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New Resources for Homeowners Facing Financial Hardship

By HOM Editor
June 2020

The impacts of COVID-19 were swift and unexpected, leaving many people in a financial emergency. If you are struggling to pay your mortgage or expect that you will have trouble in the coming months with your credit rating, seek help, now.

Having Trouble Paying Your Mortgage?

A new guide from NAR called Protect Your Investment is designed to assist homeowners impacted by COVID-19. Protect Your Investment offers guidance on working with trusted professionals like REALTORS® and housing counselors at HUD-approved agencies. The guide also provides information about payment options offered by lenders and tips for avoiding scams.

If you are concerned about meeting your mortgage obligations, don’t wait until you fall behind. Acting quickly may help you keep your home and the money you have already invested into it.

Concerned About Your Credit?

Are you concerned about how a financial hardship due to COVID-19 may affect your credit? A another new guide from NAR, Protect Your Credit, can help. It outlines the provisions to protect consumers’ credit scores under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

 The guide also explains how consumers can obtain a free credit report and what steps to take if you find inaccuracies on the report. Protect Your Credit is the perfect companion piece to Protect Your Investment, which offers guidance to homeowners struggling to meet their mortgage obligations due to COVID-10.

If you are facing a financial hardship, take steps now to learn about your rights and how you can work with your creditors.

See also: “Covid-19 and your credit score: Worry about it later,” from The Washington Post.


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