As the number of COVID-19 cases in the U.S. continue to rise, Americans are seeing their hours cut, jobs disappearing, and expenses adding up. While the situation remains grim and many are waiting to return to work, homeowners are struggling to keep up with their payments. On March 18, 2020, the Department of Housing and Urban Development announced the suspension of all foreclosures and evictions for two months.1 Many mortgage lenders are also offering relief in response to this crisis.
If COVID-19 has caused you to be financially strained and you’re worried about falling behind on payments, contact your mortgage servicer as soon as possible for relief options.
The biggest chunk of the average American’s budget goes to housing. Avoid dipping into your savings–a mortgage forbearance could allow homeowners to allocate the funds normally reserved for mortgage towards other necessities.
Got questions or need a second opinion on your options? Don’t hesitate to pick up phone and call us. Don’t let the upheaval caused by COVID-19 throw your financial strategy off-course. Let us assess your needs and recreate an action plan to help you get through this unprecedented time.
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[1] https://www.hud.gov/press/press_releases_media_advisories/HUD_No_20_042