The proposed Republican budget reconciliation plan raises concerns for federal workers by allowing the President to lay off employees without Congressional approval, intensifying existing job security fears. This uncertainty is particularly troubling for those facing financial obligations like mortgages. However, there are several mortgage relief options available to help laid-off workers maintain their financial stability, including mortgage forbearance agreements, loan modification programs, and government assistance programs designed to support individuals during job loss.
As soon as you find out you've been laid off, it's a good idea to explore mortgage relief options, including forbearance agreements and modification programs.
Doing this generally extends the time required to pay off the mortgage, but it's an excellent way to improve cash flow during a challenging period.
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