Hi everyone,
I think the first and most responsible thing to do is find a way to work with your tenants. We are all in the same boat here and need to not lose our humanity during these trying times.
I understand we all have mortgage responsibilities, but…
Just as you as a landlord wouldn’t think it right for the bank to foreclose on you for lack of payment during this time when financial hardship is largely out of your control, it wouldn’t be fair to your tenants to be evicted during these times either.
First, a moratorium on evictions will likely be placed nation wide. So let’s not start with talk of evictions here as that helps no one, and your tenants will likely see you as a huge douche.
Look, it’s highly likely financial institutions will roll out a plan for mortgage payments freeze and or roll them to the back of the loan or reduce monthly payments, etc. This isn't going to be an isolated incident, this is going to be massive!
In the meantime, if you are already dealing with tenant late payments, or not YET, I would highly recommend you call your mortgage holder and start getting information on requesting ‘forbearance’. This is where your bank refrains from exercising a legal right to enforce payment on debt. It usually involves a process of proving ‘hardship’, and you will be able to negotiate with the bank for temporary relief of mortgage payments.
Start the info gathering now so you know the logistics and timeframe required to get the forbearance rolling before it’s needed.
Best of luck. Stay safe and healthy my friends.
