Every person has been affected in some way or another by COVID-19. Some have lost their jobs, some are just going insane in the membrane, but all of us are doing our best to get through this.
There is so much information going around about resources available to people being financially affected. I wanted to do a roundup of what’s available today so you can take advantage if you need.
Please bookmark this page as I will keep it updated as I learn of more resources.
Nationwide Resources
No Foreclosures
The U.S. Department of Housing and Urban Development has placed a moratorium on foreclosures if your loan is backed by Fannie Mae or Freddie Mac (most loans are so please call your mortgage company to ask). Read about this here.
Pause Mortgage Payments
The Federal Housing Finance Agency (FHFA) announced earlier this month that Fannie Mae and Freddie Mac will provide payment forbearance for single-family residences provided borrowers could demonstrate financial hardship due to COVID-19. The forbearance can last as long as a year.
FHFA also said that Fannie Mae and Freddie Mac will grant mortgage forbearance to owners of multifamily properties in exchange for suspending evictions.
The forbearance is simply a pause on having to make your mortgage payments. Interest will still accrue during that time and will be added to your balance.
How to Take Advantage: call your mortgage servicer (the company on your mortgage statement), ask them if your loan is backed by Fannie Mae or Freddie Mac (chances are high it is), and ask them about pausing your mortgage payments.
Student Loan Debt
On March 13, Trump said all interest on federal student loans would be waived for the duration of the coronavirus emergency. Additionally, you can put your monthly payments on pause for at least 60 days during the crisis. (Hint: you could actually already do this!) Read more about this here and here.
How to Take Advantage: to pause your payments, contact your student loan company and ask them. For interest relief, watch your student loan statements. Any interest charged during the emergency should be eliminated retroactively, according to the Department of Education.
Tax Filing
The IRS has pushed tax day from April 15 to July 15. You no longer need to file or pay until July 15.
How to Take Advantage: simply relax for three more months!
Free Internet
Xfinity has opened their WiFi Public Hotspots to everybody. Learn more here.
How to Take Advantage: simply connect to the nearest “xfinitywifi” network near you and follow the prompts.
Oregon Resources
No Evictions
Governor Kate Brown’s Executive Order placed a moratorium on evictions due to nonpayment of rent for 90 days.
Catch Up on Mortgage Payments
The Oregon Homeownership Stabilization Initiative has resources to help homeowners catch up on their mortgage payments.
How to Take Advantage: get all of the information and apply here.
Portland Emergency Relief Resources
Congressman Earl Blumenauer and his team have put together a very comprehensive list of emergency resources for people affected by COVID-19.
The list includes resources for food, shelters, utilities/rent, businesses, college students, seniors, and more.
You can access the complete spreadsheet here.
Prosper Portland Business Resources
Prosper Portland has a great list of resources available to businesses who need help right now. Check out their list of resources here.
Business Resources
If you are a business owner, there are a ton of resources listed on the Business Oregon agency website located here.
I know these are unprecedented times and I want you to know that I am here for you, not just for real estate but for anything. If you need something—groceries, medicine, whatever—please, please, please reach out to me. No judgement, no questions.