As I speak to clients in these times of lockdown and COVID-19 there are similar questions that kept coming up for most people.
Following are some of the questions that we feel are on the minds of several property owners and I wanted to clarify a few things.
Can I skip my mortgage payment as per Governor’s announcement and what does that mean.
Please do not have any misconceptions about missing payments and permission granted by our Governor. Be sure to speak to your bank before you miss 30 to 60 or 90-day payment. All banks require that you have a serious hardship and need to prove that you did not have the finances to be able to make those payments. I have negotiated several foreclosures, short sales settlements and the paperwork that is involved in being able to get approval from the bank on being behind on payments. We can have a private consult on this if you like. As the situation is case-by-case and all depends on your circumstances your property and what your bank is willing to do.
What happens if my tenants do not make the rent payment?
Tenants that are facing hardship right now, will or may not make their next month payment. After having communicated with a landlord-tenant attorney what that means for you and for your tenant is that there is no legal eviction process that will start for up to 90 days of nonpayment. This does create very big stress for the landlords and again if you do not have any finances to make your mortgage payment you would have a genuine hardship however this is case-by-case and depending on your assets.
Can you sell a property in these times of lockdown and COVID-19 ?
Again this question has several elements that are specific to your property but yes they are vacant properties that we can market. We can do digital marketing & virtual tours for you and bring in cash buyers. The ability to get a mortgage will be restricted and severely delayed due to the governor’s clear directions that there are no appraisals and no inspections. Hence a cash offer may be the best option with proper marketing. The properties exposed to all Cash Buyers in the area will be through digital marketing again this entire decision depends on your individual, specific circumstances.