April 30, 2020
Resources for Investment Property Owners in Asheville During the COVID-19 Crisis
The real estate market in Asheville is made up of many different facets. The investment property owners who rent homes within the community make up a large part of the fabric of Asheville. In light of the COVID-19 crisis and the fact that so many people in the Asheville community are finding themselves out of work, what can investment property owners do to ease their burden and the anxiety of their renters? There is good news. Fannie Mae has created a resource for property owners.
Federal Housing Finance Agency’s Action
Owners of investment properties are feeling a unique pinch during this crisis. As many people around the country are finding themselves out of work, property owners need to make some specific adjustments to help themselves and their tenants.
On March 23rd, the FHFA took specific action for those who own commercial real estate and multifamily housing. If the mortgage is backed by either Fannie Mae or Freddie Mac, property owners can fall behind in their payments as long as renters are not evicted because they’re unable to pay rent due to the coronavirus outbreak.
This is a significant move for the mortgage industry and important for investment property owners in the Asheville area and around the country.
Stay of Evictions
North Carolina courts have stopped evictions and foreclosures in the state due to the COVID-19 crisis. On March 13th, the NC Supreme Court ordered courts to postpone evictions for at least 30 days. As a property owner, it would benefit you to look into programs, like the FHFA’s action plan, to see how you can help your renters feel secure sheltering-in-place through this experience.
Impact on Mortgage Payments
Even if your mortgage is not backed by Fannie Mae or Freddie Mac, there still may be steps you can take. Local real estate agency, Mosaic, offered this advice to homeowners and property owners. Specifically, it’s important to look into mortgage forbearance. Contact your mortgage company directly to find out more.
If you’re uncertain of who to talk to, take a look at your monthly mortgage statement. Contact the bank directly through their customer service department or visit their website for any instructions on how to connect during this time.
What You Can Do Today
The most important thing you can do today is to take a step back and not panic. This is an emotional and stressful time for everyone, including investment property owners and renters. It’s okay to not know exactly what to do in this situation; it’s unprecedented in recent times.
As a landlord, if you act quickly to take advantage of these programs, you can give your renters peace of mind as they adjust to the new normal.
Resources for You and Your Renters
If you want to know more about the FHFA action included in the stimulus bill, Freddie Mac and Fannie Mae programs, and what you can do for your renters, check out these resources:
- Legal insights for investment property owners
- Fannie Mae news
- Fannie Mae’s COVID-19 Portal
- A message from Mosaic Realty in Asheville
Do you have any questions about resources for Investment Property ? Feel free to send us a message.
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