In the next few months we are stepping into the unknown regarding rent payments to your investment properties. As of today, none of our HOTT Homes Property Management and Real Estate tenants have indicated an issue with paying their rent; however, we need to prepare now for what may come down the road. Our team has come up with a few options for you to know about as we navigate the unknown with our properties.
-Mortgage Loan Payment Deferment-
You may choose to contact your lender to ask for a forbearance to allow you to not pay mortgage for a few months. Depending on your lender they will handle the forbearance in any of the following ways: 1) After the time period of forbearance is over you could be expected to pay all missed payments as well as the current one in a lump sum. 2) FreddieMae and FannieMae are ordering lenders to work with borrowers on a permanent plan to maintain or reduce monthly payments as necessary. 3) Mortgage Modification - Request of mortgage modification which will allow you to skip payments for a set period, then pay them back in a variety of different manners. Best case scenario is your lender will add the missed months to the end of your mortgage, extending the life of the loan. All Freddie Mac and Fannie Mae owned homes in foreclosure have been halted until at least May 17. Call you lender directly to find out which scenario pertains to your investments. See entire article at Fortune Magazine.
- Gavin Newsom, Governor issues executive order on COVID-19 and evictions-
Local governments can impose eviction protections for tenants who are unable to pay their rent because of the CORONAVIRUS-COVID-19 or loss of income as a result of the outbreak. If a tenant is unable to pay their rent, the tenant's rental payment is deferred for a reasonable period of time, but not waived. We are urge for renters, manager, and landlord to act with compassion in dealing with residents who are faced with hardship due to COVID-19.
- GoFundMe Launched - gf.me/u/xsfhbj
In effort to reduce the chances of our renters not being able to pay their money rent, I have started a GoFundMe account to raise money for your renter in the case they can not pay the entire rent amount.
- SBA Disaster Loan Assistance -
https://disasterloan.sba.gov/ela/Information/Index
SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets.
SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets.
- Last case scenario...Sell your home-
As a last resort, selling your property can be arranged. I am the most qualified to sell tenant occupied homes.
As a last resort, selling your property can be arranged. I am the most qualified to sell tenant occupied homes.