<aside> 💡 This page is for anyone who is wondering how the CARES Act will affect them as a homeowner, renter, or a student. Updates on post-CARES Act potential policies.
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The CARES Act, or the Coronavirus Aid, Relief, and Economic Securities Act, provides $2 trillion of aid to people who are affected by COVID-19 and require financial assistance.
In terms of mortgage relief, if you have a federally backed loan or a Government Sponsored Enterprise (GSE) loan, they may not foreclose on you until at least June 30, 2020. Second, you may request a mortgage forbearance of up to 180 days. You may even request for an additional 180 days. you must contact your loan provider to request this forbearance. There will be no additional fees, additional interest, or penalties to your credit for receiving this assistance.
For more info based on your state, please visit the link below:
The CARES Act imposed a 120-day moratorium on tenant eviction filings from March 27, 2020 until July 25, 2020. Rental property owners may not issue a notice to vacate until after July 24, 2020.
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Most of the provisions declared under the CARES Act only affect those with federally backed student loans. Private student loans are mostly not covered under the CARES Act.
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