There is a ton of information in the news right now. Be informed and know the facts!
If you can, make your mortgage payment!
If you are still working, make your mortgage payment and inquire about refinancing to help improve your situation!
If you can adjust your budget to use your unemployment & stimulus funds, make your mortgage payment and inquire to refinance once you are back to work!
FORBEARANCE VS. DEFERMENT
FORBEARANCE: The definition of Forbearance is DELAY – NOT FORGIVE! Your servicer may let you make reduced or no payments for a short period of time, but your loan CONTINUES to gain interest! The skipped payments are due IN FULL at the end of that short period or you may be hit with an increased payment amount each month to make up for the skipped payments. If you do end up going this route, make sure to account for this in your budget!
DEFERMENT: Lets you skip payments, and sometimes pause interest. With deferment, your payments will be tacked onto the end of your loan (extending your loan term).
CALCULATE HOW MUCH YOU COULD GET FROM THE CORONAVIRUS STIMULUS CHECKS
YOU CAN GET A BIGGER UNEMPLOYMENT CHECK, FOR A LONGER PERIOD OF TIME
Under the new stimulus package, workers will be paid an additional $600 per week on top of what they would normally receive for up to four months until July 31. The relief package will also allow workers to receive benefits for an additional 13 weeks, providing up to 39 weeks (or nearly 10 months) of financial assistance in total.
Self-employed, gig workers, independent contractors and freelancers are now eligible for unemployment benefits and can receive 50% of their state’s average benefits payout, plus $600 per week