During this time, it is essential to stay current with what is happening around us, as we try to figure out how the next few days/weeks will unfold. We wanted to share some useful information regarding the $2 trillion economic stimulus bill passed unanimously by the Senate late Wednesday, March 25th, 2020. After six long days of negotiations, they finally came to an agreement that includes some promising help for homeowners who are experiencing financial hardship as a result of the coronavirus outbreak.
Here’s How The $2 trillion economic Coronavirus Stimulus Bill will Help Homeowners
- Homeowners with federally backed mortgage loans can request loan forbearance/delayed payment for 180 days, and that forbearance could be extended to another 180 days if needed.
- Homeowners must contact their mortgage servicer directly to request the forbearance—the mortgage company you send your monthly payments.
- This Bill also stops foreclosures on properties with federally backed loans.
- Bowerers with federally backed multifamily mortgages are also included as long as they are current on their payments; they can request forbearance for up to 90 days.