Mindful Moment with Mike: Mortgage Forbearance

Mindful Moment with Mike: Mortgage Forbearance

THESE DAYS... BUT THEFEDERAL GOVERNMENT IS DOINGOTHER THINGS TO HELP YOU ANDYOUR FAMILY FINANCIALLY.TODAY'S MINDFUL MOMENT WITHMIKE... TWO WORKS FOR YOU'SMIKE BROOKS SAYS ...YOU NEEDTO BE CAREFUL WHICH ONES YOUTAKE ADVANTAGE OF.THE STIMULUS PACKAGE HASGIVEN US MONEY... BUT ALSOENHANCED UNEMPLOYMENTINSURANCE... AND AS OURFINANCIAL EXPERT SAYS...IT'S ALLOWING FOR MORTGAGEFORBEARANCE.

BUT YOU REALLYNEED TO BE CAREFUL WITH THATONE.Now the one thing toremember on that is itsounds like a good thing,not making your mortgagepayment for a year, but itdoesn't now suspend theinterest on that mortgagefor the year.

Your interestwill still accumulate andthen you basically have tocatch it up at the end ofthe year.

So you're going tohave to double up onpayments and for most peoplethat's hard to do.

There'ssome of those avenues thatyou need to take advantageif you can or if youabsolutely have to.

But thensome of them, just becausethey're offered, they maynot be the best solution foryou."What about an avenue thatincludes taking onadditional debt?

Should yougo out and use the creditcard, should you go get somekind of a signature loan orsomething like that rightnow?

Well again, kind ofunusual for a lender to tellyou to use your creditcards, but if that's whatyou need to do.

So if youneed to use the cards, thenuse the credit cards.

Ifyou need to get a loan, alot of lenders and I knowTTCU is, and I know a lot ofothers also ... they areoffering loans with lesserqualifying requirements,because they know that youmight need something to getyou by until yourunemployment starts comingin.

LIZ ALSO SAYS CARE OFYOU AND YOUR FAMILY NOW...PAY THOSE REQUIRED BILLS...AND WORRY ABT THELATB..

ORK YO TODREEANDBEASUPPLY IS