There’s a lot going on with the stimulus bill including being able to request forbearance for your real estate rental properties. This will affect single family homes, multifamily, and tenants. Under this bill your lender or service provider will now have to allow you to request 180 days of forbearance on your single family mortgage payment because of the virus! You can even request an additional 180 without fees or additional interest due to the outbreak.
One big thing to note here is if you have tenants for your multifamily property: You will not be able to evict your tenants during the outbreak if you use this program. You will not be able to charge late fees or serve notices to vacate either. Basically, everyone will be required to “sit tight” until the pandemic passes.
Being a real estate agent or broker has not been easy since the quarantine started. Open houses are closing and buyers are scared to invest in real estate.
So the FHFA has made it to where banks, lenders, and appraisers have easier guidelines to follow in order to get more real estate deals closed.
With that said, talk to your lender/banker/mortgage broker before doing anything! There’s always a possibility this affects people in ways that we don’t expect.
Associate Broker, CEO
I grew up in the Real Estate industry. I started by ripping up carpet for turnovers in middle school and have been moving up the ladder ever since.
Now I am ranked in Arizona’s top 10 brokers for real estate sales volume and total asset value sold. I am the go-to broker for large funds, Family Trusts, and select high net-worth individuals.
My newest Real Estate Equity Fund now brings my investors added value through our vertically integrated business model.
For years I’ve bought 30 houses a month cash at market rate. I buy and sell apartment complexes between Phoenix and Tucson. I reposition and rehab large apartment complexes in Arizona.
I helped grow the family property management company from 350 properties to over 1000. This was achieved by creating superior software and marrying that tech with generations of real estate experience.
Robert (Bob) Collopy – am not a CPA, attorney, insurance, or financial advisor and the information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice.
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Fort Lowell Realty and Property Management Inc.
3020 E Camelback Rd #255, Phoenix, AZ 85016