If you have lost your job or experienced a reduction in your income, then you may be wondering how your rent or mortgage will be paid. Many states are entertaining the possibility of shutting down again. That is why you have an even harder time paying your rent or mortgage. The good news is that you have a number of options available.
What you can do about your rent
The best thing that you can do if you are struggling with your rent is to talk to your landlord. Many landlords are more understanding than you think. They may be able to change the due dates. They may also be able to give you a discount or more time to pay your rent. Additionally, they may opt to covert your security deposit into a monthly payment.
If you live in subsidized housing, then you may qualify for reduced rent. However, you will likely have to be in the low-income bracket in order to qualify. You may also need to have your income re-certified by the housing department. The CDC put a program in place to stop people from being evicted before December 31, 2020.
There is a declaration form that you will have to fill out. You will have to give this form to your landlord. Furthermore, you will need to call 211. They will be able to tell you about the specific resources in your area.
What You Should Do If You Can’t Pay Your Mortgage
Most lenders will give you a two week grace period before any fees are added. You will need to get in touch with your lender directly. You may have the option of putting your loan in forbearance or deferment. A deferment allows you to freeze your payments for a certain amount of time. The payments will be added to the end of your loan. Additional fees and interests won’t accrue during this time.
Forbearance will allow you to reduce or postpone payments for a certain amount of time. However, interests and fees will be added during this time.
Falling behind on any type of debt can be quite stressful. However, it can be even more difficult for you to deal with this if you can potentially lose your residence due to the debt. More people are struggling with housing due to job loss and reduced hours.
The earlier you attempt to deal with this problem, the better. You don’t want to wait until you are several months behind on your rent or mortgage.
