How To Fight an Eviction During the Coronavirus Pandemic

EvictionPeter Dazeley / Getty Images

Eviction may soon become a reality for millions of American renters.

In March, the Coronavirus Aid, Relief, and Economic Security (CARES) Act prohibited landlords from evicting tenants for nonpayment of rent in homes with federally backed mortgages. But this program ended on July 24.

As a result, an estimated 20% of the 110 million Americans who rent their homes are at risk for eviction by Sept. 30, according to a report by the COVID-19 Eviction Defense Project, a group of economic researchers and legal experts working to better understand the housing, homeless, and community recovery during the pandemic.

“We anticipate a flood of evictions because many tenants won’t be able to pay the back rent, and it will be due,” says Deborah Thrope, deputy director at the National Housing Law Project, a housing and legal advocacy nonprofit.

“The eviction moratorium is simply a pause. It’s not rent cancelation,” Thrope says.

But even if you’re struggling to pay rent, this doesn’t mean an eviction is your only choice. Here’s an overview of some of the steps you can take to fight an eviction.

Talk to your landlord ASAP

“The best advice I can give tenants when their financial situation starts to deteriorate is to communicate with your landlord,” says Marina Vaamonde, a real estate investor in Houston and founder of HouseCashin. “Their willingness to have a discussion is the only way tenants can come to a resolution without going to court.”

According to a recent survey of landlords by the American Apartment Owners Association, 67% said they would be willing to offer tenants a rent deferment if they needed it.

So if you know you can’t make your next rent payment, reach out to your landlord as soon as possible. Waiting until after you get an eviction notice may be too late, and your landlord may be less likely to work with you. Your landlord could also already be in the process of filing the eviction with the court, and have paid fees to do so, which may make him more likely to follow through.

“There are a number of things you can negotiate with your landlord,” Thrope says. Some options to consider include a rent repayment agreement, shortening the terms of your lease, or possibly getting out of your lease altogether.

Learn how COVID-19 moratoriums apply to you

Eviction laws vary drastically across the country at the state and even city level, and the COVID-19 pandemic has made it all even more complicated. Along with the CARES Act eviction moratorium, states and municipalities issued their own mandates to pause evictions. So make sure to read up on the eviction laws in your area specifically to better understand what your landlord is legally allowed and not allowed to do.

“Once you understand your legal rights, you’ll know your options,” Thrope says. “We have this patchwork of policy all across the country right now, so it’s important to know the local law and tenant protections.”

One resource for finding out the statutes of local eviction laws is the Eviction Lab at Princeton University, which created a nationwide database. The group has also developed a state-by-state COVID-19 Housing Policy Scorecard, tracking states’ responses to evictions and during the pandemic.

NHLP also has local and national online resources for renters and homeowners during the pandemic.

Make sure your landlord gives you adequate notice

Landlords usually have the legal right to evict tenants for not paying rent, violating a lease, causing damage to the property, or engaging in illegal activity at the home.

Most states require landlords to give an adequate notice of eviction with a deadline to pay rent or move out and the amount owed. If you don’t meet the deadline, the landlord can file a lawsuit to evict you.

But if landlords don’t provide adequate notice of eviction, Vaamonde says a judge will often throw out the case.

In Texas, for example, landlords must provide an official three-day notice to vacate the property with the reason for the eviction, and can file an eviction hearing with the court if the tenant doesn’t respond or move out.

Landlords are also prohibited from taking extreme actions during the eviction process, like changing the locks or cutting off utilities.

Attend your eviction hearing

After being closed because of the pandemic, eviction courts are beginning to reopen across the country, and are moving cases through quickly to clear up the backlog of evictions.

If your landlord files for an eviction in court, you will receive a notice to appear for the hearing. It’s important to show up, especially if you hope to fight the case. You have the right to examine and present evidence and bring witnesses, Thrope says.

“Showing up to the eviction hearing at the courthouse is the only way to receive some form of leniency,” Vaamonde says. “If the landlord wants you out of his property, the judge is the only one with the authority to defer your eviction.”

Since the pandemic has made showing up to court more difficult and dangerous, many proceedings are being held virtually, with tenants expected to appear by phone or videoconference. This may be easier for some tenants, but Thrope says in other cases, it can interfere with due process for some tenants who may not have access to the technology. It also makes it more difficult to look over evidence or converse with attorneys. Make sure you know when, where, and how you’re supposed to show up in court to make sure you do what you can to present your case.

“We hope that courts understand that this is a public health crisis, and that people sheltering in their homes is one of the remedies,” Thrope says. “To put people on the street right now is only going to exacerbate this crisis, so we hope courts will do the right thing.”

Consult an attorney

Fighting an eviction alone is overwhelming for many tenants since the process is so complex. Thrope urges tenants facing eviction to hire an attorney or contact local legal aid organizations.

