A Guide to Surviving Financially as The Bills Come Due

The coronavirus has dealt a financial blow to millions of Americans and now April’s bills are coming due.

The good news is there is help available. Reach out immediately to your mortgage lender, student loan servicer or utility provider to see what’s available. Other assistance, such as stimulus checks or unemployment benefits, will take more time. The bottom line is that you need to take action to seek certain forms of relief.

Here is help navigating the biggest issues:

HOUSING

Numerous mortgage lenders have said they are willing to work with distressed borrowers, including potentially suspending or reducing payments. Contact them immediately to find out about your options.

If you hold a mortgage backed by Fannie Mae or Freddie Mac — about half of all mortgage holders do — there is help. The mortgage buyers have suspended all foreclosures and evictions for homes owned by their companies. They’ve also expanded their forbearance program, which could suspend payments for up to a year. Ask the company you make your payments to if you hold a Fannie or Freddie loan.

The federal government has also halted foreclosures and evictions for mortgages insured by the Federal Housing Administration.

Renters’ fate depends on where they live and who they rent from. Reach out to your landlord or property management company to ask for leniency. Several cities, such as Seattle, San Francisco and Boston, have halted evictions due to the coronavirus.

UTILITIES