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I am currently waiting to see what affect this crisis will have on my currents tenants ability to pay their rent before I seek out any help. But just wondering if any other landlords have applied for a forbearance on their rental properties mortgage? Anyone denied help,... why?
My lender is offering 3 months forbearance with possible extension if needed. I have sufficient emergency funds and hope to not need any help if this covid19 virus diminishes in the next few months.
There have been reports of some banks not exactly giving a break like it seems.
Yes they offer a 3 month forbearance, but in the 4th month the bank is demanding all 3 months back pay plus the 4th month. Which basically is no help. Specifically this is what is happening to some customers at Bank of America:
I wouldn't ask for it unless desperate. The interest still accrues and there are probably going to be fees involved. It makes much more economic sense to keep paying the mortgage on time.
My property manager hasn't notified me that my tenant is having any problems, so hopefully I don't need it. Even if my tenant does have problems paying, I probably would just suck it up and continue paying. Thankfully, I'm in a position where I can do that, no matter how painful it would be.
I haven't heard from any of my tenants telling me they can't make April payments, so I plan to keep on paying. Even if any are unable to pay their rent in full I will continue to pay as normal. I just hope that tenants don't just think they can not pay since some of the big store/restaurants are telling their landlords they will not pay their rent.
I checked online and if I'm not mistaken it said they would only help if you are out of work due to coronavirus, maybe that's just for regular mortgage holders that own a home and not for investors.
I'm a landlord. The wife is no longer working due to COVID19 as her place of business has closed. The husband is still employed but his hours were cut in half. He works for the city so I suspect he may be furloughed soon. The wife should be eligible for unemployment insurance plus $600 more a week in emergency federal compensation. In addition they will be receiving the max stimulus amount because they make less than $150K combined. The stimulus check alone would pay 2 months of rent.
I have agreed to accept their rent in two payments (1st and 15th) but I see no reason, on the surface, why they cannot pay their rent at least for the next 2 months. They say I am their "first priority". We'll see.
Yes, I did apply for a mortgage forbearance just in case I need it. I am still waiting on mortgage company to accept/deny but if accepted, it will be used as a last resort. I don't have a federally backed mortgage and my mortgage company are *****h&%$s so I'm betting they deny me because my loan type is not covered under The Care Act.
Although it will hurt my budget, I can cover the mortgage on my salary - which I thankfully still have. So at the end of the day, I can't complain because I know there are so many others out there that have bigger issues than I do.
The mortgage company my rental loan is through states that if you do not have sufficient savings to make mortgage payment you can apply for a forbearance. I know that I am jumping ahead because I too have not heard anything from my PM about my tenants job situation.
Even if they're collecting unemployment I believe they could afford to pay at least 75% of the monthly rent payment, which would be more than enough for me to keep my payments up without dipping into my emergency fund.
Hope this all ends soon and life gets back to somewhat normal for all of us!
I believe it's for the loans that are fha-Fannie Mae that are included in this recent turn of events.
I only invested once in the landlord matrix.
It was with the understanding that it was additional income. That I could make payment on my investment whether it was occupied or not. I didn't risk my credit .
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