Theis anxiety-inducing enough without worrying when you’ll get your next paycheck. In the midst of the , workers in all sectors are facing layoffs or leave without pay. This means if you’ve lost your job or your hours have been slashed, you might not have enough money to cover most of your bills.
Many lenders, including credit card companies,. Here’s how to handle your bills if you can’t afford payments, plus what some companies have already started doing for customers.
Auto loan payments
If you have an auto loan, contact your lender immediately. Many car companies and auto loan providers are offering specific relief options during COVID-19, including:
- Ally: Defer your auto payment up to 120 days. You won’t get charged late fees, but finance charges will continue to accrue.
- Hyundai: Offering up to six months of payment coverage if you bought a Hyundai between March 14 and April 30, 2020 and lost your job this year. It’s also offering up to three months of deferred payments through April 30, as well as other coverage for customers who recently lost their job.
- Wells Fargo: Suspending involuntary automobile repossessions. It’s also offering payment deferrals and fee waivers on auto loans.
Most companies are requesting customers reach out to them to discuss their needs. Some companies offering relief include:
Mortgages and rent
The US Department of Housing and Urban Development has suspended foreclosures and evictions for at least 60 days. If you own a home with a Federal Housing Administration-backed loan, you won’t lose your home if you fail to make payments. You can see who owns your mortgage by looking it up.
If you don’t have an FHA-backed mortgage, HUD encourages you to directly contact your lender to review your options.
For renters, it’s a little tricky. HUD has suspended all evictions on properties that are FHA-insured. But not all rental properties are backed by the FHA, so evictions could happen in certain circumstances. Many state and local jurisdictions are halting evictions regardless of who owns or insures properties. For example, Michigan has suspended evictions through April 17. Orange…