In other words, conventional lending happens in an environment where each party is acting in their own interest, not the interest of the other; the lender will want to see a sales price based on appraised value; the desire to provide a great price for a family member can get in the way of establishing a loan on appraised value, this is especially true if the purchasing relative has little or no down payment; family members may "gift" equity in a transaction to reduce the amount of mortgage money required, the lender must still be satisfied about appropriate value to protect their loan, gifts have tax consequences and IRS guidelines govern gift amounts. 9.Seller-Assisted Down PaymentsNonprofit groups formed in recent years offer down payment money to certain buyers; the payment is linked to a contribution to the nonprofit by the seller, but the pathway is not hurdle-free, assisted down payments may be barred in certain situations; simple and attractive way to secure a buyer who is otherwise qualified but struggling to find down payment money; nonprofit provision becomes part of the purchase contract; nonprofit receives the contributed amount, plus a processing fee, from the seller and sends the funds directly to closing as a credit to the buyer; the funds do not go directly to the buyer; sellers may be tempted to increase the price of their property to pay for the down payment assist.

A long as our local government thinks the crisis goes on for, tenants don't have to pay rent.

I forgot to get insurance on the condo when I purchased it from a turnkey company and the bank asked for the insurance policy doc as a required doc.

Or will the government provide enough assistance to banks allowing them to work with borrowers during this time?

Natalie in your opinion do you think the time limits on 1031 exchanges might possibly be modified/extended by the government, given the difficulty of doing business while Covid 19 is still a concern?  

We've never filed a claim on an umbrella policy.   

We are ready for Homeowners insurance renewal end of the month and we are currently having a HO3 policy on the old property. 

I also have a government W2 job.

I forgot to get insurance on the condo when I purchased it from a turnkey company and the bank asked for the insurance policy doc as a required doc.

I'm guessing they will have to pay out something at least in some cases, otherwise they will risk huge PR nightmare and people cancelling policies, etc.