Having a safe and secure place to live is important to every household, and takes on a new meaning for those facing financial hardship.
Changes to a family’s financial stability might involve temporary layoffs or unexpected reductions in family income, especially in this time of unprecedented economic impacts from the pandemic.
For many people experiencing challenges when making monthly rent payments, it can reduce stress to understand how to manage their overall financial situation and how to avoid eviction.
Knowing your options is key. If you are concerned about falling behind on monthly mortgage or rent payments, fully understanding your options and figuring out careful next steps, can make all the difference.
According to U.S. Census data, as federal, state, and local COVID-related protections expire, an estimated 30–40 million people could be at risk of eviction in the next several months.
Meeting the Need
With a grant from Wells Fargo Foundation, GreenPath was able to deliver timely counseling to meet the needs of renters and homeowners affected by the COVID-19 pandemic. The counseling services were delivered so families could repair their entire financial situation and stay in their homes.
Rental counseling helped many families and individuals across the country stay housed in this time of crisis.
Shared here are three success stories. Each story illustrates how knowing the options can help people move through the challenges.
Success Story 1: When Crisis Hits
An Illinois resident was faced with an unexpected reduction in her household income. She already lived on a social security income due to a medical disability, which was supplemented by her fiancé’s income. When coronavirus hit, his income was cut in half. She worried that the strain of paying rent would put her in danger of losing her home. Every day bills and expenses impacted her ability to keep current with medical bills. Add $10,000 of unsecured debt payments, and she decided to call GreenPath for help.
GreenPath assessed her situation and offered expert budgeting assistance with a customized action plan. Carefully following the plan has helped reduce credit card payments and interest rates, allowing more cash for essentials needs such as rent, utilities and food. The couple is managing through the reduced income, meeting rental payments, and is more optimistic in their outlook. Now, they have a plan to pay off credit card debt years earlier than they would prior to engaging with GreenPath.
Success Story 2: Double Whammy
Add a pandemic to a shaky financial situation due to 2017’s Hurricane Harvey and you have this Texas client’s challenges. Living paycheck to paycheck – in the process of being evicted from his home due to foreclosure; then COVID hit and he lost his job. While he remained in the home, with no income since March 2020, he felt hopeless and worried about being homeless.
He contacted GreenPath. Counselors immediately stepped in to explore how he could get help with the eviction, providing a full review of his financial situation, budget and goals. The GreenPath team discussed specific plans and next steps to keep him in the foreclosed home, and also built out steps to find affordable rental options to create stability for him in the short and long term.
His level of optimism is much higher now. GreenPath is helping to develop a spending plan, options to return to bringing in monthly income, and managing housing payments to keep a roof over his head. Regardless of the size of your issue, GreenPath can handle any situation large or small.
Success Story 3: A Family and a Financial Challenge
A married couple from Nebraska had a full plate when the pandemic crisis hit. Expecting their first child, they both lost their jobs in the early weeks of the pandemic. Quick to find temporary jobs, but at a reduced income, the couple started to use savings, and eventually credit cards for essential purchases. The financial uncertainty caused anxiety, especially in meeting housing payments. So, they called GreenPath.
GreenPath took a careful look at the couple’s consumer debt and created a plan to reduce interest payments to offset income loss, while keeping housing expenses the top priority. Action steps to start rebuilding their savings, even in the face of income loss, helped them reduce stress as they prepared for the arrival of their baby.
The couple realized the benefit of having trained counselors actively working with them to address their entire financial situation, including balancing housing costs with credit card debt and unanticipated hardships. They were able to achieve housing stability and more peace of mind about their future. Now, they stand on a more firm foundation – even in a time of crisis – which is critical to a growing family.
The Power of a Plan
Families looking for housing support and ways to get back on track, have solid, effective options.
GreenPath’s professional, caring Financial Wellness Experts specialize in working through complex financial situations and can assist you, regardless of where you are today. They will help you create a personalized plan and achieve your short- or long-term goals.
If you are concerned about your housing and financial situation, start a conversation with a GreenPath Financial Expert or Housing Counselor.
GreenPath Financial Service
Housing Counseling
Do you have questions about housing? Should you buy a home? Refinance your house? What if you can’t make your mortgage payments? Or your credit isn’t great? GreenPath can help.
