STAY HEALTHY & INFORMED
In a crisis like this, it’s common for misinformation to spread, and it can be difficult to figure out who and what to trust. Here are some reliable resources that can connect you with accurate and helpful info.
The CDC is the leading national public-health organization in the U.S. and has up-to-date info on COVID-19 (coronavirus).
The TNDH is the state department responsible for public health in Tennessee.
WHO is the United Nations’ agency for global public health.
Uncertainty and confusion can have a harmful effect on your mental health. This article (linked above) from the American Foundation for Suicide Prevention gives you five ways to take care of your mental health in the face of uncertainty.
The federal stimulus legislation has approved all workers with an initial direct grant. Individual employees who were making less than $75,000/year will receive $1,200, with families receiving an additional $500 per child.
During the furlough, you may be eligible for unemployment benefits. Please be guided by your respective state unemployment insurance program.
During this stressful time, keep in mind that mortgage providers would rather work with existing customers and have set up a financial hardship programs during the current circumstances. It is important to get in touch with your lender immediately if you expect to be late or unable to make your monthly mortgage payment to discuss a mortgage forbearance.
A mortgage forbearance is an agreement between you and your mortgage servicer that either lets you stop making payments or lower your payments to an affordable level on a temporary basis during your hardship. This can be helpful during times like these when your job isn't terminated, just furloughed.
For people who will lose wages during the time they are not working, it's important to communicate that information to your lender. You should also make a plan for how you will repay the suspended amount when your forbearance ends. Making a budget now could save you stress later, so when the time comes to repay you'll be ready.
As with your mortgage provider, also follow up with your lenders for car and other large loans to discuss financial hardship assistance.
A mortgage forbearance is an agreement between you and your mortgage servicer that either lets you stop making payments or lower your payments to an affordable level on a temporary basis during your hardship. This can be helpful during times like these when your job isn't terminated, just furloughed.
For people who will lose wages during the time they are not working, it's important to communicate that information to your lender. You should also make a plan for how you will repay the suspended amount when your forbearance ends. Making a budget now could save you stress later, so when the time comes to repay you'll be ready.
As with your mortgage provider, also follow up with your lenders for car and other large loans to discuss financial hardship assistance.
Many utility and telecommunication companies are easing shutoffs and waiving late fees to accommodate consumers needing assistance due to the current circumstances. Similar to your mortgage servicer, it is important to get in touch with your provider immediately if you expect to be late or unable to make your monthly payment.