If You’re Having Difficulty Paying Your Rent or Mortgage amid Coronavirus Here’s What to Do!

Hundreds of thousands if not millions people across the country are facing major problems and losing their homes amidst the coronavirus pandemic. It has shuttered businesses and limited services across the whole globe and unfortunately millions have suffered a significant loss of income. Families now worry of how to pay their rent or mortgage for several months to come.

But there is still hope.

Financial expert Suze Orman revealed for PEOPLE how to deal with this situation and what to do. Most importantly, she said, “you are not to sit there and be afraid that you won’t have the money to pay the bill. Take action!”

“Action is the only way to conquer fear. Stay on them and negotiate with them, and let them help you. And I’m sure they will rise to the occasion to do so.”Orman

If You Own Your Home

Contact your lender

Financial and real estate experts advise homeowners to contact their mortgage lender to discuss options as soon as possible, with many banks announcing different options for mortgage assistance.

The minute you think you cannot afford your mortgage payment, call your lender. In most cases they’ll make a temporary deal with you if you’re really in need.

Some states, such as New Jersey, have announced plans to give homeowners adversely affected by the COVID-19 outbreak a 90-day grace period to pay their mortgage with no financial repercussions.

And a plethora of lenders are offering deferment on mortgage payments and other forms of assistance for those financially strapped due to the coronavirus pandemic.

Here is a partial list of what some of the major banks are offering for those adversely affected by COVID-19:

Chase is offering help with mortgage payments. Call 800-848-9380 for more information.

Citi is offering a range of hardship programs for qualifying customers. Call 1-855-839-6253 for more information.

US Bank is offering a mortgage payment forbearance of up to 90 days with no late fees.

Wells Fargo offers some payment deferral plans for customers with mortgages as well as credit cards and auto loans.

If You Are Renting

Contact your landlord now

Pick up the phone and call your landlord and explain your situation. The best solution would be to work out a payment plan until you’re back on your feet.

Pay what you can rather than paying nothing at all if you are able, says Kumiko Love, a financial counselor also known as The Budget Mom on Instagram.

You should also call your landlord to see if they are offering the option of no rent payment at all, as a growing number of landlords across the country have vowed to do for April.

Eviction Moratoriums

Don’t be afraid of an eviction. On a local level, many towns and cities have suspended evictions.

New York City declared a moratorium on evictions. Period. Not just for a month. With no end date.

Except New York, other cities and states are suspending evictions for a period of time due to the coronavirus crisis too, including California, Illinois, Maryland, Massachusetts, Oregon, New York, Miami, Seattle and Philadelphia.