Jim Curran, a Malvern resident who lost his job as chief revenue officer at a software startup in March, was able to protect his credit score this year after pausing his mortgage payments thanks to the CARES Act and Citadel Credit Union, writes AnnaMaria Andriotis and Orla McCaffrey for The Wall Street Journal.

Citadel enabled him to pause his payments, granting him forbearances of three months.

Not having to pay the mortgage during that stretch freed up thousands of dollars for Curran at a time when he needed it the most.

Around six weeks after he was laid off, he found a new job as a manager at a logistics company. He was then able to resume making payments again and used part of his savings to cover the missed mortgage payments.

Also, with his credit score protected, he was able to refinance into a significantly lower rate that brought his payments down.

The forbearances were the break he needed “to reset and figure out how to keep the cash flow going without having to dive into all the savings or break into retirement stuff.”

Read more about Jim Curran in The Wall Street Journal here.

You Might Also Like

With Additional CARES Act Funding, Discover Lancaster Reinvigorates Its COVID-19-Era Tourism Campaign

Amid Market Volatility, CARES Act, and an Uncertain Future, Delphi Wealth Management Is Here for You

CARES Act Analysis from RKL: Business Income Tax Implications and Planning Opportunities