It's important to know the different mortgage relief options so you can make the best choice. Take a look at some of the options here:
While most people want to help each other weather difficult times, there may be individuals who selfishly see disasters as an opportunity to profit. It’s important to be diligent and on the lookout for those trying to take advantage of these circumstances.
During this time, individuals may become aggressive in trying to gain sensitive personal information or collect donations for fraudulent charities. Be wary of any social media requests, texts, or phone calls related to COVID-19.
Here’s what you need to know about the most common types of scams and what you can do to protect yourself.
Robocalls: Hang up! Don’t press any numbers.
Online offers for vaccinations and home test kits: Ignore these offers. There are no FDA-authorized home test kits for the Coronavirus. You can visit the FDA website to learn more.
Text Messages/Emails: Don’t respond to text messages and emails about checks from the government. Anyone who tells you they can get you money now is a scammer.
Links from Unknown Sources: Don’t click on links from sources you do not know. This could download viruses onto your computer or device. Before clicking a link or sharing personal information online, stop, pause, and research the company or person. Make sure the anti-malware and anti-virus software on your computer is operating and up to date.
Donations: It’s important to do your homework. Don’t let anyone rush you into making a donation. If someone wants a donation in cash, by gift card, or by wiring money, don’t do it. The best way to donate money to help those affected by a crisis is to go directly to the charity’s website. For online resources on donating wisely, you can also visit the Federal Trade Commission (FTC) website.
Online Sellers: Know who you’re buying from when purchasing online. Online sellers may claim to have in-demand products, like cleaning, household, and health and medical supposes, when in fact they do not. Check online reviews of any company offering COVID-19 products or supplies. Avoid companies whose customers have complained about not receiving items.
Emails: If you receive an email claiming to be from the Centers for Disease Control and Preventions (CDC) or experts saying they have information about the coronavirus be wary. For up-to-date information about the virus, you can visit the CDC’s website here. Double check the actual email address. A government agency’s email address will end in .gov not .com. Even if you do believe an email is legitimate, always navigate to the organization yourself rather than clicking a link within the email.
Where can I find legitimate information about the Coronavirus?
It’s smart to go directly to reliable sources for information about the coronavirus. That includes government offices and health care agencies.
Federal Trade Commission (FTC) Consumer information
Centers for Disease Control and Prevention. The CDC website includes the most current information about the Coronavirus.
World Health Organization. WHO provides a range of information, including how to protect yourself, travel advice, and answers to common questions.
National Institutes of Health. NIH provides updated information and guidance about the coronavirus. It includes information from other government organizations.
For more information about scam calls and texts, visit the FCC Consumer Help Center and the FCC Scam Glossary. You can also file a complaint about such scams at fcc.gov/complaints.
For up-to-date information on the developing situation visit Greenway's Incident Resource Center.
You may have heard that the IRS will be extending the deadline to file your 2019 tax returns. The IRS says individuals and businesses can delay filing and paying federal tax bills for 90 days, to July 15th from April 15th, as part of an emergency relief plan amid the COVID-19 pandemic.
This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify. Learn what this decision means and whether it’s worth waiting.
What Does This Mean For You?
Americans who choose to push back their payments with not be penalized, nor will they be charged interest on late payments.
If you’re likely to receive a refund and are able to submit your return on time, don’t wait to file. The funds that you receive could be useful in the coming weeks and months, especially if COVID-19 has impacted your financial well-being.
>>Tip: To make the process fast and safe as possible, the IRS advises taxpayers to utilize e-filings and select direct deposit as their preferred method for receiving refunds.
Why You Shouldn’t Wait to File Your Taxes
Unless you owe a lot of money, it’s inadvisable to wait as you will have to pay them eventually.
Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15, 2020.
What If You Can’t File by July 15, 2020?
For those who can't file by the July 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request an extension to file their return (October 15, 2020).
This October extension is not new. It’s available to tax filers every year, but it doesn’t extend the deadline for tax payments.
Bottom Line:
Just because you can wait until July 15th, 2020 to file your taxes doesn’t mean you should. If you’re able to file your taxes and are expecting to receive a tax refund, you should take the time to submit your returns sooner rather than later. The refund money you receive could be beneficial to you financially.
Stay Up-To-Date on what's happening by visiting Greenway's Incident Resource Center.
The first priority of Greenway is the health and safety of our team members, clients and communities. If you are facing financial struggles related to COVID-19 that are impacting your ability to make your mortgage payments, please see the information below regarding new mortgage relief options:
Anyone facing a financial hardship from coronavirus shall be given a forbearance on a federally backed mortgage loan of up to 60 days, which can be extended for four periods of 30 days each.
The legislation says that services of federally back mortgage loans may not being in the foreclosure process for 60 days from March 18, 2020.
The bill also does not allow fees, penalties or additional interest to be charged as a result of delayed payments. It includes similar protections for those with multifamily federal mortgage loans, allowing them to receive a 30-day forbearance and up to two 30-day extensions.
Credit Reporting: Servicers must not report to the credit agencies a Borrower who is on an active forbearance, repayment, or trial period plan due to COVID-19 related hardship.
Forbearance Plans (a temporary pause of your mortgage payments): Servicers may approve forbearance plans for all Borrowers who have COVID-19 related hardship, regardless of property type.
Loan Modifications: Servicers must conduct Modifications on Borrowers impacted by COVID-19 related hardship as long as the Borrower was current as of the date of the national emergency declaration on March 13th, 2020.
Foreclosure: Servicers must suspend all foreclosure sales for the next 60 days. Note this does not apply to properties that are vacant or abandoned.
Download in Printable Format Here
Forbearance does not mean your responsibility to pay is waived. It is not a deferment. This is one of the most misunderstood parts of the process. At the end of the three months (or whatever number of payments is granted by the servicer), you must pay that month's payment, plus what is owed. This is usually due in one lump sum, or possibly extra payments over time.
If you’re concerned about making your mortgage payments due to job loss or reduction in hours, please reach out directly to your servicer ( the lender you make a payment to every month) to get more details on the forbearance policy and to find out how you can negotiate payment terms that will meet your individual needs.
Once the time frame is up, your servicer will work to reevaluate your situation to determine the best course of action. If you’re ready to resume payment, they will move toward payment options.
Keep checking back! This is a fluid situation, so we will post updates for you as we get them on Greenway’s Incident Resource Center.