If the coronavirus has you worried about your mortgage, do these three things
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These three things can help if you?re at risk of missing a payment because of COVID-19 The health and economic impact of the spread of COVID-19, commonly referred to as coronavirus, is both already devastating and only just beginning.
Food-service and gig workers are already seeing their incomes dry up. Nest eggs are vanishing as the stock market collapses. It seems as if it?s only a matter of time before the impacts are felt in other sectors of the American economy.
If you have a mortgage and your source of income is threatened by the fallout from the novel coronavirus, you are probably?and understandably?very worried. Take heart that on Wednesday, President Donald Trump announced that evictions and foreclosures on houses backed by government-sponsored mortgage facilitators Freddie Mac and Fannie Mae, or by the Federal Housing Administration (FHA), will be suspended at least through the end of April. Freddie, Fannie, and the FHA back the vast majority of single-family houses. So if you?re in financial trouble, you?re not going to get thrown onto the street, at least through April. But given the situation is dire and impossible to predict, there are steps you should be taking to protect yourself in the event that you lose some or all of your income, or if the federal government changes its policy.
Contact your mortgage servicer immediately
Mortgage servicers are the companies that manage your loan. They send you statements, collect your payment, field in...
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