(BPT) – Millions of people still find themselves confronting financial hardship and uncertainty due to the COVID-19 pandemic. For those finding it challenging to keep up with timely rental payments, resources and relief options are available including financial counseling, help communicating with landlords, state and local tenant protections, and even emergency rental assistance.
In addition to resources for renters, property owners with a building financed by Fannie Mae may be eligible for forbearance, which temporarily suspends or reduces their mortgage payment until the hardship is over. By taking advantage of this option, the property owner agrees to provide payment flexibility to their renters who may be experiencing financial hardship due to COVID-19.
The multifamily COVID-19 forbearance program requires property owners with a forbearance plan related to the pandemic to suspend all evictions for renters unable to pay rent during the forbearance period. A property owner participating in the program also must allow tenants flexibility to repay back rent over time and not in a lump sum; and not charge late fees or penalties for non-payment of rent.
Please click here to contact a Pacific Property Loans’ Loan Officer or Pacific Home Brokers’ Agent to learn more.