The COVID-19 pandemic has caused money struggles for both renters and landlords. You’re an important part of the rental economy. If your rental income has fallen, you can take advantage of options to keep you in control of your property and your financial situation.
Rental assistance can help you recover rent that your tenants owe and get your finances back on track. Here’s what you need to know to get started.
Like other folks, you probably rely on friends and family, work colleagues, and other trusted professionals to stay on top of rapid developments during the pandemic. If you’ve found this information helpful, please share our handouts with your networks as well as your tenants
You have options and applying for federal emergency rental assistance is a good first step. At the same time, don’t underestimate the power of an open conversation with your tenant about realistic ways you can continue your rental relationship.
Many homeowners are having trouble making their monthly mortgage payments. This includes property owners who depend on rental income to make ends meet. If it has become harder to pay your mortgage during the coronavirus pandemic, you may be eligible for forbearance. This is a temporary pause or reduction in your monthly mortgage payments. Some owners may be concerned about their credit. However, during the pandemic emergency, getting forbearance may not affect your credit.