6 Ways to receive Financial Relief During the COVID-19 Pandemic

March 31, 2020

Most people are well aware of the COVID-19 Stimulus Bill. However, those funds will take some time to get in your hands. Additionally, they may not cover all of your needs. I have compiled 6 ways to receive financial relief during the COVID-19 pandemic. Please feel free to suggest any other financial relief tips that I may share with others. Feel free to share with someone who may need these tips:

  1. The IRS and the Treasury have extended the tax deadline to July 15th regardless of the amount owed: https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed
  2. Contact your creditors for specific COVID 19 relief programs. The Federal Reserve, the FDIC, the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), and state banking authorities have requested regulators to loosen credit reporting rules  due to COVID-19:  https://www.consumerfinance.gov/about-us/blog/protect-yourself-financially-from-impact-of-coronavirus/.
  3. Request Natural Disaster Coding on your credit report to prevent late or missed payments from adversely affecting your credit: https://your.vantagescore.com/news-story/339/vantagescore-statement-advising-scoring-options-those-impact
  4. Federal regulators, through the mortgage giants Fannie Mae and Freddie Mac, Under the plan, people who have suffered a loss of income can qualify to make reduced payments or be granted a complete pause in payments: https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Suspends-Foreclosures-and-Evictions-for-Enterprise-Backed-Mortgages.aspx
    • “That forbearance is up to 12 months, depending on their particular situation,” says Mark Calabria, director of the Federal Housing Finance Agency, which oversees Fannie and Freddie.
  5. Obtain a mortgage forbearance to pause your payments. During a mortgage forbearance, a lender with either:
    • Lower your current monthly payment
    • Suspend your payments for a period up to 12 months
  6. Review your financial institutions specific policies on Covid 19. Most are offering forebearances, waived fees, etc.  Review the policies of the following major financing institutions: