How to protect yourself financially from the impact of the COVID-19?
Category : Uncategorized
Federal, state, and local governments are working to respond to the growing public health threat of coronavirus, or COVID-19. As communities across the country are dealing with an increase in the number of reported cases, many areas may be impacted by the temporary closure of businesses, schools and other public facilities or events, and in some cases, quarantines. While these actions are necessary steps to help reduce exposures, it may bring financial uncertainty for many people who could experience a loss of income due to illness or workplace closures.
Steps to take if you have trouble paying your bills or meeting other financial obligations
Contact your lenders and loan servicers: If you’re not able to pay your bills on time, contact your lenders and servicers to let them know about your situation. Being behind on your payments can have a lasting impact on your credit.
Work with housing and credit counselors to understand your options: These trained professionals provide advice for little or no cost, and they will work with you to discuss your situation, evaluate options, and even help you negotiate with your lenders and servicers.
Check your credit reports: If you’re working with lenders on payment assistance programs or forbearance, routinely check your credit reports to make sure the statements are accurate
Be aware of potential scam attempts: Scammers look for opportunities to take advantage of the vulnerable, especially during times of emergencies or natural disasters. Be cautious of emails, texts, or social media posts that may be selling fake products or information about emerging coronavirus cases.
Need more help?
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Magna Lending Service offers :
Private Money/ Hard Money Loans
Commercial Real Estate Loans
Residential Home loans-Purchase and Refinance
Bridge Financing