Staying Financially Healthy

By Russ Wiles Arizona Republic | Care of USA Today

The coronavirus outbreak and resulting economic slowdown have increased financial stress and borrowing needs for many people. New loans might not be easy to obtain, especially if your employment income has dropped, but relief is available.
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The recently enacted CARES Act, which also is providing stimulus payments and small-business incentives, addresses credit needs and borrowing in various ways. Here are some of the key provisions tied to loans:

Mortgage relief possible
The Coronavirus Aid, Relief, and Economic Security Act provides several levels of relief to home-loan borrowers, including the right to request two periods of mortgage-payment forbearance or suspensions totaling up to 360 days.
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“No additional fees, interest or penalties can be assessed for the forbearance,” said the National Association of Realtors in a report, though regular interest can still accrue.

James and Patricia had a very expensive, large home that they had lived in for quite some time. Even though they had 1st, 2nd and 3rd mortgages on their property, they still maintained a strong equity position. However, over the years they also acquired a lot of retail consumer debt. 

When they finally decided, in their 70’s, to sell the property and down-size, they were informed by their realtor that the property needed a lot of work to make it really marketable at its price point. 
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Their dilemma......