What the federal coronavirus relief bill means for mortgages, credit and 401(k) loans; RLG attorney Eric Hill comments

By Russ Wiles | The Republic

The coronavirus outbreak and resulting economic slowdown have increased financial stress and borrowing needs for many people. New loans might not be easy to obtain, especially if your employment income has dropped, but relief is available.

The recently enacted CARES Act, which also is providing stimulus payments and small-business incentives, addresses credit needs and borrowing in various ways. Here are some of the key provisions tied to loans:

Mortgage relief possible
The Coronavirus Aid, Relief, and Economic Security Act provides several levels of relief to home-loan borrowers, including the right to request two periods of mortgage-payment forbearance or suspensions totaling up to 360 days.

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“It’s important for consumers to understand that the CARES Act does more than just provide stimulus payments. For those who are eligible, these provisions can be a big help when money is tight.” ~ Eric Hill, Attorney at Rose Law Group

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