Job security and bills are somewhat up in the air with current circumstances. As a result, larger bills like your mortgage are affected. The biggest thing to remember is don’t panic. You’re not alone with what’s going on right now. Mortgage companies understand the hardship you’re going through; they’re probably dealing with it themselves. If you are struggling with your mortgage, there are options for mortgage relief.
What you should know first:
If you have the means, then keep paying your mortgage. It might be difficult, but it will help when things start to ease up. And yes, they will ease up.
If you’re unable to pay your mortgage or can only pay a portion of it, don’t wait for it to pile up. Call your mortgage company as soon as possible. You’ll avoid late fees this way.
What are some of your options:
- Mortgage forbearance will pause your payments or even reduce them for a length of time. You will still own the mortgage; nothing will be erased, but you will get some relief for however long your mortgage allows.
- If your home is currently being foreclosed on you might have the opportunity to stop it. The mortgage company can work with you to help reduce your payments or allow a forbearance for a short time.
How can you request a forbearance or mortgage relief?
The first step is to contact your mortgage company and discuss your situation. They will ask you questions like why you can’t afford your payments, details about your current income, other bills you’re paying, how much money you currently have, etc. They’re not going to judge your situation, and they only need this information to help assist you. Ask your own questions too. Ask what options you have for repayment, can late fees be waived, and more.
For more detailed information, visit the Consumer Financial Protection Bureau.