“Reach out for legal assistance,” she says. “That’s really important because you need to understand what protections you can avail yourself locally.”

A lawyer can help explain whether you’re protected by the CARES Act or other local mandate, as well as how regular eviction laws apply in your situation and what exactly you need to do to fight an eviction.

A lawyer will also help you gather documentation to use as evidence, such as proof of past rent payments or that you lost your job, and any communication that you had with your landlord.

“Most tenants are not represented,” she says. “Some tenants may be savvy enough to [represent themselves], but it’s a legal process. We have the right to counsel, and it’s really critical here.”

The post How To Fight an Eviction During the Coronavirus Pandemic appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

Zillow study illustrates home value disparity between races

Typical values for Black and Latinx-owned homes still lag behind overall U.S. home values, but the gap is narrowing.

A new Zillow analysis shows homes owned by Black and Latinx households are worth 16.2% and 10.2% less, respectively, than the typical U.S. home. Homes owned by non-Hispanic white and Asian families, meanwhile, have typical values 2.9% and 3.7% higher than the typical U.S. home.

While inequity in home values continues to persist, the data show them steadily, albeit slowly, converging. Since homeownership is the single largest driver of wealth for many households, the value and appreciation of a home is extremely impactful for families.

Before the Great Recession, the gap between Black-owned home values and all home values was about 15%, but grew to 20% by March 2014. Similarly, Latinx-owned homes saw the largest home value gap in May 2012 at 14% — 2 percentage points larger than before the housing bubble. Now, nearly a decade later, home values for Black- and Latinx-owned homes are back at pre-bubble levels, and continue to narrow despite the current economic crisis.

One reason for the wide gap is that the housing bust hit communities of color especially hard. Subprime loans were targeted to take advantage of the most vulnerable communities, and the ensuing wave of foreclosures hurt homeownership and home values disproportionately for Black and Latinx homeowners. Fast forward 12 years, and homeownership rates and home values are still recovering for these communities. While home value growth turned positive for U.S. homes in August 2012, it took an additional two years for Black and Latinx homes to see this same growth.

“It has taken nearly a decade for the home value gap to return to pre-recession levels, but still, the gap remains very large,” says Zillow economist Treh Manhertz. “With Black and brown communities and jobs hit disproportionately hard in the pandemic, there has been reason to worry another dip may be on the horizon that could slow or stop the progress. However, this is not the case, as the same factors that widened the gap in the Great Recession are not surfacing this time. Thanks to rock bottom rates on the most secure mortgages, extended forbearance programs, and rising home prices, there are no signs of another widening of the gap coming this year. However, through these turbulent times, continued vigilance and targeted intervention by policymakers is crucial to keep the progress going for communities of color.”

Home value inequality varies greatly in different states and metropolitan areas. Large metros with the smallest spread between Black-owned home values are Riverside (1% value gap), San Antonio (3%), Las Vegas (3%), and Portland (4%). Among the most unequal are Detroit (46% value gap), Buffalo (43%) Birmingham (43%), St. Louis (41%), and Milwaukee (40%).

Black homeownership rates are also on the rise since the Great Recession, despite challenges for Black homebuyers to secure a mortgage. Telework has the ability to expand the opportunity for homeownership even further for Black and Latinx renters, providing the flexibility to own a home in a less-expensive area.

The post Zillow study illustrates home value disparity between races appeared first on RealtyBizNews: Real Estate News.

Source: realtybiznews.com

Meet The Real Estate Tech Entrepreneur: Annelies Powell from DreamSpace

We kick off our 2021 real estate tech entrepreneur interview series with Annelies Powell from Dreamspace, a New Zealand based startup.

Let’s get to it!

Who are you and what do you do?

I’m Annelies Powell, CEO and co-founder of DreamSpace, an accelerator of vertical housing through rapid, repeatable, permits.

Our startup is working on the crux of the supply and demand housing crisis. We focus on permits as these are the key to rapid scalability of what gets built and where, and ultimately the experience of the occupants.

What problem does your product/service solve?

The housing industry keeps giving us ‘solutions’, but the reality is we all need to recalibrate our expectations on a home. Downgrade, downsize or move out of the city you love. The future of housing won’t be better than the past.

Or, at least that is what we’ve all been told.

DreamSpace thinks differently.

Our B2B2C solution will not only fundamentally change the way we scale vertical housing in cities, but will also vastly improve the outcomes. Our repeatable design and permits give way to unparalleled efficiencies so that we can give all occupants an affordable, 2000ft², spacious, private, home in the sky. It’s the future you didn’t imagine possible.

What are you most excited about right now?

