We all struggle with financial issues sometimes, Have you ever struggled to make your rent or mortgage payments?
In this time of economic uncertainty, questions such as “I can’t make my rent or mortgage payment. What should I do?” are pretty standard—making the need for budgeting tips important. National surveys show that nearly 8 in every 10 Americans live paycheck-to-paycheck. Coupling this fact with the widespread economic and social disruptions caused by the Coronavirus, it’s easy to see why a considerable number of U.S. workers are under immense financial pressure—especially when it comes to housing. With the burden of finances, it can be hard to focus on budgeting. By using these budgeting and or personal tips we can help you in this time of need.
Personal Finance & Budgeting Tips: Mortgage
Housing is typically one of the most essential—yet hardest—monthly bills to pay. The cozy and homey feeling associated with a home can quickly turn into panic, stress, and anxiety when making rent or mortgage payments becomes a problem. Here are three possible solutions for anyone struggling to make rent or mortgage payments.
Talk to the Landlord or Mortgage Issuer
During periods of financial hardship, it’s always advisable to get in touch with the property manager or landlord as soon as possible – don’t wait until you have missed payments. Most of them are usually willing to negotiate and work out a solution if approached before you’re delinquent.
The mortgage lender (bank) or landlord may be open to forbearance, which is a temporary period of relief from monthly housing payments. But keep in mind that forbearance does not delete or forgive the rent/mortgage amount owed. Missed payments still have to be paid but at a later date.
Buy Some Time with the Tools Available to You
If changing payment agreements is not an option, financial assistance programs and government eviction moratoriums can help buy valuable time.
The provisions carried by Coronavirus Aid, Relief and Economic Security Act (CARES Act) offer some level of protection to tenants and mortgagors who qualify. Aside from federal moratoriums, other sources of financial assistance may include Supplemental Security Income (SSI), Section 8 Program, Veterans Assistance and Financial Support, County Housing Assistance, or The Arc Program. Research your options and then follow directions to apply.
Seek Other Income Options
The other viable solution is to raise money to make the overdue monthly housing payments. In these technological times, things like Facebook fundraisers, go fund me and other social platforms it can be possible to raise money for those who struggle. You can find a new job or ask for help from friends and family. But with the widespread financial hardships in the economy today, raising money through such avenues is not easy. In such scenarios, don’t be afraid to get a small loan if you need it.
Cash Fast Loan Centers
If you’re having sleepless nights stressed over making rent/mortgage payments and you’ve exhausted these budgeting tips, Cash Fast Loan Centers can help you get some breathing space and bring a sense of peace back to your home. Explore some of our convenient loan options and find a solution that works for you. We have short-term loan options that do not require big payments.