04/05/2020
This article may be a few weeks old, but COVID-19 still hasn't slowed down and this article may be increasingly relevant to any homeowners out there.
First, I hope that you're all staying safe during this crazy time! Stay home if you're able and flatten that curve.
Second, I hope that we're all able to bounce back from the financial aftermath of this international shutdown that will impact each of us in one way or another. Many of us are already having to figure out how to temporarily get by without an income. Be informed about the assistance that is available to you, but make sure that you understand what it actually means so that you don't set yourself up for future problems!
https://www.bankrate.com/mortgages/mortgage-lenders-offer-help-to-borrowers-affected-by-coronavirus/?fbclid=IwAR0c8BmfXy0_uGfLp7zxW8355HMqw7kQYc4X42X-fL7EwG-gG2RKyegM2zs
Some important takeaways:
"It’s important to note that mortgage forbearance is not mortgage forgiveness, meaning you still have to pay back what you owe."
"For people who will lose wages during the time they’re not working, it’s important to communicate that information to your lender. You should also make a plan for how you will repay the suspended amount when your forbearance ends."
"Workers whose jobs were halted because of COVID-19 are likely to be eligible for unemployment benefits."
Lenders are ready to help those who can’t make their payments during the pandemic.