Right now I’m most excited about the sales leads coming in. New Zealand (our test market) has a property market which is booming right now. People want a more convenient life, which DreamSpace is all about. I talk directly to each lead which has been invaluable to hear what users want their dream homes to be all about, their pain points, and what has them looking in the first place.

What’s next for you?

Right now we’re focusing on an early-stage capital raise. This is for our first permit and partnership with a construction company to get things built. It’s a steep learning curve and of course insanely satisfying to work on something we’re so passionate about.

What’s a cause you’re passionate about and why?

Without a doubt the prosperity of humanity working in harmony with this planet. To me, there’s no priority. I try to read books that open up my world view of people who’ve implemented large scale change for both humanity and the environment. Education, technology and the climate are some obvious themes. Naturally, these themes slip into my work, which feels like a good way to have a practical channel in taking action on bigger causes for concern in the world too.

Meet The RE Tech EntrepreneurThanks to Annelies for sharing her story. If you’d like to connect, find her on LinkedIn here.

We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop us a line (Community @ geekestatelabs dot com).

The post Meet The Real Estate Tech Entrepreneur: Annelies Powell from DreamSpace appeared first on GeekEstate Blog.

Source: geekestateblog.com

How COVID-19 is Affecting Mortgages

Coronavirus cases are increasing at a phenomenal rate and sending the economy into free-fall. Every industry will be affected in some way, but the housing market could be one of the hardest hit. Borrowers are struggling to pay their mortgages, lenders are seeing far fewer applications, and we could be just around the corner from a housing crisis akin to the decline of 2008.

So, what’s happening here, how is COVID-19 affecting mortgages and are we likely to see any major issues on the horizon?

How Will COVID-19 Impact Mortgages?

In early March, mortgage rates dropped to an all-time low, hinting at things to come. The rate for a 30-year fixed-term mortgage fell to 3.29%, compared to March of 2019 when rates were 4.14%. That may not seem like much of a difference, but the difference between 3.29% and 4.14% on a $200,000 30-year mortgage is around $35,000.

And this is just the tip of the iceberg; the start of the problem.

Experts predict that rates will continue to fall as we progress through 2020 and COVID-19 continues to wreak havoc on the US economy.

As noted in our recent guide to Coronavirus Mortgage Relief, lenders are already providing lenders with debt relief options to help them manage their mortgage in this difficult time. Foreclosure is expensive and it’s an expense that banks and credit unions can’t afford right now. They want homeowners to pay their bills and keep their homes and they will do everything they can to make that happen.

The federal government is also lending a helping hand by way of the CARES act, and we could see more significant moves on behalf of lenders and the government before the year draws to a close.

In other words, although big moves have been made and huge changes have taken place, all of this could pale in comparison to what happens when the pandemic is eradicated and the rebuilding process begins.

Can You Benefit from this?

If you’re a homeowner tied to a high-interest rate, you could benefit from the current reduced interest rates by refinancing your mortgage. You could do that now and capitalize on the all-time low rates mentioned above or wait to see what happens in the next few months.

In any case, you can get a much lower rate than what you already have and potentially save thousands of dollars over the life of your loan.

It’s not about profiting from a bad situation, it’s about making life easier for yourself so you can navigate through this chaos. If your monthly mortgage payment is reduced, you’ll have more money in your pocket every month, which means you can put more cash towards unsecured debts and your monthly grocery bill.

It also reduces your chances of defaulting and being foreclosed upon in the future.

COVID-19 and the Housing Market

In the spring of 2019, the housing market was booming. It was a good time to invest in bricks and mortar and it seemed like there were some bright years ahead for homeowners and investors. 

In 2020, the shadow of the coronavirus pandemic fell on the country and now, a year on from that boom, the housing market has ground to a screeching halt. No one is selling because no one is buying. The market hasn’t necessarily crashed, but it has paused, and that could cause some huge problems in the near future.

What happens to all the homeowners who were selling their homes before this crisis and wanted to sell during? As soon as the pandemic fades away, they’ll all list their homes at the same time, and they’ll no doubt be joined by countless other homeowners who are selling because of the pandemic.

Once the market reopens, it will be flooded with homes for sale. At the same time, homeowners once ready to buy will now be struggling to deal with the consequences of the pandemic, while others will be hesitant of buying and will want to bide their time. Sellers will get desperate, prices will drop, and it will be a buyer’s market.

It’s hard to predict just how far house prices will fall or even if they will fall at all, but if the last few months are anything to go by, it’s fair to assume that the damage will be considerable.

Could it be a Seller’s Market?

While it seems most likely that post-pandemic USA will be a buyer’s market, it could also go the other way. Millions of Americans could be looking to purchase homes in 2020. If all of them are waiting for the end of the pandemic in the hope that the prices will be lower and the interest rates more favorable, they could overload the market.

