If you are a homeowner in Michigan, you may be worried about how you will make your mortgage payments during the COVID-19 pandemic. Fortunately, Michigan’s 200 mortgage lenders have stepped up to provide aid to those who have been affected by the virus.
What Kind of Aid is Available?
The aid that is available varies from lender to lender, but some of the options that may be available to you include:
- Forbearance: This allows you to temporarily pause your mortgage payments.
- Repayment Plans: This allows you to spread out your missed payments over a period of time.
- Loan Modifications: This allows you to change the terms of your loan to make it more affordable.
Who is Eligible for Aid?
Each lender will have its own eligibility requirements for aid, but some of the factors that may be considered include:
- Whether you have lost your job due to COVID-19
- Whether you have been diagnosed with the virus and are unable to work
- Whether you are a caregiver for someone who has been diagnosed with the virus
How Can You Apply for Aid?
If you are struggling to make your mortgage payments due to COVID-19, the first step you should take is to contact your lender. They will be able to provide you with information about the types of aid that are available and help you determine which option is best for you.
When you contact your lender, be prepared to provide documentation that proves your financial hardship. This may include pay stubs, bank statements, and proof of unemployment or disability benefits.
What Should You Do if You Can’t Get Aid?
If you are unable to get aid from your lender, there are still other options available to you. Some of these options include:
- Refinancing your mortgage with a new lender
- Selling your home and downsizing or renting
- Filing for bankruptcy
While these options may not be ideal, they can provide you with the relief you need if you are struggling to make your mortgage payments during the COVID-19 pandemic.
Conclusion
If you are a homeowner in Michigan who has been affected by COVID-19, it is important to know that help is available. Contact your lender to learn more about the aid that is available to you and how you can apply. If you are unable to get aid from your lender, explore other options that may be available to you. Remember, there is no shame in asking for help when you need it.