Coronavirus Relief

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Consumer Protection Lawyers

Coronavirus Relief Services

If the coronavirus pandemic has put a strain on you financially, the good news is that there are ways to get relief. At Boss Law, we help consumers get out of debt in a variety of ways. Our experienced legal team can help you understand the variety of coronavirus relief services available in St. Petersburg.

Mortgage Forbearance Guidelines

Homeowners who have lost income or their jobs because of the coronavirus outbreak are getting some relief. Depending on their situation, they should be eligible to have their mortgage payments reduced or suspended for up to 12 months. Federal regulators, through the mortgage giants Fannie Mae and Freddie Mac, are ordering lenders to offer homeowners flexibility. The move covers about half of all home loans in the U.S. – those guaranteed by Fannie and Freddie. But regulators expect that the entire mortgage industry will quickly adopt a similar policy.

Under the plan, people who have suffered a loss of income can qualify to make reduced payments or be granted a complete pause in payments. However, homeowners can’t just stop paying their mortgage. They must contact their lender to work out a payment plan.

Auto Loan Assistance

Several major lenders have announced programs to both help current borrowers and give new borrowers peace of mind. For example, the credit arms of Ford, Nissan, General Motors, and Toyota will offer first payment deferrals of between 90 and 120 days to buyers of new vehicles.

Additional actions taken by specific dealers and lenders include:

GM will also offer certain new car buyers zero-percent financing for up to seven years for top credit tier borrowers. The company is providing complimentary OnStar crisis assist services to current owners for a limited time.

Hyundai and Genesis are re-launching Hyundai’s job-loss protection program for buyers or lessees of new vehicles. If the customers lose their job, the companies will make as many as six monthly loan or lease payments.

Ford’s credit arm has launched a website and a hotline where customers who need help can discuss options with the lender.

Nissan Motor Acceptance Corporation, the Nissan’s automaker’s financing company, is encouraging customers to call to discuss payment arrangements.

Honda and Acura have announced late fee waivers, payment extensions, and deferrals. They request you contact Honda Financial Services to discuss your situation. Buyers of new vehicles may qualify for up to a 90-day deferred first payment program.

Maserati and Porsche will extend leases up to six months and are offering deferred payment programs.

Ally Bank, a major auto lender, will offer customers payment deferrals for up to 120 days. Interest will still accrue on the balance, but the lender won’t charge late fees. Ally is a financial partner to Mitsubishi, and their customers can contact Ally directly.

Credit Card Assistance

The most recognized companies in the credit card industry have stepped up to offer relief to consumers. The specific relief available depends on the particular credit card issuer.

Here’s how some credit card companies are helping:

Creating webpages devoted to coronavirus assistance
Waiving interest and late payment fees for eligible cardholders
Deferring loan payments
Providing minimum payment assistance
Offering fee suppression
Assisting with travel bookings
Extending payment due dates
Increasing credit lines
Student Loan Assistance

Students and recent grads breathed a sigh of relief when the government announced it would suspend federally held student loans as a result of the coronavirus pandemic. To take advantage of the suspension, you’ll need to reach out to your lender. The Department of Education has contact numbers for servicers of federally held loans listed on its website. If you’re not sure who holds your loan, call the Federal Student Aid Information Center or visit StudentAid.gov/login.

Once you’ve found the right lender, ask them for an administrative forbearance. That will allow you to stop making payments without being marked delinquent. You won’t have to worry about extending the forbearance if the government extends the loan suspension program – that will be done automatically once you’ve called.

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