Buyers may also be desperate to sink their money into bricks and mortar, believing it to be a safe investment and protection against any future economic issues. After all, when you rent, you’re always at the mercy of the landlord and have few guarantees that your home will still be your home months down the line.

That’s a scary thought in the middle of a pandemic, where it may be difficult, and in some cases impossible, to move into another property on short notice.

To remedy this, renters may be desperate to buy and may jump into the housing market as soon as the chaos dies down. A sudden rush of buyers will send the market in the opposite direction, allowing sellers to jack up their prices. 

COVID-19, Mortgages, and the Future of the Housing Market

Most of which we discussed above is speculation. We can predict the likelihood of it being a buyer’s market and of interest rates falling based on everything that has happened thus far, but we can’t say that it will happen for certain.

COVID-19 has made life very unpredictable. In December 2019, when word of the first Chinese cases began to filter to our shores, few could have guessed that just 3 months later, the world would be in lockdown, everyone would be going crazy for toilet paper, and people would be dying in their droves. 

At the beginning of the outbreak, when Europe was on its knees, President Trump was dismissive of the risks and suggested that everything would be okay, the US would be safe, and the virus would be fleeting. A few weeks later, the United States became the worst affected country and fatalities entered double figures.

It’s a novel pandemic that few predicted, and no one was prepared for, and as things stand it’s less about fighting the disease and more about avoiding it. 

As a result, we can’t be certain that the housing market will decline or that mortgage rates will drop. We just have to wait and see and hope that we all get through this with our lives, properties, and professions intact.

How COVID-19 is Affecting Mortgages is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

Should You Transfer Balances to No-Interest Credit Cards Multiple Times?

Karen, our editor at Quick and Dirty Tips, has a friend named Heather who listens to the Money Girl podcast and has a money question. She thought it would be a great podcast topic and sent it to me. 

Heather says:

I had a financial crisis and ended up with a $2,500 balance on my new credit card, which had a no-interest promotion for 18 months when I got it. That promotional rate is going to expire in a couple of months. I have good credit, and I keep getting offers from other card companies for zero-interest balance transfer promotions. Would it be a good idea to apply for another card and transfer my balance so I don't have to pay any interest? Are there any downsides that I should watch out for?

Thanks, Karen and Heather! That's a terrific question. I'm sure many podcast listeners and readers also wonder if it's a good idea to transfer a balance multiple times. 

This article will explain balance transfer credit cards, how they make paying off high-interest debt easier, and tips to handle them the right way. You'll learn some pros and cons of doing multiple balance transfers and mistakes to avoid.

What is a balance transfer credit card or offer?

A balance transfer credit card is also known as a no-interest or zero-interest credit card. It's a card feature that includes an offer for you to transfer balances from other accounts and save money for a limited period.

You typically pay an annual percentage rate (APR) of 0% during a promotional period ranging from 6 to 18 months. In general, you'll need good credit to qualify for the best transfer deals.

Every transfer offer is different because it depends on the issuer and your financial situation; however, the longer the promotional period, the better. You don't accrue one penny of interest until the promotion expires.

However, you typically must pay a one-time transfer fee in the range of 2% to 5%. For example, if you transfer $1,000 to a card with a 2% transfer fee, you'll be charged $20, which increases your debt to $1,020. So, choose a transfer card with the lowest transfer fee and no annual fee, when possible.

When you get approved for a new balance transfer card, you get a credit limit, just like you do with other credit cards. You can only transfer amounts up to that limit. 

Missing a payment means your sweet 0% APR could end and that you could get charged a default APR as high as 29.99%!

You can use a transfer card for just about any type of debt, such as credit cards, auto loans, and personal loans. The issuer may give you the option to have funds deposited into your bank account so that you can send it to the creditor of your choice. Or you might be asked to complete an online form indicating who to pay, the account number, and the amount so that the transfer card company can pay it on your behalf.

Once the transfer is complete, the debt balance moves over to your transfer card account, and any transfer fee gets added. But even though no interest accrues to your account, you must still make monthly minimum payments throughout the promotional period.

Missing a payment means your sweet 0% APR could end and that you could get charged a default APR as high as 29.99%! That could easily wipe out any benefits you hoped to gain by doing a balance transfer in the first place.

How does a balance transfer affect your credit?

A common question about balance transfers is how they affect your credit. One of the most significant factors in your credit scores is your credit utilization ratio. It's the amount of debt you owe on revolving accounts (such as credit cards and lines of credit) compared to your available credit limits. 

For example, if you have $2,000 on a credit card and $8,000 in available credit, you're using one-quarter of your limit and have a 25% credit utilization ratio. This ratio gets calculated for each of your revolving accounts and as a total on all of them.  

