Experts Offer Advice For Those Unable To Pay Mortgage Amid COVID-19 Pandemic

Friday, November 27th 2020, 10:41 pm

COVID-19 and the crash of oil and gas have done a number to many Oklahomans' finances. It’s made something as simple as paying the mortgage for some really tough. 

“I do get asked a lot of questions by people,” said Ellie Wade, senior mortgage loan officer at First United Bank. “Most of it is, what can I do if I can’t make my payments? Can somebody help me out?” 

The short answer is yes. Calling the institution your mortgage is out of should be the first priority. 

“Nobody should ever be ashamed of it, that is why it is out there, to help protect you, to make sure you keep your home,” said Wade. “We don’t want you losing it.” 

You have until the end of December to reach out on forbearance payments. No word if that’ll be extended.  

“They normally get anywhere from three months to 180 to 190 days upfront and then if it continues, they can extend for another 180 days,” said Wade. “Right now, they can have a total of 360 days in forbearance.” 

Only take advantage if you truly cannot pay your mortgage. Payday loans, experts said, should be a no-go. 

“Stay away from payday loans, those do not help your (credit) score,” said Wade. “Somebody out there is telling people to go get payday loans and that is a huge mistake.” 

Never do anything you feel uncomfortable doing. There are people and places that are ready to help.  

“There are so many options that are going to help you get out of the situation eventually so just make sure you talk to your investor or your servicer and make sure they explain all your options to you,” said Wade. 


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