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Connecticut professional shares information on mortgage payments, foreclosures and stimulus checks

Coronavirus

GUILFORD, Conn. (WTNH) — With continuing job losses in Connecticut, some people are starting to feel the financial pressure that comes without receiving a paycheck. One concern is mortgage payments.

“People want to understand that they do have a 30-day grace period when their mortgage is due,” said Eric Lawton, President of Impact Financial Wealth Management in Guilford. “If it’s due on April 1st they will have until May 1st to make that payment and it will not hurt or impact their credit score.”

For those already behind on mortgage payments, Lawton said that foreclosures are not taking place right now.

While lawmakers in Washington, D.C. continue to iron out a relief package, stimulus checks when approved, won’t be going out soon.

“If this bill does get passes and they do qualify for the payment, we anticipate that those payments will be made in about three weeks,” said Lawton.

As for those still working, some ask if they should continue contributions to their 401k plan.

“If you don’t need that money continue to make those contributions. The market is down 30% off its highs. What a great opportunity to get a great discount on some wonderful stocks in this country.”

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