So the payments get deferred, but if families aren't earning any money (e.g. lost job or furloughed) for these missed months, how will they catch back up? Where does the extra money come from?
At least with a mortgage, couldn't it be reasonable to extend the entire payment schedule by 1/2/3 months?
Yeah, that's my thinking as well. Maybe congress will pass a nationwide extension on home mortgages for some determined duration of the pandemic? Rent is less clear. Maybe something similar for the landlords and in return there is a moratorium on evictions?
Agreed. This would make the most sense surely.
The government is giving them an extra $2,400 a month. It’s taking some time to get distributed, but it’s going out.