A survey from Lending Tree indicates that 91 percent of coronavirus-impacted homeowners, who have asked for assistance or forbearance on their monthly bill, are successful. Lending Tree Chief Credit Analyst Matt Schulz says he is surprised at the number, but if you need help, he says it’s worth the time to reach out to your lender.
“It’s really good news obviously and especially when you consider that’s it’s not always easy to get in touch with your lender,” says Schulz.
Schulz says unemployment relief and stimulus checks are helpful, but they trickle in, receiving immediate assistance from creditors is more effective.
“It’s hard to underestimate the importance of being able to skip a mortgage payment or credit card payment and that’s what we’re able to see a lot of people getting recently,” says Schulz.
While a majority of those who ask for help are granted assistance, Schulz says many are unaware, almost one in five, that the option is even available with their mortgage.
“That’s troubling because that means there are an awful lot of people who are laying out money in a really difficult time when they really don’t need to,” says Schulz.
Schulz says if you need assistance you have to make the effort to reach out to your mortgage company.
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