Chicago Housing Solidarity Pledge to Aid Landlords
Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ votes
Realize most of the Chicago BP investors are keeping up with the news but just in case here's a recent announcement made by the Mayor's office working with the major banks in the area to provide relief to landlord mortgage holders whose income is affected by COVID-19.
Under the terms of the pledge, housing lenders affirm they may provide the following for eligible mortgage holders who demonstrate a significant financial impact from the pandemic:
- Grace Period for Mortgage Payments: Offer deferred payments with repayment terms that avoid immediate repayment at the end of the deferral period.
- Suspension of Foreclosures: Provide relief from foreclosure filing until May 31, 2020.
- Neutral Reporting to Credit Agencies: No reporting late payments to credit reporting agencies, consistent with applicable guidelines, for residential borrowers taking advantage of COVID-19 related relief, provided that loans that were delinquent prior to deferral will continue to be reported as delinquent.
- No Late Fees for Missed Payments: Provide relief from mortgage-related fees.
The following organizations have committed to the Chicago Housing Solidarity Pledge:
- Bank of America
- BMO Harris Bank
- Byline Bank
- CIBC
- Fifth Third Bank
- First Eagle Bank
- First Midwest Bank
- Northern Trust Bank
- PNC
- US Bank
- Wintrust Bank
- Second Federal Credit Union
- Seaway Credit Union
- Lawyers Committee for Better Housing (LCBH)
- Chicagoland Apartment Association (CAA)
- Neighborhood Building Owners Alliance (NBOA)
- Chicago Association of REALTORS (CAR)
Here's a link to the announcement: Press Release