COVID AND EVICTIONS LANDLORDS

COVID AND EVICTIONS LANDLORDS

3 to break landlords are not just left on the lurch that the law is kind of stepping in to aid them as well and so the first thing i want to talk on is that if you are a landlord and you have renters and you have a currently federally backed mortgage then is long as you don't you victor during this quarantine you are eligible for a ninety day forbearance on your on your mortgage payments so they're not going to expect you just to keep paying your mortgage every month if you're having renters who are behind on their payments you know as long as you're being cool and letting them stay in not filing for addiction to get rid of them.

And the government's gonna give you a bit of a break there so that's that's one good thing another thing is that if you have a mortgage with a fannie mae or freddie mac company- they are giving a sixty day suspension on all four closures conviction so- if it you know that that's a pretty big so they're giving everybody pretty big olive branches say look we know this is a hard time so we're not gonna be busting everybody shops we want people to cooperate.

And end up we'll make it work with each other but one thing i want to stress is that a lot of people have been asking me about these forbearances because it looks like or hate i don't have to make a payment for three months however long the bear is.

The think of it as- well when your top is up you to make a payment again.

No big deal but but this is what i call a forbearance trap.

Because a lot of times the forbearance yet to look at the fine print.

Because what happened at the end of your forbearance is york linder your finance company.

Is going to expect you to make.

All the missed payments with the interest when that time period is up.

So it's not.

Where you're not accumulating interest.

Or anything like that it is.

All the money that you would have paid is going to have to be do.

It's just they're letting you take that little bit extra time.

But it's still a heavy burden and i've seen people lose everything.

When they fell for forbearance strive not realizing that.

The juice was running so to speak and they still reliable for all those missed payments when the trap was over so that's something you have to pay.

Special attention to because i want to see anybody.

Lose their home when they didn't have to do things i want to stress one is.

When the renter has stopped participating in a when they have breached the lease and the other is when the river has just gone ahead and left because they figure.

I'm i'm done i'm not able to pay this anyway.

In the first case you can still follow prediction but now we have till may fifteenth before.

Any of this stuff is going to get hurt so it's going to be some time but you can lease put a notice on the on your tenant's door that.

You know look you're going to be filed for eviction.

Although that may bring certain consequences on your landlord's head with his finance company.

If you are a victim your tenants so that's something to keep.

An eye on the other thing is that.

If the unit is abandoned.

A landlord can resume occupancy of and retake it.

So if you are renter don't just leave you know go through the process.

And.

See if you can