$2 Trillion Economic Relief Bill: What’s in it for Housing?

-by Whitney Lewis

Congress passed a $2 trillion COVID-19 economic relief package on March 27, 2020.  Here’s a breakdown of what’s in it for housing:

MORTGAGES
Ability to request 360 day payment forbearance WITHOUT having to prove hardship. This applies to
government backed loans.
Owners of multi-family properties (duplex, triplex, etc) can request a 30 day forbearance with possible
extension to 90 days.
Landlords cannot evict tenants or charge any late fees while the landlord’s loan is in forbearance.

LANDLORDS/TENANTS
If you have a government backed loan, you cannot file to evict your tenants for 120 days. You also
cannot charge them fees and penalties during this time.

CREDIT
If the holder of the loan allows some accommodation with payments, such as the amount due or time
frame due, and the customer makes a payment in accordance with the leeway, the creditor must report
the customer’s credit as current.
If the customer was delinquent in payments prior to the accommodation made but the customer brings
the payments current, the creditor must report them as current.
These credit provisions are applicable from January 20th forward until 120 days after the bill was passed
OR the end of the national emergency.

STUDENT LOANS
No payments are due for 6 months AND no interest will accrue while those loans are in forbearance
AND these loans will be reported as current during the forbearance period.

If you or someone you know has questions about the market in this uncertain time, we are more than
happy to chat with you/them. Let’s work together to chart the best course of action for your real estate
needs in the coming months and years.