Pandemic Relief May Soon End
As the easing of regulations related to COVID-19 accelerate, the clocks of financial relief are running out of time. On March 13, 2020, the White House declared a state of emergency; an act that would lead to unprecedented legislative orders to assist Americans. Now more than a year later, many provisions for relief and assistance are drawing to a close; leaving millions at risk of further financial hardship.
Too Soon or Too Late?
The state of emergency triggered financial disaster relief fund availability to states. States were able to allocate those funds to local communities to benefit citizens. Federal unemployment benefits were widely expanded, and moratoriums enacted to prevent foreclosure and evictions during turbulent times.
Earlier this month, federal unemployment benefits were extended through September 4, 2021. Fannie Mae and Freddie Mac are extending the single-family foreclosure and real estate owned evictions. However, those are set to expire as early as June 30, 2021. Although this grace period may soon run out, homeowners and renters still have time to take advantage of the moratorium while working towards a financial plan to get caught up. For example, family homeowners may also be eligible for an additional three month forbearance plan, that would further defer payments for 90 days.
If you are facing or already experiencing a notice of foreclosure or eviction, contact our Citrus Heights bankruptcy attorney law office today. We can help you stop foreclosure while working to develop a debt relief plan that works for you.