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Started By
Message
Student Loan Payment Pause and Moratorium on Evictions Extended
Posted on 1/21/21 at 8:08 am
Posted on 1/21/21 at 8:08 am
quote:
Executive orders are signed by new president to maintain protections from economic hardships caused by Covid-19 pandemic
WSJ
On his first day in office, President Biden signed a range of executive actions including two that will affect the financial lives of millions of Americans.
One directs the Education Department to extend the pause on federal student loan payments, and the other directs the Centers for Disease Control and Prevention to extend the federal eviction moratorium. Both measures were put in place last year in response to economic hardships caused by the Covid-19 pandemic.
The executive order for federal student loans directs the Education Department to extend the pause on principal payments and interest accrual for direct federal loans until at least Sept. 30, 2021.
Loan repayments and interest accrual has been paused for borrowers with federal student loans since March 13, 2020. Collection on defaulted loans has been suspended as well.
More than 22 million borrowers with direct federal student loans paused payments during this period, according to data analyzed by Mark Kantrowitz, publisher and vice president of research at savingforcollege.com.
Many borrowers were hoping for an executive order from President Biden that would forgive some of their debt. During his campaign, Mr. Biden proposed forgiving $10,000 in debt for every American with federal student loans. In recent days, Mr. Biden and his transition team said he was unlikely to use executive action for loan forgiveness.
The federal eviction moratorium will be extended to March 31, 2021. Mr. Biden is also asking the Department of Housing and Urban Development to consider extending the foreclosure moratorium and continuing forbearance applications for federally guaranteed mortgages.
As of early January, an estimated 2.7 million mortgages are in forbearance according to the Mortgage Bankers Association.
26
Posted on 1/21/21 at 8:09 am to goofball
The sound of a million jobs crying out at once and then silence.
EDIT: This will make it 18 months that my current client has gone without revenue.
EDIT: This will make it 18 months that my current client has gone without revenue.
This post was edited on 1/21/21 at 8:15 am
Posted on 1/21/21 at 8:11 am to goofball
quote:
The federal eviction moratorium will be extended to March 31, 2021. Mr. Biden is also asking the Department of Housing and Urban Development to consider extending the foreclosure moratorium and continuing forbearance applications for federally guaranteed mortgages.
As of early January, an estimated 2.7 million mortgages are in forbearance according to the Mortgage Bankers Association.
Posted on 1/21/21 at 8:12 am to northshorebamaman
Yeah the foreclosure rate will basically remain steady until April, then skyrocket.
Posted on 1/21/21 at 8:12 am to goofball
What about the reprieve of people who own houses or apartments and are not going to get rent for a year?
Posted on 1/21/21 at 8:12 am to Tshiz
quote:
What about the reprieve of people who own houses or apartments and are not going to get rent for a year?
Time to pay your fair share.
Posted on 1/21/21 at 8:13 am to Tshiz
Lol no one cares about you
Gibs are only for poors
Gibs are only for poors
Posted on 1/21/21 at 8:14 am to goofball
quote:
The federal eviction moratorium will be extended to March 31, 2021. Mr. Biden is also asking the Department of Housing and Urban Development to consider extending the foreclosure moratorium and continuing forbearance applications for federally guaranteed mortgages.
As of early January, an estimated 2.7 million mortgages are in forbearance according to the Mortgage Bankers Association.
Or....we could open the economy back up and not shut down pipelines that kill jobs.
Posted on 1/21/21 at 8:17 am to goofball
As a house flipper, Biden can suck my fricking dick.
Why dont we just extend it indefinitely.
shite, lets just make it permanent. Nobody needs to pay rent or mortgage anymore.
Why dont we just extend it indefinitely.
shite, lets just make it permanent. Nobody needs to pay rent or mortgage anymore.
Posted on 1/21/21 at 8:18 am to bad93ex
quote:
EDIT: This will make it 18 months that my current client has gone without revenue.
Your client collects student loan debt?
Also, then why the frick is he still paying you?
Posted on 1/21/21 at 8:19 am to blueboxer1119
quote:
Why dont we just extend it indefinitely.
That’s the ultimate goal, UBI and no private assets.
Posted on 1/21/21 at 8:20 am to goofball
“Biden will fix the economy!!!!”
Off to a good start.
Off to a good start.
Posted on 1/21/21 at 8:23 am to Steadyhands
quote:
Your client collects student loan debt?
They are a federal loan guarantor.
quote:
Also, then why the frick is he still paying you?
Pretty sure that my current project will be shut down and they will lay off hundreds of thousands of people.
Posted on 1/21/21 at 8:24 am to Tshiz
quote:
What about the reprieve of people who own houses or apartments and are not going to get rent for a year?
This is my question. If the federal government wants to extend the moratorium on loans that they back, that is fine. But what about property owners that aren’t receiving rent payments and are forced to allow the tenants to remain? Will they get any kind of federal assistance?
Posted on 1/21/21 at 8:24 am to stout
quote:
we could open the economy back up
What do you mean by this? In most areas, the economy has been back open for several months now. Demand just isn't back for a variety of reasons.
Posted on 1/21/21 at 8:24 am to goofball
I'm enjoying the principal-only payments on my student loans right now. I hope he extends it again. 
This post was edited on 1/21/21 at 8:25 am
Posted on 1/21/21 at 8:27 am to goofball
I feel for Big Bank. Tough times. I'm sure they'll pull through.
If only there were a way for small guy to leapfrog PPP.
Posted on 1/21/21 at 8:29 am to goofball
It's gonna be funny when all these people that pay interest on their student loans see the interest that they paid that normally translates into a tax credit of $2500 go down to about $200 since they only paid interest in two months of 2020.
It probably doesn't amount to much for many on the OT...BUT I guarantee there will be people bitching about it when they compare it to their tax return for 2019.
ETA That could effect a person's tax owed/refund by $600+ depending on what tax bracket you are in.
It probably doesn't amount to much for many on the OT...BUT I guarantee there will be people bitching about it when they compare it to their tax return for 2019.
ETA That could effect a person's tax owed/refund by $600+ depending on what tax bracket you are in.
This post was edited on 1/21/21 at 8:32 am
Posted on 1/21/21 at 8:30 am to goofball
Obama housing crisis on steroids is what we are going to get when they let this thing finally expire.
Either that or the small banks are going to go under.
Either that or the small banks are going to go under.
Posted on 1/21/21 at 8:30 am to The Spleen
quote:
In most areas, the economy has been back open for several months now.
No it isn't. There are still a ton of things closed down or not allowed.
quote:
Demand just isn't back for a variety of reasons.
Because plenty of things still aren't allowed. Nothing is even close to normal. You can't run a business at half of what you were doing before.
A bar in Welsh LA has been fighting just to stay open because their license was suspended for being open past 11PM. You call that open?
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