Skip to Content

COVID-19 impacting mortgage payments

Remaining Ad Time Ad - 00:00

For a growing number of families, there's concern about how to afford their homes.

Scott Hall, the Department Chair of Business at Hannibal LaGrange University, says people need to realize something.

"The bank does not want their home. The bank wants them to stay in their home and keep paying their mortgage. And, in many cases, will work with them to make sure that happens."

Scott Hall | HLGU Department Chair of Business/ Moorman Professor of Business

Jason Knoedler, b-o-s executive vice president, says communicating is key to making it through these times.

"They'll need to communicate with their bank as soon as they can, and as often as they can, because the community banks are there to help. We are very understanding and we know the tough times' people are going through. "

Jason Knoedler | Bank of Springfield Executive Vice President

Hall says the trickle-down effect, hits the economy negatively when homes are foreclosed.

"They're going to lose "x" percent off the value of that home when it goes for sale. So that's bad for the bank. It's also bad for the homeowner who lost their home. So we don't want that to happen. So, that is bad for the economy."

Scott Hall | HLGU Department Chair of Business/ Moorman Professor of Business

Knodler says it's key to see what your options are.

"Everybody's situation is different. So we're able to sometimes go interest only on payments. Sometimes we're able to differ payments for several months."

Jason Knoedler | Bank of Springfield Executive Vice President

You can get more information on Government-funded programs at https://era.ihda.org/

Author Profile Photo

Jayda Hill

Jayda Hill is a Multimedia Journalist for WGEM News.

Skip to content