Addressing Mortgage Issues Due to COVID-19

MORTGAGE DUE BUT NO PAY DUE TO COVID-19?

If you are unable to pay your mortgage due to the COVID-19 crisis, the first step is to contact your mortgage company. Many mortgage companies are offering to defer or delay payments with no penalty.

It is important to understand the terms the lender is offering. Don’t assume the payment is forgiven and will never be due. Ask for verification of any suspension or deferment in writing, by email or regular mail. Make sure to read the terms and ask someone for help if you do not understand them.

If payment is simply delayed, plan for how you can make up the payment if necessary. Whether you use your stimulus check when it arrives, or if you are laid off, when federal unemployment finally arrives, plan to set aside money to assist with the mortgage payment.

Here are links for many of the larger mortgage companies:

Bank of America https://about.bankofamerica.com/promo/assistance/latest-updates-from-bank-of-america-coronavirus PennyMac https://www.pennymacusa.com/covid-19-faqs Wells Fargo https://www.wellsfargo.com/jump/enterprise/coronavirus-response Chase https://www.chase.com/digital/resources/coronavirus Quicken https://www.rocketmortgage.com/learn/mortgage-assistance-covid19

If the Coronavirus or your financial situation prior to the virus leaves you unable to pay the critical bills, it may be time to see Giles & Lambert to discuss your financial options.

We are open and available by video or phone to review your situation and see if bankruptcy is an option that can help you. Go to www.gileslambert.com or call 540-981-9000 to schedule your free consultation today.

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