All Forum Posts by: Account Closed

 The solution is to employ "Proper Underwriting" now, and see if they qualify.

I have a tenant I'm booting out for other reasons (broke other terms of the rental agreement) but for certain, absolutely, they will claim they can't be evicted because of COVID-19.

I am requiring they provide EVERY paycheck stub and every bank statement from Jan 1 2020 (Pre-Covid-19) to today to verify if they have had an interruption from unemployment or reduced hours. I know for a fact, from text messages, that they have not been impacted by loss of employment or reduced hours. (How they spent that money is a completely different issue.) But, they have the same income & have enough continuing income to make normal payments.

1. If they provide the paycheck stubs and bank statements, I have proof for the judge at eviction court and in case I ever get questioned about evicting them.

2. If they don't provide the paycheck stubs and bank statements, I can evict and accuse them of lying on the affidavit thus forcing the perjury charge.

Don't just roll over, follow the rules and take charge of your properties. Ask questions and make them Prove!

What are your plans for the house? (Why did you buy the house? Rental? To Live in? To Flip? Group Home? etc?)

How would a little rewiring make it a "very bad deal"?

It's important to read what it covers and what it DOESN'T cover:

1. The person has to prove they can’t pay the full amount because of loss of work relating to COVID-19
2. The person has to make every attempt to pay rent on time
3. The person has to APPLY under Oath, under penalty of perjury
4. It is not automatically granted
5. If the renter has some other place to move to, they can be evicted
6. The renter STILL OWES all rents, they have to be paid at some point
7. This does not include foreclosure on a home mortgage
8. They can still be evicted for violating OTHER TERMS on the lease agreement

Here is the Actual Wording:

“Covered person” means any tenant, lessee, or resident of a residential property who provides to their landlord, the owner of the residential property, or other person with a legal right to pursue eviction or a possessory action,

a declaration under penalty of perjury indicating that:

1) The individual has used best efforts to obtain all available government assistance for rent or housing;

2) The individual either

(i) expects to earn no more than $99,000 in annual income for Calendar Year 2020 (or no more than $198,000 if filing a joint tax return),

(ii) was not required to report any income in 2019 to the U.S. Internal Revenue Service, or

(iii) received an Economic Impact Payment (stimulus check) pursuant to Section 2201 of the CARES Act;

3) the individual is unable to pay the full rent or make a full housing payment

due to substantial loss of household income, loss of compensable hours of work or wages, a lay-off, or extraordinary out-of-pocket medical expenses;

4) the individual is using best efforts to make timely partial payments that are as close to the full payment as the individual’s circumstances may permit, taking into account other nondiscretionary expenses; and

5) eviction would likely render the individual homeless—or force the individual to move into and live in close quarters in a new congregate or shared living setting—because the individual has no other available housing options.

“Evict” and “Eviction” means any action by a landlord, owner of a residential property, or other person with a legal right to pursue eviction or a possessory action, to remove or cause the removal of a covered person from a residential property.

This does not include foreclosure on a home mortgage.

HERE IS THE ACTUAL OREDER:

https://s3.amazonaws.com/public-inspection.federalregister.gov/2020-19654.pdf

Lol, taking shortcuts in real estate is not a wise way to build wealth my friend. It seems you want to take shortcuts AND scam the system. It's not to my liking at all.

Money you borrow is being lent by somebody else who counts on those payments for eating. It isn't money just "pulled out of thin air". Lenders lend money that real live people have invested.

Since people depend on your payments being paid and being paid on time, which you've agreed to do, if you fail to make your payments, the investors (lots of retired people included) don't get paid and can't pay their payments, bills and buy groceries. It's called "theft" & "fraud" if someone intentionally doesn't pay their bills, rent, mortgage.

And yes, going forward, most lenders will ask if you every used a forbearance and will decide your loan accordingly. There are a thousand ways to deny your loan if they don't want to do business with you. Forbearance will be a big Red Flag.

