If you’re experiencing financial troubles due to COVID-19, you’re not alone. Read on to see what help your lender may be offering.
The COVID-19 pandemic is affecting everyone, and that includes homeowners.
But the good news is lenders recognize that consumers are reeling from the impact of the crisis and are willing to help. If you’re having financial challenges due to COVID-19, you’re not alone. Here are some common problems homeowners are experiencing and some possible solutions.
Problem: I’m out of work due to COVID-19 and can’t pay my mortgage.
Possible Solution: As the pandemic continues, lenders are making new announcements daily about ways that they are willing to help their customers get through the crisis. Many are even offering forbearance, which means you may be able to suspend your payments for a month or two or even up to 12 months, giving you time to get back on your feet.
Problem: I will have money to pay my mortgage, but I won’t be able to pay it on time because of the COVID-19 pandemic.
Possible Solution: Lenders recognize that life as we know it has changed, and many of us have had to endure challenging circumstances in recent weeks. In order to give homeowners more flexibility, many lenders are waiving late fees and penalties if your payment is late.
Problem: Foreclosure proceedings have been started on my house and I will have nowhere to go.
Possible Solution: Not only are many lenders willing to suspend mortgage payments, but many are also putting a temporary halt on foreclosure proceedings. That could provide a little stability during this challenging time and perhaps give you time to save your home.
Problem: I’ve worked hard to build up my credit score. If I miss a mortgage payment or request forbearance, will it hurt my credit score?
Possible Solution: Many lenders have announced that they will not report late or suspended payments to credit bureaus at this time. If your lender is one of them, that means a forbearance or late payment resulting from the COVID-19 crisis will not hurt your credit score.
Lenders are announcing new ways they can help homeowners every day. To find out what options may apply to your personal situation, contact HomeFree-USA now.