You Have Less Than a Month to Ask for Mortgage Payment Holiday

It’s not too late to take advantage of these protections but call your mortgage servicer sooner rather than later. For some mortgages, the deadline to request forbearance is December 31, 2020. Don’t wait – get the help you need now. What to do after you enter forbearance This advice applies to both a CARES Act … Read more

Following Borrowers Through Forbearance

Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw Today, the New York Fed’s Center for Microeconomic Data reported that total household debt balances increased slightly in the third quarter of 2020, according to the latest Quarterly Report on Household Debt and Credit. This increase marked a reversal from the modest decline in the second quarter … Read more

The Insanity of Coronavirus Payment Relief and The Massive Pain That is Coming

Yesterday I answered a reader question regarding the credit report impact of falling behind or skipping payments. See Will Credit Reports Take a Hit Because of Coronavirus? Today I learned about a paper published by Pamela Foohey (Indiana University Maurer School of Law), Dalié Jiménez (University of California, Irvine School of Law; Harvard Law School … Read more

Betsy DeVos sued for seizing student borrowers’ paychecks in violation of the CARES Act: “We don’t care. We don’t have to.”

Betsy DeVos, President Trump’s Education Secretary, doesn’t just think she’s above the law. She IS above the law. A few days ago, the National Consumer Law Center filed a class-action suit against Betsy DeVos and the U.S. Department of Education asking a federal judge to stop DeVos and DOE from garnishing student borrowers’ paycheck in … Read more

Millions of Americans Might Not Get Stimulus Checks. Others Might be Misdirected to Get Them.

Congress has approved billions of dollars of checks for Americans hard hit by the biggest round of layoffs in U.S. history. But millions of Americans will have to wait months for that money — and millions more may never get the money at all. That’s because the rescue legislation left it to the IRS, an … Read more