I do not currently have rentals as we sold them a few years ago and want to buy again when prices come down. The banks can't be suspending mortgage payments are they or tacking them onto the bank end of the note? We terminated a guy last spring that was 11k behind on rent because he was scared of Covid he said ( Biden voter , imagine that! ).
Randy, sorry. I did not see your post earlier (at bottom of the 1st page).
To answer your question. Yes... in a way. The banks instituted forbearance agreements.. with strings attached, whereby partial payments could be made or payments were tacked onto the back end of the loan. In other words, you're still paying. They didn't forgive YOUR debt.
They didn't really want to do it, but I believe the Feds forced them into it.. possibly attaching strings to any assistance down the road. I don't know. We'll probably never know about the Wall Street side deals.
I set up forbearance on all of my rental properties where I could, as an insurance policy of sorts, in case I had a bunch of tenants start saying they couldn't pay because of Covid. They denied me on one loan because it wasn't FHA / Fannie Mae. No big deal.
It has not been easy. Several tried to play the Covid card based on all the marxist bulshit being spewed on rap radio around here, but I reminded them that I knew and had records of where they worked and they would have to present income docs on any eviction I filed against them, as well as validate need on any Covid relief assistance. This, after I suspended all late fees last March-April and sent them all a letter saying they could pay their rent in 3-4 payments throughout the month. Imagine that. Tenants don't GAS if you go broke.
Now here's the funny kicker, if you can laugh at this kind of joke.
TO THIS DAY, I NEVER MISSED A SINGLE PAYMENT. And now, the banks are sending out letters to me saying since you've not missed any payments over the last 3 month period, you are obviously "OK", so we are suspending your forbearance agreement.
Banks protected. Tenants protected. Private property owners -> NOT.
These .gov and bank fuggers never cease to amuse.
LOL.
