Mortgage relief plan for New York homeowners affected by COVID-19
In today’s world, many people don’t have a reserve, or they have already spent in the times of COVID-19. This is why many states and the federal government itself try to help citizens who have mortgages on their homes. So, what is the mortgage relief plan for New York homeowners affected by COVID-19? Let’s find out!
If you are unable to pay your mortgage payments
Under state and federal law, if you are unable to pay your mortgage payments, you have the right to request a 180-day forbearance. After that period, if you are still facing financial difficulties, you can request another 180-day forbearance.
Of course, you can always “trade” one property for another. Moving to Dublin in Ohio is a good choice for New Yorkers that isn’t as expensive. It is a fine place, much smaller than New York, but it offers a comfortable life that many New Yorkers dream of.
However, you need to contact your servicer to receive relief. The contact information of your servicer can be found on your most recent bill. In any case, it would be smart not to get more into debt with loans, since they can significantly worsen your position. If you don’t have to, don’t take it.
And yes, New York is quite expensive
If you are a part of some non-essential business, chances are that you cannot even live to the fullest in NYC. As you already know, New York can be quite expensive. According to moving experts from slatterymoving.com, moving out of New York for some time in order to survive current hardships is a good choice. And this is what many people do.
It is estimated that half a million New Yorkers are in danger of displacement due to the pandemic. And it is no wonder why that is. A large percentage of people in the US have a mortgage on their homes. Mortgage in normal times is an ordinary way of securing the debt. Sure, banks are opportunistic by their nature, but they are also careful.
They won’t just lend money to people who they think can’t afford to repay a loan. Lest time banks weren’t careful enough, a global crisis struck the world. Of course, that can be quite harsh, so you might want to rent. That will bring a steady flow of money, but sometimes, even that isn’t enough.
Many people decide to sell some of their property
But, if you want to avoid classic moving mistakes, you need to work with a company that has a variety of helpful options when it comes to relocation, to complement a mortgage relief plan.
There is always an option to sell some other properties of yours. If you have a house in Brooklyn for example, you can always sell it to bring you up financially. Anyway, it shouldn’t be complicated to get mortgage relief. There is even an option to pause mortgage payments. A mortgage relief plan for New York homeowners can help you, and your business (if you have one) to stay afloat until we solve the problem of COVID-19.