PCS-ing and home buying during a pandemic

With the recent stop movement order by the Department of Defense due to the global COVID19 pandemic, many military families are finding themselves living in limbo. Some may have already purchased a home with their orders in mind and currently living in the fear of trying to balance two mortgages if this goes on much longer. The unknowns regarding the upcoming PCS season are causing anxiety and even alarm for the military community. But it’s going to be okay.

You are going to be okay.

The DOD has officially halted all travel for military and their families for PCS until May 11th, 2020. But there is support in place for those that have already found themselves on the cusp of leaving for their new duty station. Military One Source has a great checklist that explains what to do in each situation, depending on where you are in your PCS timeline. The official DOD moving portal also has answers to your burning questions.

Essentially both resources have indicated that military families need to first work with their command. From there calling the personal property office should yield answers on what your new process will look like. Once you have your plan, then you can worry about the financial implications.

Those who had already purchased a new home at their new duty station and were in the process of selling their current one, are naturally nervous. But there is help available to get you through any financial difficulties you may incur due to the pandemic causing a stop movement order. Each branch of the service has its own relief agency and all of them are offering their assistance.

All of these relief agencies talk and work with each other. You can walk into any one of them, regardless of your branch of service, and they will help you. They are obligated to follow your branch specific guidelines for financial support, however. Use your resources:

Army Emergency Relief is not only supporting active duty soldiers, but it has extended its support to reserve and national guard families impacted by the pandemic. They are offering interest free loans and grants.

Air Force Aid Relief Society help can be found in most Airmen Family Readiness Center on base.

Coast Guard Mutual Assistance is there to support is active duty and its reserve service members and their families. Most stations or bases have a CGMA representative ready to help you. Their website will show you the locations and if you are more than 50 miles from one you are welcome to go to other relief society agencies instead.

Navy-Marine Relief Society is offering interest free loans up to $500 and traditional financial assistance with repayment plans. Reach out to them!

Now, let’s talk mortgage lenders. This pandemic is affecting everyone – not just military families. With this in mind, many lenders are offering mortgage payment deferments. Some of these lenders are allowing deferments for up to twelve months! The first step would be to your mortgage lender and see what they have in place to support those impacted by the COVID-19 pandemic.

Options with different mortgage companies will include deferments but also mortgage modifications or special repayment plans. Don’t just stop paying your mortgage, call first. If they haven’t yet planned for the pandemic, they are most likely working on a response.

Caliber Home Loans released this message to their customers regarding the pandemic and the effects on their loans. In their message they have asked customers to reach out via email if they are facing financial difficulties. They will work with you and help you through this.

In the end, there is no doubt that this a stressful time for families everywhere and especially our military families who are unsure what their future will hold. Take it day by day, utilize the resources available to you for financial support and talk to your lenders. If you find yourself continually feeling overwhelmed by the stress, Military One Source for DOD families and CG SUPRT for Coast Guard families is available 24/7 with counseling services, all from the comfort of your own home. During these times, we need our communities of support now more than ever.

We’ll make it through. Together.