What options do tenants and landlords have right now if payment has become difficult due to the effects of COVID-19?
As for rent and mortgage payments, that depends on the financial institution that holds a mortgage on your property as well as your individual landlord. Most institutions at this point, are halting evictions and foreclosures during this time on properties that they hold a mortgage. The Federal Legislation that is expected to pass (CARES Act) has several eviction and foreclosure protections for properties backed by federal mortgages and subsidies.
If your city, county, or judicial circuit has an eviction moratorium in place, that is a good thing for tenants. However, just because folks aren’t getting evicted doesn’t mean there is a rent freeze. At some point, when this crisis is over, accrued rent is going to become due. Every county and most municipalities have a SHIP Office that is working to provide rental assistance at this time. Our state’s affordable housing programs are uniquely situated to respond to the COVID-19 crisis. If you can’t get assistance from the SHIP Office, your community may have nonprofits or philanthropic organizations that may help with rent. Landlords can seek out certain loan offerings and other financial assistance from programs that will be put online in response to this crisis.
If you have questions about your personal situation, please call us right away to have your case reviewed.