The CARES Act stimulus package requires mortgage loan servicers to provide forbearance to any homeowner with a federally-backed mortgage (Freddie Mac, Fannie Mae). Americans with other mortgages may also be able to receive forbearance at their servicer's discretion. If you don't ask, you don't get.
- The onus is on you to reach out to your loan servicer to discuss loan modification options, i.e., "Call them, they won't call you."
- Some lenders may ask for the forbearance to be paid within a few months while others may tack it on to the end of the loan.
NEW SMALL BUSINESS LOANS
Newly developed loan products are now available to
independent contractors and small business owners (1099 tax filers) who heretofore would not have qualified:
- Paycheck Protection Program (PPP) - Contact your banker
- Economic Injury Disaster Loan (EIDL) - Apply directly here: www.sba.gov
PANDEMIC UNEMPLOYMENT ASSISTANCE
This program is now expanded to include independent contractors and self-employed persons for 39 weeks with an enhancement lasting through July.
As we are now in unchartered territory,
I encourage all of you to explore these new options.
STAY SAFE, STAY HEALTHY, STAY HOME!