Date: 2020-04-20 22:30:02
Lets discuss the new stimulus plan update which includes mortgage and rent cancellation for 2020 – Enjoy! Add me on Instagram: GPStephan
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New stimulus plan proposal update: https://omar.house.gov/sites/omar.house.gov/files/Bill%20Text%20-%20Rent%20and%20Mortgage%20Cancellation%20Act%5B1%5D.pdf
All rents and mortgage payments would be “cancelled” for an entire year. This would apply to everyone:
-All rent payments will be suspended on your primary residence
-No tenants shall incur any fines for nonpayment of rent.
-No tenants shall have their unpaid rent be treated as an owed debt
-No tenants shall be held liable for repayment of debt
-And, lastly…this unpaid rent will NOT affect your credit score.
Second, we’ll move on to MORTGAGE PAYMENTS:
-All mortgage payments will be suspended on your primary residence
-No home owner will be liable for repayment of those mortgage payments
-You will NOT be foreclosed on for missing your mortgage payments
-No fees or penalties will be incurred during this time
-And not paying your mortgage will NOT affect your credit score
The Secretary of Housing And Urban Development shall set up a RELIEF FUND for landlords who can be reimbursed for lost rent to offset their cost. To be eligible for this, the landlord must ensure that they follow these guidelines for the next 5 years:
-One, they’ll be subject to a RENT FREEZE – meaning, they cannot raise the rent for that property for 5 years if they accept relief funds.
-Two, the landlord cannot evict the tenant without JUST CAUSE – or, in other words, you can only evict a tenant for violation of the lease, or eventual nonpayment of rent. You can’t just evict them because you’re tired of having them as tenants, or because they don’t smash the like button for the algorithm.
-Three, the landlord cannot discriminate against the source of income from the tenant, and during a vacancy, you must make it available to government assistance programs.
-Four, you can only receive the amount of rent you were getting BEFORE the Illness happened…not after.
From there, The Federal Government would create an additional relief fund for LENDERS where they could be reimbursed for the lost mortgage payments during this year. And, there will be another fund set up for housing acquisition, with the purpose of buying multi-family properties to ensure that people have a safe, affordable place to live.
Although, as a landlord and real estate investor myself…who also has a mortgage…there’s a lot more to this than the bill is letting on, and I have some serious concerns about how this could be implemented, which I discuss in the video.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
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