What You Need to Know About the CARES Act and Foreclosure
When the CARES Act was signed into law this past March, 2020, it gave homeowners who had government backed mortgages, protection from foreclosure up through August 31, 2020. The primary purpose of the new law was to keep homeowners and renters in their homes.
The government backed loans included the FHA, VA, USDA, Ginny Mae, and Freddie Mac. It did not protect those homeowners who had direct mortgages with mortgage lenders, or private party loans. Prior to the August 31 expiration date, the government agencies mentioned above have now extended View full post…
Don’t Do a Student Loan Refinance During Covid-19
Interest rates have been dropping on private student loans the past several months, leading borrowers to consider a refinance, as one way to reduce their overall loan costs. That may be fine for a private loan borrower, but for someone who has federal student loans…a big mistake.
It’s tempting to consider a student loan refinance, especially with the coronavirus taking its toll. But just the opposite is true for those with federal student loans. For one, you lose the basic federal protections that were in place for quite some time.
The second reason to not do a student loan refinance, is that View full post…
COVID-19 relief: Overview of the CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. In addition to funding the health care fight against the novel coronavirus (COVID-19), the roughly $2 trillion legislation provides much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the pandemic. Here are some of the key provisions for individuals and businesses.
Economic Impact Payments
The CARES Act provides one-time direct Economic Impact Payments of up to $1,200 for single filers or heads of households; married couples filing jointly can receive up to $2,400. An additional payment of up to $500 is available for each qualifying child under age 17. View full post…