Article provided by: Omega Title Florida
The past several months have been hard for everyone as businesses have closed down to stop the spread of COVID19. If you no longer have an income, you will probably be unable to make your mortgage payments.
We at Omega Title pride ourselves in providing all our customers with the advice they need to make informed decisions about their business or commercial property. We also offer prompt title verification services to our clients to make the settlement process fast and efficient. We are a best-practice certified title company in Broward county by TQS services, a company that certifies top Fortune500 companies.
Things to Do if You Cannot Make Your Mortgage Payments Due to Coronavirus
- Talk to Your Lender
There are plans to protect you if you are facing financial hardship and cannot pay your mortgage. It is important to talk to your lender; do not assume that they know you’re no longer employed or had to close your business.
Inform the bank or mortgage company that you may not be able to make your payments. If you report, your lender can defer payments for up to three months and will not charge you late fees if you do not make payments on time.
- File for Unemployment
If the COVID19 crisis stopped your job, you could apply for unemployment benefits. All states throughout the country have come up with response plans to help residents deal with their current financial circumstances. Talk to your state’s employment department to determine what options are available for people in your situation.
- Withdraw Money from Your Retirement Account
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows people who have lost their jobs due to Coronavirus to withdraw up to $100,000 from their retirement accounts and their 401(k)s.
In March, Congress passed the CARES Act to reduce the adverse effects of the virus on individuals and businesses. The act also offers eviction protection and unemployment benefits.
- Plan to Pay
If your lender defers your payments or reduces them to more affordable amounts, you will still have to pay. Sit down and think about your pre-corona virus income and how your post-coronavirus income will be affected by the pandemic. Ask your lender to show you how the payments will be reorganized so you can plan well to prepare for the future.
- Lower your Daily Spending
Times are tough, so it’s best to cut down on your monthly spending. Take time to study your monthly budget and cut out anything that is not a basic need. You can cancel subscriptions and find ways to lower energy and water bills in your homes to afford your mortgage.
Find the Information You Need
We at Omega Title are a customer-oriented title company in Broward county specializing in commercial and residential real estate. We’re working with you to flatten the curve, and with that in mind, our services are available online. In addition, we have an app that you can use to access all our title services, which you can download from the Apple AppStore or Google play store. We’re also committed to providing you with the information you need concerning your property.