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Mindful Moment with Mike: Mortgage Forbearance

Posted at 8:05 AM, Apr 16, 2020

TULSA — A lot of people are talking about those stimulus checks these days, but the Federal Government is doing other things to help you and your family financially.

2 Works for You's Mike Brooks says you need to be careful which ones you take advantage of.

The stimulus package has given us money but also enhanced unemployment insurance, and as our financial expert says, it's allowing for mortgage forbearance.

But you really need to be careful with that one.

Liz Stidham with TTCU Federal Credit Union says, "Now,the one thing to remember on that is it sounds like a good thing, not making your mortgage payment for a year, but it doesn't now suspend the interest on that mortgage for the year. Your interest will still accumulate, and then you basically have to catch it up at the end of the year. So you're going to have to double up on payments and for most people that's hard to do. There's some of those avenues that you need to take advantage if you can or if you absolutely have to. But then, some of them, just because they're offered, they may not be the best solution for you."

What about an avenue that includes taking on additional debt? Should you go out and use the credit card, should you go get some kind of a signature loan or something like that right now?

"Well again, kind of unusual for a lender to tell you to use your credit cards, but if that's what you need to do... then use the credit cards," Liz says. "If you need to get a loan, a lot of lenders and I know TTCU is, and I know a lot of others also. They are offering loans with lesser qualifying requirements, because they know that you might need something to get you by until your unemployment starts coming in."

Liz also says take care of you and your family now, pay those required bills, and worry about the financing later.

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