To rent. student loans. utility bills. Here’s how to get help if you can’t pay your bills

(CNN) – Millions of people have stamina financial difficulties after a job loss or loss of income because of outbreak coronavirus.

More than half of the jobs in the US economy are at risk, according to Moody’s Analytics. In the past four weeks, 22 million people have applied unemployment insurance.

If you struggle, there is help. However, in most cases you need to know who to contact and what to ask.

The federal government has a $2 trillion stimulus bill and regulators are urging companies to work with consumers.


In addition to sending direct payments (more on when to get one payment here) and expand unemployment insurance, Federal relief for many recurring expenses is available. If you lost health insurance because of a job loss, here’s what to do get cover. Also, learn about state, provincial, and city programs relief aid available on site.

Here’s where and how to access help in your financial life.


homeowner struggling to pay their mortgage should contact their credit service provider to discuss payment options.


The coronavirus relief, aid and economic security, or CARES Actincludes two protections for homeowners with government-backed mortgages: a deferral — a delay or reduction in payments for up to a year — and a moratorium on foreclosures until at least May 17, 2020.

“Federal Secured” includes mortgages owned by or secured by Freddie Mac, Fanny Mae, Federal Administration for Housing (FHA), the US Department of Agriculture (USDA) or US Department of Veterans Affairs (VA).


To confirm that your loan is government-backed, you can check Fanny Mae or Freddie Mac. Or you can look up any property below electronic mortgage registration systems.

If your loan is not federally guaranteed, you may be able to obtain similar relief options from your loan servicer or your state.

If you need help, contact a housing and urban development agency Licensed Housing Advisor or search local legal aid groups.

To rent

If you can’t pay your rent, inform your landlord before you stop paying. Although there is less direct government support for tenants, some protections have been put in place.


The CARES Act contains a 120-day moratorium on evictions and late fees for properties secured by a government-backed mortgage. The legislation also allows a borrower with a government-backed multi-family loan — possibly your landlord — to be eligible for up to three months of forbearance. To obtain this relief, the mortgagee must not evict tenants who are in arrears on their payments.

However, these measures only account for about half 44 million rental households in the country. The rest have to rely on a patchwork of state, provincial, and city support. At least half of the states have implemented temporary moratoriums on evictions, including new York and Californiaand dozens of communities have also taken action. Some states offer rental subsidies, e.g Delawareoffering up to $1,500 to residents struggling to pay rent or utility bills because of the coronavirus.


For more community resources, see Shelter onlyan organization dedicated to affordable housing.

student loans

Those with federal student loans Payments may not have to be made until September 30 as the government suspends payments and waives interest on federal student loans for six months. The suspension is automatic and you don’t have to do anything.

The unprecedented move contained in the CARES Act goes into effect retrospectively to 13.03. If you have since made a payment, you can request a refund. However, it may take some time for it to appear in your account.

The six-month suspension and interest waiver apply only to federal loans, about 85% of federal student loans. These include direct federal loans as well as PLUS loans that parents may have taken out for their children.


The legislation also stops collection of delinquent federal loans, including garnishments on wages and taxes. Defaulted loans will also not bear interest until September.

Private student loans are not included, but borrowers in distress should contact their lender. Some are offering debt relief programs to borrowers during the pandemic.

credit cards

credit card company have existing hardship offerings reaching for disaster, and many are taking advantage of these during the coronavirus outbreak. The programs offer cardholders short-term relief such as reduced interest rates, higher credit limits, waivers of fees or late reporting of late payments to credit bureaus.

If you can’t pay your monthly bill, contact the credit card company and see what they can offer. A best-case scenario would be a deferred payment with no accrued interest and no late fees.


If they don’t agree, ask them to lower your minimum payment, increase your credit limit, or lower an interest rate in the short term.

Credit Scores

The CARES Act sets Special requirements on companies that share their payment records with credit reference agencies, such as B. your credit card company or your credit service provider.

If you make an agreement with your creditor — for example, a partial payment or a non-payment — and your account is in progress, you’ll be reported as in progress even if you don’t pay in full, as long as you honor your agreement.

Those who were already in arrears at the time the contract was signed will remain so during the specified time until the account is up to date. When your delinquent account comes up to date, it will be reported as healthy.


This applies to agreements made between January 31st and will last until either 120 days after the CARES Act came into force on March 27th (June 25th) or until 120 days after the end of the national emergency, whichever occurs lies later.

car insurance

Fewer people are using their car while people are being asked to stay at home. As a result some of the biggest car insurance offer programs to give customers money back.

Refund amounts range from 15% to 25% of premiums and last from one month Farmers Insurance Group up to six months geiko.

district farm said it would return 25% of premiums for a 10-week period from March 20 to the end of May. American Family Insurance said it would return about $50 per insured car within a household.


Your car insurance company can provide you with details of the specific offers.

Telephone and Utilities

In mid-March, the Federal Communications Commission asked telecommunications providers to do so sign a promise to maintain customers’ phone or broadband service even if they are unable to pay for 60 days. More than 700 companies, including the major mobile operators such as sprint, T Mobile, AT&T and Verizonand ISPs like Cox communication and komcast, as well as many local carriers have signed up.


Businesses that signed the pledge agree “not to discontinue service to residential or small business customers because they are unable to pay their bills due to disruption caused by the coronavirus.” They waive late fees and open WLAN hotspots.

But you still have to come forward to inform them of your inability to pay.

For other utilities such as electricity, gas or water, some municipalities have called for a moratorium on shutdowns for a certain period of time. Check with your local utility company for accommodations. Nolo, a legal services website, maintains a list of actions taken by utilities across the country.


Tax day has been moved from April 15 to 15th of July. Until then, you do not have to submit your tax return.


But there was some confusion about the tax return in connection with receiving a stimulus check.

If you don’t normally file a tax return because you don’t earn enough or were otherwise not required to, the IRS revised the guidance and introduced a New online tool to help you fill in some basic information and get the stimulus money.

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