The COVID 19 pandemic is taking the world by storm. Most of the countries are affected by it. The virus originated in Wuhan, China, but has now spread across the globe. Many countries are under lockdown. Offices are shut, and the economy has declined. Now, the governments are only focusing on keeping the people alive. In such dire times, banks and mortgage companies are easing their deadlines.
Anyone who has a loan to pay or is late in their payment must not be worried. Because of the coronavirus, many people are out of a job. Unemployment has become a concern because many people are at home for safety.
That’s why banks have eased their deadlines. Banks are extending credit limits and payment deadlines, waiving late fees, lowering minimum payments. Moreover, they are not reporting missed payments to credit bureaus. One can also cancel the auto loan payments.
People who lost their jobs and can’t pay their mortgage or car loans need not worry. They can just talk to their respective banks or mortgage company services to settle. In these trying times, people are out of jobs due to the coronavirus outbreak. People with no income can’t pay the loans. That’s why even the U.S. Department of Housing and Urban Development has suspended foreclosures for at least two months.
If you are one of the people affected by the onslaught of coronavirus and lost your job, then you can call up your lender and ask for options. Banks and Mortgage companies are being lenient to their consumers. Hopefully, the pandemic passes away soon, and people can get their jobs back.