Getting a new balance transfer credit card (or an additional limit on an existing card) instantly raises your available credit, while your debt level remains the same. That causes your credit utilization ratio to plummet, boosting your scores.

I recommend using no more than 20% of your available credit to build or maintain optimal credit scores. Having a low utilization shows that you can use credit responsibly without maxing out your accounts.

Getting a new balance transfer credit card (or an additional limit on an existing card) instantly raises your available credit, while your debt level remains the same. That causes your credit utilization ratio to plummet, boosting your scores.

Likewise, the opposite is true when you close a credit card or a line of credit. So, if you transfer a card balance and close the old account, it reduces your available credit, which spikes your utilization ratio and causes your credit scores to drop. 

Only cancel a paid-off card if you're prepared to see your credit scores take a dip.

So, only cancel a paid-off card if you're prepared to see your scores take a dip. A better decision may be to file away a card or use it sparingly for purchases you pay off in full each month.

Another factor that plays a small role in your credit scores is the number of recent inquiries for new credit. Applying for a new transfer card typically causes a slight, short-term dip in your credit. Having a temporary ding on your credit usually isn't a problem, unless you have plans to finance a big purchase, such as a house or car, within the next six months.

The takeaway is that if you don't close a credit card after transferring a balance to a new account, and you don't apply for other new credit accounts around the same time, the net effect should raise your credit scores, not hurt them.

RELATED: When to Cancel a Credit Card? 10 Dos and Don’ts to Follow

When is using a balance transfer credit card a good idea?

I've done many zero-interest balance transfers because they save money when used correctly. It's a good strategy if you can pay off the balance before the offer's expiration date. 

Let's say you're having a good year and expect to receive a bonus within a few months that you can use to pay off a credit card balance. Instead of waiting for the bonus to hit your bank account, you could use a no-interest transfer card. That will cut the amount of interest you must pay during the card's promotional period.

When should you do multiple balance transfers?

But what if you're like Heather and won't pay off a no-interest promotional offer before it ends? Carrying a balance after the promotion means your interest rate goes back up to the standard rate, which could be higher than what you paid before the transfer. So, doing another transfer to defer interest for an additional promotional period can make sense. 

If you make a second or third balance transfer but aren't making any progress toward paying down your debt, it can become a shell game.

However, it may only be possible if you're like Heather and have good credit to qualify. Balance transfer cards and promotions are typically only offered to consumers with good or excellent credit.

If you make a second or third balance transfer but aren't making any progress toward paying down your debt, it can become a shell game. And don't forget about the transfer fee you typically must pay that gets added to your outstanding balance. While avoiding interest is a good move, creating a solid plan to pay down your debt is even better.

If you have a goal to pay off your card balance and find reasonable transfer offers, there's no harm in using a balance transfer to cut interest while you regroup. 

Advantages of doing a balance transfer

Here are several advantages of using a balance transfer credit card.

  • Reducing your interest. That's the point of transferring debt, so you save money for a limited period, even after paying a transfer fee.
  • Paying off debt faster. If you put the extra savings from doing a transfer toward your balance, you can eliminate it more quickly.
  • Boosting your credit. This is a nice side effect if you open a new balance transfer card and instantly have more available credit in your name, which lowers your credit utilization ratio.

Disadvantages of doing a balance transfer

Here are some cons for doing a balance transfer. 

  • Paying a fee. It's standard with most cards, which charge in the range of 2% to 5% per transfer.
  • Paying higher interest. When the promotion ends, your rate will vary by issuer and your financial situation, but it could spike dramatically. 
  • Giving up student loan benefits. This is a downside if you're considering using a transfer card to pay off federal student loans that come with repayment or forgiveness options. Once the debt gets transferred to a credit card, the loan benefits, including a tax deduction on interest, no longer apply. 

Tips for using a balance transfer credit card wisely

The best way to use a balance transfer is to have a realistic plan to pay off the balance before the promotion expires.

The best way to use a balance transfer is to have a realistic plan to pay off the balance before the promotion expires. Or be sure that the interest rate will be reasonable after the promotion ends.

Shifting a high-interest debt to a no-interest transfer account is a smart way to save money. It doesn't make your debt disappear, but it does make it less expensive for a period.

If you can save money during the promotional period, despite any balance transfer fees, you'll come out ahead. And if you plow your savings back into your balance, instead of spending it, you'll get out of debt faster than you thought possible.

Source: quickanddirtytips.com

6 Tips for Your Job Search During the Coronavirus Outbreak

A woman writes in a notebook with her laptop open next to her

New developments continue to pour in each day surrounding the coronavirus pandemic. The COVID-19 outbreak has drastically changed nearly every aspect of life for millions of people, and the workforce in particular has been hit hard. Businesses, employees, and job seekers are all scrambling to identify what exactly “normal” will look like in the coming months. Many employers are questioning how to continue business as usual, and people seeking new employment are left with an equally tough question: How do I get a job during this pandemic?

