Coronavirus Relief Services
Consumer Protection Lawyers Serving the St. Petersburg Area
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
Call our consumer protection lawyers today at
(727) 877-3188 for a free consultation.
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
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.
For more information about coronavirus relief services in St. Petersburg
and the Tampa Metro Area, call our attorneys at
(727) 877-3188 now. Boss Law is here to help protect your future.