If you are facing reduced hours or job loss and are worried about making your rent or mortgage payment, stay calm, then take action BEFORE the payment is due.

On Wednesday, 3/17/2020, President Trump said that the Department of Housing and Urban Development will suspend “all foreclosures and evictions” through the end of April.

Homeowners

-1- Contact your loan servicer directly to discuss payment options. “If they are not willing to work with you, report them to your state attorney general’s office and the Consumer Financial Protection Bureau”, according to Ira Rheingold, executive director the National Association of Consumer Advocates.

-2- Reach out to your bank or credit union. They may offer hardship programs you can tap into; and since you may have to apply for these programs, don’t wait. It does not cost you anything to inquire.

Renters

-1- Give your landlord notice. Contact your landlord to discuss delayed or partial payment options. In California, governor Gavin Newsom has requested a halt to evictions. And you will have up to six months to repay any unpaid rent.

-2- Work out a payment plan. It’s best to give your landlord at least a partial payment if you can. Make a payment plan with them with repayment dates, and get everything in writing.

-3- Look for Assistance. You can your local United Way and other organizations to see if they are offering rent help.