Executive Order Extends Pause of Student Loan Payments and Eviction & Foreclosure Moratoriums

calculator with bills

On President Joseph R. Biden’s first day in office, he signed several executive orders, many of which were designed to undo a significant amount of President Donald J. Trump’s policies. That being said, of these executive orders, there are two designed specifically to assist those who’ve incurred significant financial hardships as a result of the COVID-19 pandemic, as so many Americans have. One of those executive orders extends the pause of federal student loan payments, and the other extends eviction and foreclosure moratoriums for individuals who have had a difficult time paying rent and paying off their mortgages on time as a result of hardships brought on by the COVID-19 pandemic. Please continue reading and speak with our knowledgeable Rockland County bankruptcy and foreclosure defense attorney to learn more about these executive orders and how they may affect you going forward. Here are some of the questions you may have:

How long will student loan payments be paused?

Though in December, the Trump Administration signed an order to continue a pause on federal student loan repayments through the end of January, the Biden Administration further extended repayments through September 30. Additionally, we are expecting to see legislation that also offers student loan borrowers partial forgiveness of federal student loans. Rather obviously, this is welcome news for millions of Americans who find themselves grappling with significant student loans.

How long are eviction and foreclosure moratoriums extended?

As part of the recent executive order, the Biden Administration is asking that the CDC extend the federal eviction moratorium through at least March 31. Furthermore, the executive order also makes it so federally guaranteed mortgages and applications for forbearance be extended through at least March 31. Finally, the Federal House Finance Agency is to extend its foreclosure and eviction moratoriums through at least February 28, as per Biden’s executive order. That being said, in the weeks and months to come, these payments may be further extended, depending on where the Nation is with the coronavirus pandemic. If you have any further questions, please do not hesitate to speak with our Rockland County bankruptcy and foreclosure defense attorney today. We will update you further as any additional information comes to the surface.

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Bankruptcy, for many people, is a frightening endeavor. Fortunately, with the help of an experienced attorney, it does not have to be. If you require the services of an experienced Business Law or Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options. We will have your back every step of the way.