I know so many of you are in the same boat as me right now. You’re scrambling to find how your going to pay your rent or mortgage, and you’re watching the calendar, and counting down the days.
This is a sucky situation. Point blank. But, there are some things you can do to set yourself up to either reduce, or skip a payment all together.
On Wednesday, President Trump told us that the Department of Housing and Urban Development will temporarily stop all foreclosures and evictions through the end of April.
So, at least there’s that.
Even so, you want to communicate with your landlord or lender. You’d be surprised what good one phone call can accomplish. Like, do this TODAY. Don’t wait until it’s too late.
Lenders will usually work with you, if you aren’t already late on a payment.
If they won’t work with you, Ira Rheingold, executive director of the National Association of Consumer Advocates, suggests reporting the situation to your state attorney general.
You can also contact your bank. Sometime they will offer special assistance to consumers.
You have to jump on this quickly, though. You will most likely have to apply for it, so if you wait until the very last moment that your payment is due, it may not help.
Another option is to put your loan in FORBEARANCE. Many of us have heard of this in relation to Student Loans, but you can also ask for a hardship forbearance from your housing lender. T
his may delay your payments, but BE AWARE, usually interest accrues on the entire amount.
If you RENT, tell your landlord NOW that you are having trouble, and ask if there is a payment plan they will work with you on.
Usually, your landlord depends on your payment as part of their monthly income, so be nice. They are going to be affected by this, too.
You can also reach out to churches in the area. Sometime they will help for a month or two with rent. BUT, they are probably going to be inundated with requests, as we are all going through the same things. It still doesn’t hurt to ask.
Again, you might want to consider a short-term loan from your bank. It isn’t ideal, I know, but it may get you through this awful little bump.
Also, try reaching out to organizations like The Salvation Army or The United Way. It doesn’t hurt to give them a phone call.
REMEMBER, put a smile in your voice when you talk to these people. They are dealing with A LOT of people that are in this same situation.
Be Nice, be kind, be respectful. It will go much further than being mad and disrespectful.