Dear Neighbors,
As the world faces unprecedented challenges related to the COVID-19 pandemic, it’s unsettling to think about business issues when some of our Neighbors may be fighting for their lives or facing financial hardships. This is the moment for communities to lead, support, and unite. The communities we serve comprise of Neighbors sharing common attitudes, interests, and goals. As Realtors, we are here for our Neighbors and the community at large.
If you are suffering a financial hardship, we wanted to take this opportunity to remind you of the many resources available to you to help you through the current crisis.
DIRECT PAYMENTS TO INDIVIDUALS & THEIR FAMILIES
Individuals making up to $75,000 ($150,000 for married workers) will receive payments of $1,200 ($2,400 for married couples) with an additional $500 payment per minor child. The payments decrease ratably and stop altogether for single workers making more than $99,000 ($198,000 for married workers and $218,000 for a family of four).
You can find more information at:
https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know
ENHANCED UNEMPLOYMENT INSURANCE BENEFITS
In addition to Reemployment Assistance available through the State (up to $275/week for 12 weeks based on eligibility) laid-off and furloughed workers will be eligible for Unemployment Insurance and will see up to an additional $600 per week to match the average paycheck for up to 4 months of benefits. These benefits will be available immediately.
In Florida you can find more information at:
https://connect.myflorida.com/Claimant/Core/Login.ASPX
In Michigan you can find more information at:
Michigan.gov/UIA
MORTGAGE FORBEARANCE
Homeowners with FHA, USDA, VA, or Section 184 or 184A mortgages (for members of federally-recognized tribes) and those with mortgages backed by Fannie Mae or Freddie Mac have the right to request forbearance on their payments for up to 6 months, with a possible extension for another 6 months without fees, penalties, or extra interest.
You can find more information at:
https://www.hud.gov/sites/dfiles/SFH/documents/SFH_FHA_INFO_20-24.pdf
STUDENT LOAN FORBEARANCE
If you are a student or a federal student loan borrower, a forbearance may be available for up to 90 days to allow you to postpone payments for both federal and private education loans if your home/work has been impacted by COVID-19. During the forbearance interest may continue to accrue. Any unpaid interest at the end of the forbearance may capitalize and be added to your principal balance.
You can find more information at: https://studentaid.gov/announcements-events/coronavirus
We’re here to help if you need us.
Respectfully,
The Vaughn Real Estate Group of Vylla Home
#Miami | #Detroit | #Florida | #Michigan