Storm, avalanche, disaster are terms being thrown all around the media this week. Is the topic climate change? No, these terms are being used to describe what is going to happen to tenants as the federal moratorium on evictions will expire on Saturday, July 31. I previously wrote about this deadline. Hence, I will not rewrite all the details. Rather, my original post is below.
Get Ready – Foreclosures and Evictions Are Coming
As vaccines are getting into American’s arms, there is really hope that the COVID pandemic coming to an end. That is the good news. The bad news is that for millions, the end of COVID relief programs is around the corner. The financial damage and reality of the pandemic it is about to hit many hard. In the coming months, experts say that mortgage foreclosures and evictions are going to skyrocket. I have seen some statistics saying that 1 in 5 renters are behind on rent and just over 10 million homeowners are behind on mortgage payments.
Foreclosures
I previously wrote about Mortgage Forbearance which is a program that allows mortgage holders to postpone payments. While President Biden recently extended mortgage forbearance under the CARES Act, it will eventually end. When it does, banks will require their customers to catch up on their mortgage payments. For those who cannot make up their payments, foreclosure is sure to follow. Before the forbearance program ends, give me a call. Now is the time to start exploring options and plan for the inevitable. Depending on your situation, maybe we can get a loan modification or refinance your home. However, the longer you wait, you will have fewer options.
Evictions
The moratorium on the eviction of renters is due to expire in June. I read a post from the Florida Bar Consumer Protection Law Committee that said an estimated 20% of renters in Florida are behind on rent payments and a new report finds 15.6% of Florida’s renting households are at risk of eviction over the next two months. These are staggering numbers to me. There has been an uptick in evictions in Florida already. I fear this is just the beginning. As a tenant, you have rights, and you may have financial options. Do not wait to find out what options are available to you.
Florida received a total of $1.4 billion in federal dollars to distribute to tenants and landlords. But the state has barely paid out any of it. This means that if you are facing eviction, you may have some options as the moratorium on evictions expire. Contact me to discuss your situation. We will work together to find a solution that makes sense for you.
