|Posted:||April 30, 2020 03:07 PM|
|From:||Representative James R. Roebuck, Jr. and Rep. Morgan Cephas|
|To:||All House members|
|Subject:||Interest Suspension for Students and Homeowners amid COVID-19 Pandemic|
|I plan to introduce legislation that would provide forbearance on student loans and guaranteed mortgages.
The COVID-19 Pandemic has impacted many in our Commonwealth, causing much worry and concern, including their jobs and how they will make ends meet. These hard-working families should not need to be worried about keeping a roof over their head or paying back student loans when trying to keep their family safe.
The goal of these two bills is to help borrowers from incurring additional fees, interest or negative impacts on their credit scores. I hope you will join me in co-sponsoring this important legislation.
Introduced as HB2494
|Description:||This legislation would provide for no penalty and interest over the next 6 months or until their income returns to normal for student loans. Forbearance allows a borrower to suspend payments for a period due to a decline in income or other hardship. It would also be extending their loan by the length of the forbearance, with no fees, penalties, or accrued interest.|
Introduced as HB2501
|Description:||Regarding home mortgages, this legislation would be requiring servicers to evaluate homeowners for a loan modification at no cost and with no penalties for the borrower.|