Are you having trouble paying your rent? Fannie and Freddie recently announced they wanted to do more to help renters unable to make their monthly rent payments by extending the foreclosure and eviction moratoriums that were put in place back in March.
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The original moratorium was for 60 days and set to expire on May 17th but the Federal Housing Finance Agency announced that Fannie and Freddie are extending their moratorium on foreclosures and evictions until at least June 30, 2020. This foreclosure moratorium applies to enterprise backed, single family mortgages and reverse mortgages
The moratorium halts new foreclosure actions and suspends all foreclosure actions currently in the process.
Renters living in a property financed by Fannie Mae or Freddie Mac are covered by a temporary eviction moratorium.
Fannie Mae Loan Look Up – https://www.knowyouroptions.com/rentersresourcefinder?utm_medium=email&utm_source=govdelivery
Freddie Mac Loan Look Up – https://myhome.freddiemac.com/renting/lookup.html?utm_medium=email&utm_source=govdelivery
Renters are still expected to pay their rent during the eviction moratorium period, if they can. Those experiencing financial hardship should reach out to their landlord to discuss their situation and potential solutions.
What landlords should you do if your tenants can’t pay their rent?
If your tenants can’t pay their rent, try and work on a solution that benefits both parties. If you are in a position to not let them pay the rent, then maybe consider that as a first option. If their payment is crucial in being able to make your own monthly mortgage payment then try and see if they are able to pay a partial amount (anything at all) and you can either use part of their security deposit as the difference in the rent or you can add it to monthly payments going forward.
You also have the option to consider mortgage forbearance with your current lender. Let them know that your tenant isn’t able to pay their monthly lease and therefore you don’t have the funds to pay your mortgage. Your lender should work with you to set up forbearance (additional videos below on that process) until your tenant is in a position to start paying rent again.
Whatever you decide, make sure that you put it in writing with your tenant through not only email but certified mail to have a paper trail of the conversation, just in case.
If you have additional questions about the foreclosure or eviction moratorium, please comment below or contact me directly.
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