Lets discussed the finalized stimulus proposal, known as the Heroes Act - Phase 4 Stimulus - and go over a few of the main takeaways that might apply to you. Enjoy! Add me on Instagram: GPStephan Click

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STIMULUS CHECK:
Anyone making under $75,000 per year will receive ANOTHER $1200 Stimulus Check. As usual, for every $100 you make above this amount, your payout declines by $5. For MARRIED couples, that amount is doubled.

THE DIFFERENCE with this NEW proposal, however, is that EACH DEPENDENT is now eligible for an additional $1200 Stimulus Check, up to a maximum of 3 dependents. This INCLUDES college aged and adult dependents. That means, a married family with 3 dependents would receive a $6000 Stimulus Check under this new plan.

HOUSING - RENT:
This proposes that there will be an EVICTION FREEZE for 12 months based on nonpayment of rent. AFTER THAT, it’s a bit unclear how it’s written - but, it seems to be IMPLIED that the landlord must give an ADDITIONAL 30 days for the tenant to vacate the property. So, in total…that would give a tenant 13 months to live in the property before an eviction can be filed.

HOUSING - MORTGAGE:
You would be able eligible to receive up to 12 months of MORTGAGE FORBEARANCE. This applies AUTOMATICALLY if you fall behind on your payments. In terms of ESCROW ACCOUNTS - where a portion of your mortgage payment goes towards paying the property taxes and insurance, IF you’re in mortgage forbearance - your LENDER would PAY FOR THESE THINGS FOR YOU.

But what’s even more surprising is a clause in here called LOSS MITIGATION for escrow payments, which says the lender will - at their description, either allow you to defer those payments, or FORGIVE ESCROW ADVANCES. Which, is another word for saying - they’ll just pay your insurance and property taxes FOR YOU, and then NOT expect you to pay it back. All payments can be added to the end of the loan, with no adverse impact to your credit report and credit score.

UNEMPLOYMENT BENEFITS:
The $600 per week benefits would be extended all the way until January 31st, 2021. Other benefits include PREMIUM PAY to frontline workers - this would give an extra $13 per hour of PREMIUM PAY for work beginning on January 27th, and would last until 60 days AFTER the last day of the public health emergency. Capped at $10,000 for workers making under $200,000 per year, and above that, the cap is $5000.

STUDENT LOAN FORGIVENESS:
As written, The Secretary Of Treasury shall, for each borrower of a private education loan, pay the total amount due for such month on the loan, based on the payment plan selected by the borrower or the borrower’s loan status. The MAXIMUM amount of aggregate payments with respect to an individual is $10,000.

SALT CAP DEDUCTION:
THIS bill wants to OPEN THIS DEDUCTION back up again, and allow there to be NO LIMITS on this SALT deduction for the next 2 years, until 2022.

NOW…do remember that, even though this is much more polished, in depth, and FINALIZED proposal…it’s still just that, a PROPOSAL. And IF this passes on Friday, it goes to the Senate…who will then have to pick this apart and vote on it for this to go into effect. So, I think we’re still another few months away from anything happening…but, at the very least, progress IS being made…even though it’s happening slower than a snail gliding through the dessert.

For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com

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