Are you a HOMEOWNER paying a mortgage and struggling with making your mortgage payment? RENTER and out of work not able to pay your rent? Are you a LANDLORD not receiving rent from some tenants? Then this info may help you during this COVID-19 crisis.
Here's the best link I've found on assistance to avoid having your credit hurt and outlining options that may be available to you: https://www.consumerfinance.gov/about-us/blog/guide-coronavirus-mortgage-relief-options/ The Consumer Financial Protection Bureau has a great list of additional info here: https://www.consumerfinance.gov/coronavirus HOMEOWNERS in need: You MUST take action and you can't sit on your hands without damaging your credit and putting your home at risk. You need to contact your lender! There is the ability to defer making mortgage payments until you return to work. This doesn't mean you don't owe them money, it just means lenders will give you extra time at the end of your mortgage term to pay the months that you don't pay. Great info for homeowners having difficulty with making their mortgage payments: https://portal.ct.gov/DOB/Consumer/Consumer-Help/COVID-19-Mortgage-Relief
To check if your mortgage is Fannie Mae go here https://www.knowyouroptions.com/loanlookup and if your mortgage is Freddie Mac go here https://ww3.freddiemac.com/loanlookup/ RENTERS: Call your landlord if you are struggling. The CT governor has issued another executive order 7X, this one: 1) Prohibits all landlords from issuing a notice to quit or beginning eviction proceedings before July 1, 2020, except for serious nuisances, such as physically harming another tenant or the landlord.2) For rent due in April 2020, landlords must grant tenants an automatic, 60-day grace period for payment, instead of the existing 9-day grace period.3) For rent due in May 2020, landlords must grant a 60-day grace period for payment upon the request of tenants. Under this provision, a tenant must notify the landlord that they have lost a job, lost hours, or otherwise lost revenue or faced significantly increased expenses as a result of the COVID-19 pandemic.4) If a tenant has a paid security deposit of more than one month’s rent, the tenant can apply all or part of that excess to April, May, or June rent. Under this provision, the tenant must notify the landlord that they have lost a job, lost hours, or otherwise lost revenue or faced significantly increased expenses as a result of the COVID-19 pandemic.
LANDLORDS: If you have many tenants not paying rent and that's making it difficult for you to pay your investment property mortgage, you are also able to seek forbearance. Use the mortgage lookup tools above if you think your investment property mortgage may be with one of those to government entities.
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