The value of having a real estate agent is for the agent to find you a buyer. If the agent didn't find the buyer, you have (until you sign a listing agreement and I can't think of why you would if you found the buyer and he didn't) you have No obligation to use or pay that agent. Run the numbers. The cost of an agent at 6% for a $400,000 property is $24,000. If you believe the agent can bring you more than $24,000 in value, above what you can get from the tenants, then you use the agent. However, if you already have a buyer, use a title company and a lawyer to complete the sale. You will save about $20,000. Give the tenant buyer a bit of a break since you are saving so much money. It's a clean deal and you don't have the uncertainty of how long and how much hassle selling through the MLS might be.

It's important to read what it covers and what it DOESN'T cover:

1. The person has to prove they can’t pay the full amount because of loss of work relating to COVID-19
2. The person has to make every attempt to pay rent on time
3. The person has to APPLY under Oath, under penalty of perjury
4. It is not automatically granted
5. If the renter has some other place to move to, they can be evicted
6. The renter STILL OWES all rents, they have to be paid at some point
7. This does not include foreclosure on a home mortgage
8. They can still be evicted for violating OTHER ITEMS on the lease agreement

Here is the Actual Wording:

“Covered person” means any tenant, lessee, or resident of a residential property who provides to their landlord, the owner of the residential property, or other person with a legal right to pursue eviction or a possessory action,

a declaration under penalty of perjury indicating that:

1) The individual has used best efforts to obtain all available government assistance for rent or housing;

2) The individual either

(i) expects to earn no more than $99,000 in annual income for Calendar Year 2020 (or no more than $198,000 if filing a joint tax return),

(ii) was not required to report any income in 2019 to the U.S. Internal Revenue Service, or

(iii) received an Economic Impact Payment (stimulus check) pursuant to Section 2201 of the CARES Act;

3) the individual is unable to pay the full rent or make a full housing payment

due to substantial loss of household income, loss of compensable hours of work or wages, a lay-off, or extraordinary out-of-pocket medical expenses;

4) the individual is using best efforts to make timely partial payments that are as close to the full payment as the individual’s circumstances may permit, taking into account other nondiscretionary expenses; and

5) eviction would likely render the individual homeless—or force the individual to move into and live in close quarters in a new congregate or shared living setting—because the individual has no other available housing options.

“Evict” and “Eviction” means any action by a landlord, owner of a residential property, or other person with a legal right to pursue eviction or a possessory action, to remove or cause the removal of a covered person from a residential property.

"This does not include foreclosure on a home mortgage."

HERE IS THE LINK TO THE ENTIRE ORDER:

https://s3.amazonaws.com/publi...

You are a newbie to finance and real estate, eh? For one, the Fed doesn't lend to borrowers. For two you neither understand the law of unintended consequences, nor for three that not all loans are identical. Some are FHA, some are VA, some are USDA, some are Fannie Mae, Some are Freddie Mac, some are jumbo, some are commercial, some are private, some are portfolio and I'd bet a 2% shave on your interest rate that you couldn't tell us the difference or which ones are affected.

You should wait until you have a few more years under your belt before putting crap like that on a website.;-)

You've embarrassed yourself.

In fact,your advice is soooo baddddd  I'd delete the account and start a new one. Just sayin'

Lol. You're joking, correct? Prices dropped to half in Phoenix, FL, ATL, Inland CA, Las Vegas. 

Who is going to make the mortgage payment and pay for title title insurance, escrow, homeowner's insurance? Who is going to pay the power bill, water bill, property taxes, repairs, etc?

Every property I bought "no money down" has cost me money ;-)

So, you admit to receiving text messages, urgent or not and will always look. Certainly you've developed the skill of being able to glance to see if it is "urgent" or can wait. You are going to do that anyway.

While I agree that an unsolicited text messages is a nuisance, there is a "Block this caller" feature you can use (and I do, it cuts down on text messages).  

Your actual argument should be "I pay for the phone service and I resent people using up resources I have paid for", is more compelling.