What do I do if I need to pay my mortgage and my tenant can’t pay rent?

April 1, 2020

  1. Call your mortgage company.
    Each landlord should be calling their individual mortgage and utility companies to find out about policies that could help them during this unprecedented period. According to this article, the first line of defense for homeowners is halting foreclosure proceedings if you know your tenants will not be able to pay rent. Many lenders have implemented special waivers- so check to see if your mortgage company is offering anything beyond the standard ‘no eviction/foreclosure’ policy.
  2. Set up a deferred payment lease addendum with your tenants. Make sure that once unemployment benefits start coming in you can start collecting rent again by creating a short-term rent deferral. Find more information about how to create a rent deferment plan and talk to your tenants about it here: https://resources.rentler.com/how-to-create-a-rent-deferral-program/

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