Coronavirus Latest: With Rent Due Dates Nearing, What Can You Do If Pandemic Put You In Financial Crisis?
WAYNE, Pa. (CBS) -- With April 1 just a week away, many people across the region who are suddenly out of their job are fearing the possibility of not being able to pay their rent or mortgage. Hundreds of Pennsylvanians have filed for unemployment since the start of the coronavirus pandemic.
If making rent or a mortgage payment seems impossible right now, there are options available.
The United States looks as it always has, but inside of many homes, stress and fear have been mounting.
"In times like this, compassion and understanding are required by both banks, landlords, lenders and borrowers," said Scott Reidenbach, an attorney with Reidenbach & Associates.
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Reidenbach is the founding principal at Reidenbach & Associates, specializing in real estate law.
He says for renters dealing with a coronavirus hardship, early communication is key.
"Don't wait until the day before your rent is due to email or text your landlord. Get on a phone call right now and have that conversation," Reidenbach said.
A federal ban on evictions and foreclosures doesn't currently apply to all. Individual states such as Pennsylvania are drafting their own bills to limit evictions.
But that would require landlords with mortgages to receive relief as well by way of a nearing federal stimulus bill.
"That's when the bank relief coming in is critical because if a bank can give a borrower or a landlord a three, four, five-month forbearance, that allows them to be more lenient and understanding with their renters," Reidenbach said.
Reidenbach says homeowners should check the website of their lender bank and reach out.
Most major institutions have already updated their policies, offering deferred payments for customers dealing with a financial crisis due to COVID-19.
"If you do request an official forbearance from your lender, they will ask for some evidence of your situation, whether it be a termination notice from your employer or an unemployment compensation application that you've filled out," Reidenbach said.
If you are a Pennsylvania employee or an employer seeking financial relief, click here.
If you are a New Jersey employee or an employer seeking financial relief, click here.
If you are a Delaware employee or an employer seeking financial relief, click here.
