The global coronavirus pandemic has impacted arguably everyone either directly or indirectly. The biggest fear and anxiety is that millions of people are experiencing financial instability amid the crisis. Several Americans are worried about paying rent, credit card bills, student loans, and other necessary expenses.
Recent research has shown that many Americans are concerned about paying their bills than getting infected with the disease. And for those individuals living on one paycheck, the financial crisis means they have to struggle even to put food on the table or afford to pay for a place to call home.
Amid these difficult times, being secure financially can play a crucial role in staying healthy and safe. The following are some critical financial resources that you can utilize during the crisis to avoid the pandemic’s hard impacts.
Mortgage Payments Financial Support
For many Americans who cater to their needs, the effects of coronavirus have affected their general lifestyle. Many people have been rendered jobless as a res of the COVID-19 outbreak. So, rent and mortgage payments have become a considerable burden. Interestingly, the US government and some lenders have stepped up to offer some help with mortgage payments.
There is a perfect forbearance program launched by the United States Federal Housing Finance Agency to offer people an option to held or delay monthly mortgage payments. It happens specifically if the loan at hand is from Freddie Mac, Fannie Mae, or the Federal Home Loan Bank.
Amid the crisis, homeowners with mortgage financed by those banks will not face late fees charges, delinquencies or foreclosures reported to the bureau in charge of credit control. This idea can be a hidden and better way of harmonizing your budget to put that money into buying the basic in your home as you face the pandemic.
So, if you find it challenging to make your next mortgage payments, consider contacting your loan provider immediately to discuss whether this is achievable for you. Remember, many organizations are offering great compassion, tolerance, and understanding during the pandemic. Most companies are willing to do loan modifications to their employees during the crisis. You can visit America’s Credit Union to determine the different options the credit unions offer in your state of residence.
Rent Payments Help
It can be challenging if you live in rental homes to pay rent while your income source has been affected by the global pandemic. However, several states, counties, and even cities have given an ultimatum on rent eviction that can last between 30-40 days.
It means landlords can’t evict those who can’t afford to pay rent during that period. For instance, New York and California governments have issues executive orders to landlords on rent evictions to avoid eviction for some days. It means you can re-plan your financial obligations to ensure your basic needs are well taken care of during this period.
First, consider speaking to your respective landlord or home manager about your situation. They can also contemplate your issues to give you a workable solution to avoid eviction even if the moratorium doesn’t exist in your place of residence. For instance, some landlords provide some emergency funds for rental assistance to their loyal and honest tenants. If you can raise some cash from other sources like the mono-price cashback you receive after shopping, you can ask your landlord to give you a flexible rent payment terms. You can even be allowed to pay in installments.
Crowdfunding can be an effective way of accessing financial relief packages if you need help with few or no options. You can start an online fundraiser through any crowdfunding platform to receive funds as we as possible.
All you need is to be honest, and have a compelling reason for asking for donations. People do not like giving their money carelessly, so you must have a genuine and valid reason for fundraising. Whether you need to pay bills impacted by the crisis or boost your business that has been affected in the process, be sure to convince people that you are really in need.
There are several other sources of financial resources that you can access directly or indirectly during this crisis. We can’t discuss everything. However, it is your responsibility to be alert and access those resources if you feel the pandemic’s economic heat.