An Overview of Available Help
Below is an overview of available help. Our other consumer guides are available here. In addition, the New York Times has a guide to navigating financial issues, the CFPB has a list of available resources, the Federal Trade Commission has tips on dealing with the financial impact of the coronavirus, and the National Consumer Law Center has a guide to surviving debt that is free online during the COVID-19 crisis.
Mortgages & Rent
If you have a federally-backed mortgage, you are protected from foreclosure through at least December 31, 2020. You can also request a forbearance to pause payments for up to 180 days without having to pay everything back at once, and you can request an extension for up to another 180 days (for a total of 360 days). Repayment options differ between federally-backed agencies and may include payments made over time, a payment deferral until the end of the mortgage, or a loan modification. Companies offering non-federally backed mortgages have also said they’ll offer a break from payments. In either case, you should reach out to your mortgage servicer and ask for help.
If you’re a renter, there was a moratorium on late fees and evictions through July 24, 2020 if your landlord’s mortgage is federally backed. On September 1, 2020 the Centers for Disease Control and Prevention (CDC) issued an evictions moratorium through December 31, 2020 for renters of any rental property who meet certain criteria, including having an annual income of less than $99,000 or less than $198,000 for a joint tax return, making efforts to obtain government rental or housing assistance, and being at risk of homelessness.
Individuals must certify their eligibility for the moratorium by providing their landlords a signed declaration. Complete eligibility criteria and a declaration form can be found at the bottom of the CDC’s moratorium order.
If you are facing financial difficulties and don’t qualify for the moratorium, talk to your landlord. Share your financial situation, suggest a payment arrangement, and explain how eviction would impact you.
You may also want to consider contacting a HUD-approved housing counselor who can provide free or low-cost advice about your rental situation. You may qualify for free support from HUD-approved housing advisors, as part of Fannie Mae’s Disaster Response Network.
Student Loans
Federal student loans have automatically been put in administrative forbearance, which allows borrowers to temporarily stop making monthly payments through December 31, 2020. Interest rates for these loans have also been set to 0 percent through December 31, 2020.
If you have a private student loan, you should still reach out to your servicer and see what help they’re offering.
Other Loans and Credit
The banking industry has put out a list of financial institutions that are offering assistance to loan and credit card customers. The assistance offered varies considerably from company to company.
Credit unions are offering help with loans, loan modifications, fees and more.
Utilities & Other Bills
Many internet, phone and local utility companies have agreed to suspend shutoffs and waive late fees for nonpayment.
You can also reduce your energy expenses by saving energy at home.
Many auto and homeowners insurance companies are offering financial assistance, including delayed payments, late fee waivers, and pauses on policy cancellations.
Stimulus Checks
The (Internal Revenue Service) IRS began depositing stimulus checks of up to $1,200 per person, based on income, in the middle of April. If the IRS doesn’t have your bank deposit information on file, a check will be delivered to the address the IRS has on file for you. You can check the status of your check here.
Unemployment Insurance
The CARES Act gave states the ability to extend unemployment insurance to more people than usual and increase the weeks and amount of benefits available to each recipient. Details for each state’s unemployment insurance program can be looked up here.