Tuesday, July 28, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
As politicians in our legislatures grind on trying to agree on how much less out-of-work Americans can receive in unemployment payments, the clock is ticking for home-owners trying to figure out a way to make the mortgage payment next month. For those of you who have never been in this situation, this is a reminder that you do have options to get help.
Temporary Mortgage Relief Due to Coronavirus Pandemic
In response to the Coronavirus pandemic, under the CARES Act, the owners of single-family homes with federally-backed mortgages can get two types of financial help.
Eviction and Foreclosure Moratorium
An eviction and foreclosure moratorium that went into effect on March 18, 2020, has been extended again. It now continues until August 31, 2020. During that time, homeowners:
-Will not be charged late fees
-Will not be evicted from their homes
-Will not initiate foreclosure proceedings
Thursday, May 7, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
May 7, 2020
Today, Governor Cuomo extended his eviction moratorium to August 20, adding 60 days to the ban. He also put a ban on late fee and missed payment charges during the hold.
This comes as good news for renters facing virus-related financial hardships. The governor also said renters could use their security deposits to pay rent, then repay the deposits over time.
Cuomo first put a moratorium on evictions due to nonpayment in March, as most businesses and recreation in the state were forced to shut down in the effort to slow the spread of the virus and its resulting disease, COVID-19. With many living paycheck to paycheck and unable to work, Cuomo said many renters are anxious.
He may opt for a further extension of the hold on evictions.
The news isn't good for landlords who depend on rent payments to cover their mortgages, taxes and other expenses. Cuomo said that the state is looking into an as-yet . ...