The coronavirus outbreak is causing havoc in the world. May it be the health sector or the stock market, everything is declining, and the governments around the globe are doing everything they can to keep the people alive. While the sole focus now is to keep people safe, other issues need to be taken care of as well.
US President Donald Trump announced that all evictions and foreclosures are suspended at least till the end of April. This is only applicable to the borrowers who took government-backed loans, and their facilitators are Freddie Mac and Fannie Mae, or the Federal Housing Administration. So, anyone with a loan who is afraid they can’t make the payments can relax till the end of April. Even the Bank of America is offering relief to consumers and small business owners who are affected by the coronavirus.
Here are a few things one can do if you are afraid of the change in policies taken by the Federal government regarding the loans. One can contact their mortgage company and let them know about the condition. If you are unable to pay the credit due to cut in payment, then let the mortgage agency know.
Another critical thing to keep in mind is to keep a record of the financial statements during this time. If you are receiving cuts in payment, keep evidence of it. It can come in handy later.
You must also record all your interactions with the mortgage agency. Even though the agency marks all the calls, it is better to keep the record for yourself, and you may need it later.