While things are
changing every day, it’s important to know there are plenty
of businesses still actively hiring new employees. Your job search may look a
bit different than it did in the past, but rest assured that there are still
opportunities ripe for the taking if you make a few adjustments to your overall
job search strategy.

Look Specifically for Remote Jobs

Many businesses
have been deemed “nonessential” and legally
ordered to shut their doors during the COVID-19 pandemic. With office buildings
closing up shop for the time being, it’s a great idea
to focus your job-hunting efforts on remote work.

Work-from-home
opportunities have recently seen an exponential growth in popularity, and the
coronavirus crisis has forced even more businesses to rely on remote work to
keep things operational. As you begin your search, keep a closer eye out than
usual for remote job opportunities related to your field and expertise.

Specifically, come up with a plan for yourself should you land an interview for a remote job. Be prepared for a virtual interview and have a game plan for discussing how you would manage a balanced work-from-home routine. If you have prior experience working remotely, emphasize this on your resume. Once you have a plan in place, start your search by browsing a job board focused on remote employment such as FlexJobs.

Embrace Online Networking

Your professional
network is more important now than ever before. If you haven’t logged into your LinkedIn account recently, this is the time
to start embracing the power of online networking.

In addition to
browsing available jobs on the platform, make sure you’re interacting with your connections, sharing articles, and
keeping your profile in tip-top shape. After all, your LinkedIn profile can
catch the eye of a recruiter and become a deciding factor in whether you are
chosen for a job.

Even further, according to a field experiment conducted by ResumeGo, job seekers with an active and comprehensive LinkedIn profile had a 71% higher chance of getting an initial job interview. In short, now is your time to shine on LinkedIn!

Broaden Your Job Scope and Your Resume

If you’ve been
job hunting during the current pandemic and simply haven’t found many jobs you consider an ideal fit for you, it might
be time to broaden your horizons—even if it’s just a little.

Remember to keep
an open mind as you browse openings and realize that current opportunities are
a reflection of these trying times. With companies implementing hiring freezes
and others struggling to adjust to remote work, your dream job simply may not
be feasible at the time, and that’s okay!

Reevaluate your
best skills and ask yourself how else they could be useful to a company. Are
there similar jobs for which you’d make a great
fit? Can you tap into any other skills that may not be listed on your resume?
Do your best to stay open-minded and have more jobs to consider.

Stay in Touch with Your Old Employer

If you were recently laid off due to the coronavirus, rest assured you’re not alone. Many employees lost their jobs and were left scrambling to file for unemployment or seek out other work opportunities.

However, before
you cut ties with your previous employer, consider keeping the lines of
communication open as they may plan to bring their previous staff back into the
business once the dust settles. This is an uncertain time for everyone, so keep
all your options on the table.

Take the Opportunity to Learn New Skills

Whether you’re a pro in your field or just beginning to learn the ropes,
there’s always room for anyone to acquire
new skills that can take their abilities to greater heights.

If you’re not in financial stress and don’t need to find a new job in a hurry, this can be the perfect
time to invest in your professional skills and learn something new. Browse the
internet for courses or tutorials to help you earn a new certification to add
to your resume.

Additionally, be
sure to check your local colleges and universities, as many schools are
offering free or discounted courses for people to take during the COVID-19
pandemic. If you’ve ever wanted to learn more about
anything, now is the perfect time to do so!

Pay Attention to the News

New developments
to the coronavirus and related relief efforts are announced daily. As medical
professionals and government officials continue to learn more about the virus
and adjust our precautions, you can expect a new norm for many weeks to come.

While cases have
been escalating at an alarming rate, keep in mind that things will get
better
. Stay up-to-date on the latest developments by tuning in to a
reputable news source so you can be one of the first to know if new
opportunities become available. Nonessential businesses will eventually open up
at some point, and when that moment comes, there will be an influx of new job
opportunities for those who move quickly.

Conclusion

During such difficult
times, it’s easy to become unmotivated when it
comes to pursuing new employment. Circumstances are changing each day, but
remember there is still plenty you can do to carry on with your job hunt.

Go to Guide
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Several businesses are actively hiring, and others are even urgently seeking new team members. While your job hunt may look different for the next couple months, keep your head up! Together, we will overcome this crisis.

McLean Mills is a career coach and resume writer, as well as a content creator for Enhancv. He has over a decade of experience helping job seekers unlock their hidden career potentials and knows the hiring game inside and out. In his spare time, he loves jogging, playing frisbee with his dog, and spending time with his children.

The post 6 Tips for Your Job Search During the Coronavirus Outbreak appeared first on Credit.com.

