Mortgage Payments Deferred
New York State has ordered state-regulated mortgage lenders to provide a 90-day penalty-free grace period for people facing financial difficulties due to the pandemic such as losing their job. However, not all mortgage lenders are state-regulated, including many who provide mortgages for single-family homes backed by Fannie Mae and/or Freddie Mac or the Federal Housing Administration (FHA). The federal government has announced these government-sponsored financial institutions will allow deferral of mortgage payments for up to one year for those households that can demonstrate hardship due to the coronavirus pandemic. If for whatever reason, you have not been making mortgage payments and are facing foreclosure, there is help. New York State supports the Homeowner Protection Program (HOPP) which helps homeowners avoid foreclosure by connecting them to free, qualified foreclosure relief services. If you are contacted by a foreclosure assistance firm, make sure they are members of HOPP. For more information click here: HomeownerHelpNY
Health, Life and Property Insurance Payments Deferred for Consumers and Small Businesses Experiencing Financial Hardship
Due to COVID-19, consumers and small businesses may defer paying health insurance premiums through June 1, 2020. Under terms of the Governor's Executive Order, health insurance payments may be deferred, and companies are barred from reporting the late payments to credit reporting agencies. Health insurance plans will still be required to pay claims for the individual and small group plans through June 1. New Yorkers experiencing financial hardship may also defer for 60 days the payment of premiums and fees under auto, homeowners and renters insurance. Small businesses are also covered. Payments for life insurance policies and annuities may be deferred for 90 days. For more information from the New York State Department of Financial Services go this web address: https://www.dfs.ny.gov/press_releases/pr202003301
In this difficult time, you may face some difficult choices, such as whether to pay mortgage / rent or credit cards, or medical bills. If the business slow down affects your income, prioritize what you must pay and slim down expenses where possible. Make food, medicine, and mental health your first concern. If in doubt about your readiness for a jobless stretch, set aside, for the moment, payments on credit cards, medical bills, and student loans.
Keeping your roof over your head, and your transportation should be at, or very near the top of the list.
Mortgage: If you cannot pay the full monthly payment, try to pay at least the escrow portion (Taxes and Insurance); next would be to pay the interest portion if you can. Clearly label on your payment what you are paying. IN NEW YORK, foreclosures and evictions have been put on hold. But, eventually, these payments will become due.
Medical bills can usually be near the bottom, as medical providers wait a long time to either report to credit agencies or go to legal collection. Credit card (and medical) payments are not a priority, the simple reason being you can get legal relief from this debt, but you cannot undo repossession of your car or eviction; and it can be a difficult and costly process to reverse a foreclosure proceeding.
I hope that you are well and taking the necessary precautions. If you are in the health care field,or work in a hospital,as my son is, I applaud your efforts and am thankful for your dedication.I am available for you.I am available for you to discuss your financial situation, debtsyou are having difficulty paying; and, just as important, also the protection of yourhome,car and other assets and belongings.I can proceed whenever you are ready. We can literally do everything remotely todiscuss your situation; discuss options and steps to take; and tofile your case. I love to meet with people, but we can also have a"face to face" onZoom,Skype or Whats App. Questions and concerns can be handled by email and telephone. Paperwork can also be exchanged and signed remotely. Be vigilant with your personal self.