Experts Offer Advice to Those Unable to Pay Mortgages Amid COVID-19 Pandemic
COVID-19 and the oil and gas crash have taken a huge toll on the finances of many Oklahomans. It has become something as simple as paying the mortgage for some really tough people.
“People ask me a lot of questions,” said Ellie Wade, senior mortgage manager at First United Bank. “Most of the time, what can I do if I can’t make my payments? Can anyone help me? ”
The short answer is yes. Calling up your mortgage institution should be the first priority.
“No one should ever be ashamed of it, that’s why it exists, to help protect you, to make sure you keep your home,” Wade said. “We don’t want you to lose it.”
You have until the end of December to request forbearance payments. No word if this is going to be extended.
“They normally have between three months and 180-190 days in advance, and then if that continues they can extend an additional 180 days,” Wade said. “Right now they can have a total of 360 days of abstention.”
Only take advantage of it if you really can’t pay your mortgage. Payday loans, experts say, should be banned.
“Stay away from payday loans, these don’t help your (credit) score,” Wade said. “Someone over there is telling people to go get payday loans and that’s a huge mistake.”
Never do what you feel uncomfortable doing. There are people and places who are ready to help.
“There are so many options that are going to eventually help you out of the situation, so just be sure to talk to your investor or service agent and make sure they explain all of your options to you,” he said. said Wade.