Source: credit.com

How Does Coronavirus Affect Life Insurance?

Coronavirus hasn’t entirely ended life as we knew it, but it’s certainly caused changes, some of which are likely to be with us for a very long time.

For some the coronavirus is literally a matter of life and death, and it raises an important question: how does coronavirus affect life insurance?

No one likes to think about the possibility of losing their life, or that of a loved one to this virus, but for over 150,000 families here in the US, it has turned out to be a reality.

Let’s examine the impact it may have on your existing policies, and perhaps more importantly, how it may affect applications for new life insurance coverage.

How Does Coronavirus Affect Life Insurance You Already Have?

There’s good news if you already have a life insurance policy in place. Generally speaking, the insurance company will pay a death benefit even if you die from the coronavirus. With few exceptions, life insurance policies will pay for any cause of death once the policy is in force. There are very few exceptions to this rule, such as acts of war or terrorism. Pandemics are not a known exception.

If you’re feeling at all uncomfortable about how the coronavirus might impact your existing life insurance policies, contact the company for clarification. Alternatively, review your life insurance policy paying particular attention to the exclusions. If there’s nothing that looks like death due to a pandemic, you should be good to go.

But once the policy is in place, there are only a few reasons why the insurance company can deny a claim:

  • Non-payment of premiums – if you exceed the grace period for the payment, which is generally 30 or 31 days, your policy will lapse. But even if it does, you may still be able to apply for reinstatement. However, after a lapse, you won’t be covered until payment is made.
  • Providing false information on an application – if you fail to disclose certain health conditions that result in your death, the company can deny payment for insurance fraud. For example, if you’re a smoker, but check non-smoker on the application, payment of the death benefit can be denied if smoking is determined to be a contributing cause of death.
  • Death within the first two years the policy is in force – often referred to as the period of contestability, the insurance company can investigate the specific causes of death for any reason within the first two years. If it’s determined that death was caused by a pre-existing condition, the claim can be denied.

None of these are a serious factor when it comes to the coronavirus, unless you tested positive for the virus prior to application, and didn’t disclose it. But since the coronavirus can strike suddenly, it shouldn’t interfere with your death benefits if it occurs once your policy is already in force.

How Does Coronavirus Affect Life Insurance You’re Applying For?

This is just a guess on my part, but I think people may be giving more thought to buying life insurance now they may have at any time in the past. The coronavirus has turned out to be a real threat to both life and health, which makes it natural to consider the worst.

But whatever you do, don’t let your fear of the unknown keep you from applying for coverage. Though you may be wishing you bought a policy, or taken additional coverage, before the virus hit, now is still the very best time to apply. And that’s not a sales pitch!

No matter what’s going on in the world, the best time to apply for life insurance is always now. That’s because you’re younger and likely healthier right now than you’ll ever be again. Both conditions are major advantages when it comes to buying life insurance. If you delay applying, you’ll pay a higher premium by applying later when you’re a little bit older. But if you develop a serious health condition between now and then, not only will your premium be higher, but you may even be denied for coverage completely.

Don’t let fears of the coronavirus get in your way. If you believe you need life insurance, or more of it, apply now.

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That said, the impact of the coronavirus on new applications for life insurance is more significant than it is for existing policies.

The deaths of more than 100,000 people in the US is naturally having an effect on claims being paid by life insurance companies. While there’s been no significant across-the-board change in how most life insurance companies evaluate new applications, the situation is evolving rapidly. Exactly how that will play out going forward is anyone’s guess at the moment.

What to Expect When Applying for Life Insurance in the Age of the Coronavirus

If you’re under 60 and in good or excellent health, and not currently showing signs of the virus, the likelihood of being approved for life insurance is as good as it’s ever been. You can make an application, and not concern yourself with the virus.

That said, it may be more difficult to get life insurance if you have any conditions determined to put you at risk for the coronavirus, as determined by the Centers for Disease Control (CDC).

These include:

  • Ages 65 and older.
  • Obesity, defined as a body mass index of 40 or greater.
  • Certain health conditions, including asthma, chronic kidney disease and being treated by dialysis, lung disease, diabetes, hemoglobin disorders, immunocompromised, liver disease, and serious heart conditions.
  • People in nursing homes or long-term care facilities.

Now to be fair, each of the above conditions would require special consideration even apart from the coronavirus. But since they’re known coronavirus risk factors, the impact of each has become more important in the life insurance application process.

If any of these conditions apply to you, the best strategy is to work with insurance companies that already specialize in those categories.

There are insurance companies that take a more favorable view of people with any of the following conditions:

  • Over 65
  • Kidney disease
  • Certain lung diseases, including Asthma
  • Liver disease
  • Certain heart conditions

More Specific Application Factors

But even with insurance companies that specialize in providing coverage for people with certain health conditions, some have introduced new restrictions in light of the coronavirus.

