier, over 70 percent said they were the same or better off financially than they had been the previous year. In a recent study commissioned by Freedom Debt Relief, 66 percent of respondents felt the current economic conditions in the U.S. Most of us are worried about keeping afloat in an economy we see as declining. Talk to lenders ASAPįirst, you should feel no shame if you don’t think you can pay all your bills right now – you are not alone. But if you can’t make a loan payment, it’s important to know your options, make a plan, and make some calls. This isn’t a crisis you created, and many people are in the same boat. It’s also normal to question whether or not you’ll need to skip a loan payment during these precarious times. ![]() So, it’s understandable to worry about things like making ends meet and keeping a roof over your head. While we do our best to stay healthy, businesses are closing, jobs are disappearing or being cut back, and conditions are changing rapidly. There’s no denying the fact that COVID-19 has upended our daily lives, threatening both our health and financial well-being in a sudden, profound way. ![]()
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