In the midst of uncertainty, social distancing, quarantines, school closures and rushes on toilet paper, there is relief in sight for homeowners & renters. Keeping this brief, here are a few key things that you should note whether you are renting or own your home and are concerned about making your payments right now.
HOMEOWNERS:
1) 90 Day Grace Period for Mortgage Payments: More than 200 banks, including Wells Fargo, Citibank, JPMorgan Chase and U.S. Bank, have agreed to the mortgage payment forbearance for homeowners. For more information, check with your bank or click here for more info.
2) Moratorium on Foreclosures and Evictions: For at least 60 days, financial institutions will not initiate foreclosure sales or evictions, consistent with applicable guidelines.
3) Relief from Fees & Charges: For at least 90 days, financial institutions will waive or refund mortgage related late fees & other fees, including early CD withdrawals (subject to applicable federal regulations) for those who have requested assistance.
It is important to note, this is not a forgiveness of your mortgage, but only a forbearance to help you get through this time. You will still be liable for your mortage loan. However, your credit will not be negatively impacted and you may be able to apply for an extension beyond the 90 days, if needed. Banks are experiencing higher call times, so keep that in mind as well.
For more information or to apply for assistance, please contact your bank or mortgage provider or click here.
RENTERS:
1) Moratorium on Evictions & Rent Delay: The order prohibits landlords from evicting tenants for nonpayment of rent and prohibits enforcement of evictions by law enforcement or courts. It also requires tenants to declare in writing, no more than seven days after the rent comes due, that the tenant cannot pay all or part of their rent due to COVID-19. For more info, click here.
You must contact your landlord if you are having trouble paying your rent due to COVID-19. Also, note, this is NOT rent forgiveness. You will still be liable for the amount of your rent that is delayed. This order takes effect immediately and provides immediate relief to renters for whom rent is coming due on April 1st. For more info click here.
Please know that I am here for each of you! We are all in this together and I am here to help however I can. If you are unable to go out and just need a grocery run or other errand, please reach out to me anytime! If you are in a more extreme circumstance and fear you may not be able to keep your home, please give me a call. I am here to help, even if that just means talking through your options to help you find the right solution. I am here to serve you, however I can.
Please stay safe & call me anytime.
~ Carol
DISCLAIMER: I am here for all of your real estate needs, but we all know that things are rapidly changing and the info here may change or be updated based on your unique situation and lender/landlord and new government mandates. These are guidelines based on what was published by the Governor or the State of California as of 3/28/2020, but please contact your specific banking institution for the most up to date financial information or give me a call for the most up to date Real Estate information or market status.