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Q&A: How to make ends meet if the coronavirus shutdown has reduced your income

May 4, 2020 By Liz Weston

Dear Liz: My husband’s salary was cut by more than 50%. While we are thrilled he is still employed, this deep cut will make it very challenging to pay all bills for our family of four. We don’t qualify for the $1,200 relief checks based on our 2019 taxes, which have already been filed. He is ineligible for unemployment because he’s salaried and his hours haven’t been cut. Are there other options for financial support or am I misinterpreting the government options?

Answer: You may have a few options for making ends meet during this trying time.

The first is mortgage forbearance. If you have a federally backed mortgage and have been affected by the pandemic, the Coronavirus Aid, Relief and Economic Security (CARES) Act gives you the right to forbearance for nearly a year if you request it. You can ask for 180 days initially as well as an additional 180-day extension.

Most mortgages are federally backed, including those lent or guaranteed by Fannie Mae, Freddie Mac, the Veterans Administration, the Federal Housing Administration and U.S. Department of Agriculture. If you have one of these mortgages, you won’t have to pay back the skipped payments all at once. You could spread out the payments or tack them on to the end of your loan.

To find out if you have a federally backed mortgage, and to request forbearance, contact your mortgage servicer — the company that accepts your payments. Be prepared to wait because lenders are overwhelmed with requests right now.

Even if you don’t have a federally backed loan, your mortgage lender is likely to have some forbearance options — as does your credit card issuer, your car loan company and any other lender you owe. Make sure you understand how each program works and how you would repay the skipped payments. In most cases, your balances will continue to accrue interest, but the programs could give you some breathing room while you wait for better times.

Filed Under: Coronavirus, Q&A Tagged With: CARES Act, Coronavirus, q&a

Friday’s need-to-know money news

May 1, 2020 By Liz Weston

Today’s top story: Can your credit card help you get a refund on a canceled trip? Also in the news: 9 alternatives to payday loans to consider during the COVID-19 crisis, what to do before adopting or buying a puppy, and how to earn more reward points on your next grocery run.

Can My Credit Card Help Me Get a Refund on Canceled Trips?
Your card may have travel protection.

9 Alternatives to Payday Loans to Consider During the COVID-19 Crisis
Other options to high interest loans.

Do This Before Adopting or Buying a Puppy
What to do before getting a quarantine buddy.

How to Earn More Rewards Points on Your Next Grocery Run
Cards are offering more practical rewards.

Filed Under: Liz's Blog Tagged With: canceled trips, Credit Cards, grocery shopping, payday loan alternatives, pet adoption, travel

Thursday’s need-to-know money news

April 30, 2020 By Liz Weston

Today’s top story: IRS Data shows agency, filers slow down. Also in the news: How to ask your bank or lender for help, how to protect your health with a clean car, and what to do if you get a bill for your Coronavirus test.

IRS Data: Refunds Lag as Agency, Tax Filers Slow Down
You should get in line for your refund.

How to Ask Your Bank or Lender for Help
Don’t be intimidated.

Protect Your Health With a Clean Car
Protecting your health and your investment.

What to Do if You Get a Bill for Your Coronavirus Test
Navigating your way through the red tape.

Filed Under: Liz's Blog Tagged With: automobiles, banking assistance, Coronavirus, IRS, refunds, Taxes

Wednesday’s need-to-know money news

April 29, 2020 By Liz Weston

Today’s top story: Why family loyalty shouldn’t apply to your credit cards. Also in the news: What you should do with your travel credit card, what you need to know about roadside assistance, and what the near zero interest rates mean for you.

Why Family Loyalty Shouldn’t Apply to Your Credit Cards
You could be missing out on valuable rewards.

Ask a Points Nerd: What Should I Do With My Travel Credit Card Right Now?
A little retention attention.

Roadside Assistance: Where to Get It, What to Ask
We’ll be back on the roads eventually.

Fed holds rates near zero — here’s what that means for you
Historically low rates continue.

Filed Under: Liz's Blog Tagged With: credit card loyalty, interest rates, roadside assistance, travel credit cards

How to ask your bank or lender for help

April 29, 2020 By Liz Weston

Many banks, credit card issuers and other lenders have promised to help those impacted by the coronavirus pandemic. They’re offering to defer or reduce payments and waive interest charges and rebate fees for those who have lost jobs, had their hours reduced or otherwise lost income to the COVID-19 crisis.

The help usually isn’t automatic, however. You have to ask for it — and ask the right way.

In my latest for the Associated Press, the important questions to ask your bank or lender.

Filed Under: Liz's Blog Tagged With: banking, Coronavirus, Credit Cards, tips

Tuesday’s need-to-know money news

April 28, 2020 By Liz Weston

Today’s top story: Can I buy or sell a house during the Coronavirus pandemic? Also in the news: How to manage your credit score during a crisis, Coronavirus cancellation and change policies for credit card travel portals, and how to get all your credit card payments deferred in one call.

Can I Buy or Sell a House During the Coronavirus Pandemic?
New regulations you’ll contend with.

How to Manage Your Credit Score During a Crisis
Looking at alternatives.

Coronavirus Cancellation and Change Policies for Credit Card Travel Portals
Everything you need to know.

Get All Your Credit Card Payments Deferred With One Call
A credit counselor can help you.

Filed Under: Liz's Blog Tagged With: Coronavirus, credit card payments, credit counselors, Credit Score, real estate, travel

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