If you are like me you may feel like a mushroom from time to time. Many of you may have already heard about how to push your mortgage off for at least 90 days. This article says it is may be renewed for a year. I did just that the other day after a client told me about it. We both use Wells Fargo but all Federally insured banks must comply. I have to admit Wells Fargo made it super easy.
Quote from Sun Sentinel:
The federal CARES Act, signed by President Trump last month, gives borrowers of federally backed loans the right to contact their mortgage loan servicer and demand what’s called forbearance — in other words, skipping their mortgage payments — simply by attesting that the coronavirus crisis has resulted in financial hardship. No documentation of the hardship is required, regardless of how many questions your servicer asks about your financial situation.
For Wells Fargo customers just log into your online account. You should see the coronavirus notice. Image below:
Click a couple of buttons and you are done. They will mail you a letter in 7 to 10 days to confirm. It also notified me online that there are extensions after 90 days.
This was a huge relief for me as my business is taking a big hit. Relief from the Feds on the business level will not come fast enough thanks to the Dems. Therefore, the mortgage relief act President Trump created can help supplement my business until that kicks in. You do not need to own a business to get mortgage relief.
You can read more about this and other benefits at https://militarybenefits.info/cares-act/
Stay safe and keep your head down!