Foreclosures & Eviction Protections Under The CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a major piece of legislation that was passed in response to the COVID-19 pandemic. One of the most important provisions of this bill is the protections it provides against foreclosure and eviction for people who have been impacted by job losses or other financial hardships as a result of the pandemic. The CARES Act offers several different types of assistance for homeowners facing foreclosure or renters facing eviction.
For homeowners, the CARES Act requires mortgage lenders to offer forbearance options for up to 180 days if they are unable to make their payments due to a hardship caused by COVID-19. This includes suspending foreclosures until at least August 31, 2020 and prohibiting lenders from charging any late fees on loans during this period.
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