Building Strength in the Aftermath

*The following is a blog excerpt from the federal Consumer Financial Protection Bureau. Click here for the full blog article.

When a catastrophe like Hurricane Harvey happens, your world can be turned upside down. During these tough times, it may be difficult to know who to trust and where to look for guidance and assistance, as well as what financial steps to take as you begin recovering. These are a few organizations that can help immediately after a natural disaster:

• The Federal Emergency Management Agency (FEMA) website will help you find up–to- date resources and information.
•  The Red Cross can help you find aid and shelters
• The Disaster Assistance Improvement Program (DAIP) can provide disaster survivors with information, support, and services

Once your most urgent needs are addressed
Start thinking about your financial obligations once you have addressed your most urgent needs, especially if you have experienced damage to your home or property. We have five steps you can take to help you secure your home and finances:

1. Contact your insurance company. If the storm damaged your home, car, or property and you have insurance, you can start the claims process by calling your insurance company.
2. Register for assistance. Registering online at www.DisasterAssistance.gov is the quickest way to register for FEMA assistance.
3. Contact your mortgage servicer. Talk to your mortgage lender right away and tell them about your situation. Damage to your home does not eliminate your responsibility to pay your mortgage, however your lender may be willing to work with you given the circumstances.
4. Contact your credit card companies and other lenders. If your income is interrupted or your expenses go up, and you don’t think you will be able to pay your credit cards or other loans, be sure to contact your lenders as soon as possible. It is important to make those calls before your next payments are due. 
5. Contact your utility companies. If your home is damaged to the point you can’t live in it, ask the utility companies to suspend your service.
   
   

After contacting the companies related to your most urgent financial needs, take a look at your bills and set priorities—including your mortgage, rent, and insurance payments.
 
Warning: Be aware of scams
While many people pull together during times of crisis, there is also an increased risk for scams and fraud. To avoid scams, you need to ask questions—lots of them. Questions will help you determine if something is too good to be true. If the person trying to sell you a product or service can’t or won’t answer your questions, this is a red flag that you might want to look for someone else to do business with.