For example, if you have a significant health condition and you’re over 65, you may find fewer companies willing to provide coverage.

The insurance company may also check your records for previous coronavirus episodes or exposures. Expect additional testing to determine if you’re currently infected. Most likely, the application process will be delayed until the condition clears, unless it has resulted in long-term complications.

Travel is another factor being closely examined. The CDC maintains an updated list of travel recommendations by country. If you’ve recently traveled to a high-risk country, or you plan to do so in the near future, you may be considered at higher risk for the coronavirus. How each insurance company handles this situation will vary. But your application may be delayed until you’ve completed a recommended quarantine period.

Other Financial Areas to Consider that May be Affected

Since the coronavirus is still very much active in the US and around the world, financial considerations are in a constant state of flux. If you’re concerned at all about the impact of the virus on other insurance types, you should contact your providers for more information.

Other insurance policies that my warrant special consideration are:

  • Employer-sponsored life insurance. There’s not much to worry about here, since these are group plans. Your acceptance is guaranteed upon employment. The policy will almost certainly pay the death benefit, even if your cause of death is related to the virus.
  • Health insurance. There’s been no media coverage of health insurance companies refusing to pay medical claims resulting from the coronavirus. But if you’re concerned, contact your health insurance company for clarification.

Action Steps to Take in the Age of the Coronavirus

Many have been gripped by fear in the face of the coronavirus, which is mostly a fear of the unknown. But the best way to overcome fear is through positive action.

I recommend the following:

1. Be proactive about your health.

Since there is a connection between poor health and the virus, commit to improving your health. Maintain a proper diet, get regular exercise, and follow the CDC coronavirus guidelines on how to protect yourself.

2. If you need life insurance, buy it now.

Don’t wait for a bout with the virus to take this step. It’s important for a number of reasons and the consequences of not having it can be severe. Compare the best life insurance companies to get started.

3. Consider no medical exam life insurance.

If you don’t have the virus, and you want to do a policy as quickly as possible, no medical exam life insurance will be a way to get coverage almost immediately.

4. Look for the lowest cost life insurance providers.

Low cost means you can buy a larger policy. With the uncertainty caused by the coronavirus, having enough life insurance is almost as important as having a policy at all. Look into cheap term life insurance to learn more about what you can afford.

5. Keep a healthy credit score.

Did you know that your credit score is a factor in setting the premium on your life insurance policy? If so, you have one more reason to maintain a healthy credit score. One of the best ways to do it is by regularly monitoring your credit and credit score. There are plenty of services available to help you monitor your credit.

6. Make paying your life insurance premiums a priority

This action step rates a special discussion. When times get tough, and money is in short supply, people often cancel or reduce their insurance coverage. That includes life insurance. But that can be a major mistake in the middle of a pandemic. The coronavirus means that maintaining your current life insurance policies must be a high priority.

The virus and the uncertainty it’s generating in the economy and the job market are making finances less stable than they’ve been in years. You’ll need to be intentional about maintaining financial buffers.

7. Start an emergency fund.

If you don’t already have one place, start building one today. If you already have one up and running, make a plan to increase it regularly.

You should also do what you can to maximize the interest you’re earning on your emergency fund. You should park your fund in a high-interest savings account, some of which are paying interest that’s more than 20 times the national bank average.

8. Get Better Control of Your Debts

In another direction, be purposeful about paying down your debt. Lower debt levels translate into lower monthly payments, and that improves your cash flow.

If you don’t have the funds to pay down your debts, there are ways you can make them more manageable.

For example, if you have high-interest credit card debt, there are balance transfer credit cards that provide a 0% introductory APR for up to 21 months. By eliminating the interest for that length of time, you’ll be able to dedicate more of each payment toward principal reduction.

Still another strategy for lowering your debts is to do a debt consolidation using a low interest personal loan. Personal loans are unsecured loans that have a fixed interest rate and monthly payment, as well as a specific loan term. You can consolidate several loans and credit cards into a single personal loan for up to $40,000, with interest rates starting as low as 5.99%.

Final Thoughts

We’ve covered a lot of ground in this article. But that’s because the coronavirus comes close to being an all-encompassing crisis. It’s been said the coronavirus is both a health crisis and an economic crisis at the same time. It requires strategies on multiple fronts, including protecting your health, your finances, and your family’s finances when you’re no longer around to provide for them.

That’s where life insurance comes into the picture. The basic process hasn’t changed much from the coronavirus, at least not up to this point. But that’s why it’s so important to apply for coverage now, before major changes are put into effect.

The post How Does Coronavirus Affect Life Insurance? appeared first on Good Financial Cents®.

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