No state is completely immune to natural disasters. From forest fires to hurricanes, Mother Nature’s curve balls certainly have the potential to change anyone’s life in the blink of an eye. Luckily, many mortgage services have been put in place to help you through the aftermath of one of these events. Check out our list of tips and tricks to make getting through any natural disaster as quick and smooth of a process as possible.
- Contact your mortgage lender and explain your situation. Any damage to your home does NOT pause the responsibility to pay your mortgage. All late payments during this time will absolutely affect your credit score and result in a late fee.
- Request a copy of your insurance policy. This will allow you to verify your coverage, as well as prepare to file a claim. In addition to noting what your deductible is, it’s important that you document everything in the way that the insurance company has outlined prior to filing the claim. You should also update your local lender about the claim because your property acts as collateral for your loan.
- Continue to pay your bills. Similar to your monthly mortgage payment, a natural disaster will NOT give you a pass to avoid paying your bills. If you do not think you will be able to pay your bills that month, contact the services to which you owe money and explain your situation. Make sure you make these calls before your next payments are due.
- Contact your utility company. If your home was severely damaged, contact your utility company and ask to suspend your service. This is a great way to help save and budget your money during this time.
- Check to see if you are in a presidentially declared disaster area. If so, you may qualify for disaster assistance. You can confirm this information by checking with the Federal Emergency Management Agency (FEMA).
Overall, communication is key during the aftermath of a natural disaster. For more information about what happens to your mortgage if disaster strikes, contact one of our mortgage specialists today.
