Dealing with your Mortgage During COVID-19 - Financial Fitness with Alan Akina

21 Apr 2020 · 1 min

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This content was created by Alan Akina. This content was uploaded by Alan Akina. This is a YouTube video titled "Dealing with your Mortgage During COVID-19 - Financial Fitness with Alan Akina" (posted April 21, 2020). It is a short financial-advice segment / monologue from the Wake Up Today program, with host Alan Akina advising viewers on handling mortgage payments during the COVID-19 crisis — calling your lender or servicer, asking about forbearance (which delays but does not forgive payments), watching for lump-sum repayment requirements, and noting HUD is suspending foreclosure actions. The host also teases a follow-up segment on auto lenders and credit cards.

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Good morning, gang. With all that's going on in our world with COVID-19, there's a lot of uncertainty, especially in our financial lives, and most people are stressed and wondering how they will deal with their debt during this crisis. So, for today's financial fitness report, I'm going to help you to deal with your mortgage. Now, the first thing I suggest is to call your lender or loan servicer right away. The last thing we want now is to fall behind on our payments Which will result in our credit score being negatively affected. You see, it's more effective to be proactive than to do nothing about it. Almost all lenders will be willing to work with you. Just be transparent and let them know about your current situation. Next, ask your lender if they offer a forbearance program. Now, this may buy you a couple months or more of no or low payments. Now, keep in mind that a forbearance is not going to forgive the payments But it would have to be paid back at some time. Now, some lenders may try to get you to make a lump sum payment in the near future, so be aware. Now, if you're worried about foreclosure, don't. HUD is suspending all foreclosure actions for the immediate future. Now, I'll be discussing how to deal with your auto lenders and credit cards on my next segment, so be sure to tune in right here. For Wake Up Today, I'm Alan Akina. See you on Thursday.