Paying Bills Difficult For Floridians as COVID-19 Financial Burdens Continue
By Space Coast Daily // April 1, 2020
The COVID-19 pandemic continues to leave employment uncertainty in its wake. There have been cuts and layoffs in nearly every industry here in Florida.
From construction to daycare, Floridians are feeling the beginning stages of financial strain.
This has made paying bills difficult. It has become a day-by-day struggle. And those already living paycheck-to-paycheck, the coronavirus may very well be a financial nail in the coffin.
It is important, however, to know that you are not alone during these uncertain financial times. And there are programs being developed to potentially help.
President Donald Trump has served up a federal student loan package that allows a suspension of payments on federal student loans. There is potential mortgage help as well, but it seems to only apply to HUD mortgage loans.
This may be why many Americans are looking into loan options to cover bills. “It is critical for people to get access to money now more than ever. Having access to options online can make a big difference right now,” according to ARLO calculator. And since going out isn’t an option, online resources are certainly important.
Here’s some more insight into what Floridians could expect as financial burdens for Floridians continue.
Student Loans During COVID-19 Explained
There are many Floridian parents and students wondering what will happen with student loans. Well, for many Floridians that have federal student loans, there may be a suspension of the actual loan payments. And these are at zero interest and no interest for six months.
This student loan halt is part of the Republican stimulus bill that was written in response to the financial uncertainties the coronavirus has created.
The student loan payment suspension for federal student loans could last as long as three months with potential for extension.
This is very good news if you have a student loan. It is important, however, to stay in communication with your loan provider.
And if you don’t have a federal student loan, you should contact your lender to discuss payment terms during this global pandemic. It could help ease the financial stress you may have right now.
Florida Homeowners Need To Pay Close Attention To Mortgage Payments
One of the biggest concerns Floridians have about paying bills right now is mortgage payments. For homeowners, any type of financial stress could tip the balance of paying mortgage.
If this is you, know that you are not alone and that you may have options. First, you need to contact your lender to see if you can reduce payments or pause mortgage payments altogether.
For instance, mortgage lenders such as Fannie Mae are allowing homeowners that have mortgages with them to get some flexibility in their payment amounts and schedules.
Same goes for Freddie Mac. In some cases, mortgage payments have been halted for a whole year, or reduced for 12 months.
Don’t Wait, Homeowners Need To Be Very Proactive About Mortgages
The experts are echoing that homeowners should not wait until you have missed mortgage payments to contact your lender. This is because many lenders are going to be flooded with requests just like yours.
For example, Bank of America said that it will only work via a case-by-case basis for those hit by the financially devastating COVID-19.
This applies to mortgages through Bank of America, as well as car loans, credit cards, and even home equity loans. They have publicly stated that they want to work with their customers in order to defer payments on all of the above.
How will this work for mortgages? If you contact your lender early, you can negotiate a new payment schedule for a set amount of time.
What most homeowners are seeing is a deferred payment plan where payments will be placed at the end of the loan. This is very good news for homeowners across America.
And this can all keep your credit report in good shape too. “In all these instances, there will be no negative credit bureau reporting for up-to-date clients,” Bank of America explained.
Wrapping Up . . .
There will be more financial burdens ahead for Floridians during the coronavirus pandemic. The goal of everyone is to ensure their livelihoods are not ruined.
Economic downturn could be a result, and loss of jobs can happen. The above insight will hopefully shed some light on a few options when it comes to paying bills.
Remember, you are not alone. COVID-19 is having a global effect. This means that more options will be made available. Do your research online and contact your lenders today. You may be surprised by what they are willing to do for you.
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