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Stimulus Package | From Urb to Burb and Beyond Blog

Wednesday, January 6, 2021   /   by Vanessa Saunders

My forbearance is ending, but I can’t afford my home. What can I do?

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
A leading economist is warning that this year’s booming housing market will soon give way to a rising tide of foreclosures that will submerge many Hudson Valley homeowners in 2021. Michael R. Strain, the John G. Searle Scholar and the director of economic policy studies at the American Enterprise Institute (AEI) wrote in Bloomberg News in December 6, 2020 that while federal forbearance policies put a temporary freeze on foreclosures—only 352 foreclosures were started in August, 2020, compared with 10,438 in February—that policy would not remain in place next year and would cause a cascade of foreclosures in 2021.
“The CARE Act, the economic recovery law passed in March included forbearance provisions that allowed borrowers with government-backed mortgages to postpone (or reduce) payments for up to 12 months if they suffered COVID-related financial hardship. When these forbear; ...

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  hudson valley real estate, hudson valley property, hudson valley home, 'urb to 'burb, hudson valley home owners, home equity, forbearance, forclosure, stimulus package, short sale

Tuesday, December 22, 2020   /   by Vanessa Saunders

Here's what's in your Christmas housing stimulus stocking.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Wondering what's in the $900 billion package just put under America's Christmas tree for housing?
The stimulus package — part of a $2.5 trillion spending bill — includes relief for small business, schools, the unemployed, public health, transportation, food assistance, and some weird stuff too, like a "3 martini lunch" tax break for business meals and a statement regarding the succession or reincarnation of the Dalia Lama. Not surprisingly, it also contains relief for people needing housing assistance.
These measures include:
1. A one-month extension of the Centers for Disease Control’s eviction moratorium.
2. A $600 stimulus check for qualifying individuals, expanding unemployment benefits that boost the state-led aid by $300 per week and another $284 billion for the Paycheck Protection Program.
3. $25 billion in rental assistance, with each state receiving a minimum of $200 m ...

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  hudson valley real estate, hudson valley home, 'urb to 'burb, hudson valley home owners, stimulus package

Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258


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