House Democrats proposed a $3 Trillion stimulus package as part of the HEROES Act that would not only provide a second stimulus check but also put measures in place to protect renters and homeowners from eviction and foreclosures. In this video, I breakdown the protection for renters and homeowners in more detail.
New videos 3-5 times per week on Real Estate, Mortgage, Home Buyer Tips and Home Seller Tips – Subscribe for More Real Estate Tips and Real Estate Information – https://goo.gl/NZB1S6
The Healthy and Economic Recovery Omnibus Emergency Solutions Act more commonly known as the HEROES Act will make it’s way to the House of Representatives floor this friday to be voted on. If approved, it will go before the senate for approval. At this time, the senate has already said it won’t review the bill until after Memorial Day.
Will there be a second stimulus coming?
In this proposal there would be a second stimulus check coming in the amount of $1200 for an adult and $1200 for each child up to a $6000 max per family (income restrictions do apply).
In addition to the second round of stimulus checks there are also a lot of protections for homeowners and renters like a 12 moratorium on evictions from the date this is past to protect renters from evictions along with an automatic forbearance for those that may be delinquent on their mortgage from March 13th to the time this is enacted.
There are additional proposals like the way the mortgage companies report forbearance to the credit bureaus in addition to how escrow accounts are handled when doing a mortgage forbearance but I dive in more detail in the video.
If you are considering mortgage forbearance or or have questions about the language in the heroes act 2020 bill, please comment below or contact me directly.
Thank you for watching.
Connect with me: