if my renters can't pay what about my morgages?
- LLv 42 months ago
What is a 'morgage'? And you expect your renters to pay when they can't work? YOU should have saved some money up for emergencies like this. Plus, it is spelled Mortgage.
- SlickterpLv 72 months ago
You still have to pay, but talking to your lender would be a good idea.
- Christin KLv 72 months ago
Get hold of your mortgage company and let them know your cash flow has decreased due to the virus. If they are reasonable, they may give you a reprieve temporarily--but they don't HAVE to. However, it's well worth your time to investigate what your options are with them.
You should not be evicting people right now, either--but that's up to you. If renters can't pay rent, it's one of the issues--however, you might lose this case in court if it ever comes that far. Just beware that when you toss out renters, you toss them out into the streets--and that may not be good for anyone, including you. So be careful about starting eviction procedures. Additionally, you may not get anyone to actually enforce the proceedings (sheriff, lawyer, etc.) if you do start it.
- babyboomer1001Lv 72 months ago
You can evict them. Some states have asked that landlords don't do it, IF they don't pay because they lost their jobs due to COVID-19 but that does not relieve them from their legal obligations. If you can't pay your mortgage, you risk losing the property. Talk to your lender and if they decide to give you a break, get it in writing.Source(s): Certified Paralegal, with 25+ years' experience & with Landlord & Tenant law experience.
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- KISS MY GRITSLv 62 months ago
they can not pay either
- MaxiLv 72 months ago
The advice would be different depending on where in the world you live. as laws, mortgage financial help and Government support is very different....
If my tenants had been laid off/lost their job and couldn't pay their rent then they would apply for the benefits that are available to them, which includes housing benefit which will pay the rent.....
If I had a mortgage on my rental I would use the mortgage holiday option. Many banks offer mortgage holidays, so 3 months not paying the mortgage which is fairly normal and has been for a number of years, so in times when money is tight, like job loss, new baby during the 25 yr mortgage, you can choose to take a mortgage holiday and it is built into the package and if you don't use that option your mortgage is paid off 3 months earlier at the end.
- A.J.Lv 72 months ago
Location dependent. Contact the lender. Beware about emergency orders. In the USA, the President handed this to the Governors, and many Republican governors handed it to Mayors.
- A HunchLv 72 months ago
if the renters are unable to pay and you are unable to make the mortgage, you work with your mortgage lender.
- linkus86Lv 72 months ago
Seek a deferment (payment suspension) with your lender. You will actually have to give them a call.
- MurzyLv 72 months ago
Most will be suspended and the payments will be added to the back end of the loan.