Communication is key with rent challenges during COVID-19

— If you are faced with financial hardship during this challenging time in a pandemic, it is important to contact your landlord, banks, mortgage company, insurance companies, creditors and any one else that requires payment.

Reach out to them as soon as possible and explain your situation to work together. If you do nothing, the person or organization will assume you can pay, received unemployment, financial assistance, or are still working.

The rental market is tight.  If you can not rent, there is a good chance someone will be waiting to take your rental spot. So it is important to communicate.  There are resources  during this crisis, but contacting the person or organization is the first step to dealing with this unfortunate financial challenge.

Remember, with your rent payment, the landlord must pay taxes, insurance, maintenance, and possibly utilities and a mortgage and their own bills. Every situation is different, so please communicate.

Contact 1-866-LEGL-AID or an attorney for additional information for economic hardships.

If you have rent and your landlord has a FNMA, please check to see if their mortgage is deferred — giving you a possible opportunity to defer your rent.

Real Estate
FHFA Announces Tools to Help Renters Find Out If They are Protected From Eviction

To help renters find out if they are protected from evictions during the COVID-19 national health emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) have created online multifamily property lookup tools.

The property lookup tools allow renters to find out if the multifamily property where they reside has an Enterprise-backed mortgage. Under the CARES Act, renters living in a property with an Enterprise-backed mortgage are covered by a temporary eviction moratorium. Landlords with Enterprise-backed mortgages can enter forbearance if their tenants cannot pay rent due to COVID-19 loss of income.
“Today’s tool protects renters and empowers them to find out if they live in a multifamily property covered by the eviction moratorium,” said Director Mark Calabria. “Landlords with Enterprise-backed mortgages cannot evict tenants for failing to pay their rent if they are affected by COVID-19. Renters who can pay their rent should.”

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.

Renters living in multifamily properties with Enterprise-backed mortgages who need support should reach out to the Fannie Mae Helpline at 877-542-9723, if Fannie Mae backs their building’s mortgage, or the Freddie Mac Helpline at 800-404-3097, if Freddie Mac backs their building’s mortgage.

See Fannie Mae’s Multifamily Loan Lookup Tool here.