Do I have to pay my rent, or mortgage, during the coronavirus pandemic?

Yes. 

But in the light of financial hardships wrought by the virus’ impact on businesses, which led to massive layoffs and furloughs, you may have a bit of a reprieve if you can’t make the rent payment.

The rent could be deferred until after the crisis ends.

For instance, Miami-Dade police said earlier in March that its officers would not assist with evictions during the emergency declared by Mayor Carlos Gimenez for the coronavirus pandemic. The freeze on serving court papers and following through on evictions is until further notice.

The Florida Supreme Court also made a ruling on evictions and foreclosures that could give relief to Floridians who wonder how they can shelter in place if they lose their home. But the state’s 67 clerks of court have to figure out how to apply the ruling that would suspend, or give clerks the option to suspend, issuing writs of possession through April 17, according to The Tampa Bay Times.

Some mortgage companies are also responding to the crisis by making arrangements with their customers who are cash-strapped. 

According to the federal CARES Act signed by President Donald Trump, if your mortgage is backed or controlled by the federal government, like Fannie Mae or Freddie Mac — more than half of mortgages are — the mortgage buyers have suspended foreclosures and evictions for homes owned by their companies, reports the Associated Press. The mortgage companies expanded their forbearance program, which could suspend payments for up to a year. If you aren’t sure, contact the company you make your payments to and ask if you hold a Fannie or Freddie loan. Many companies are emailing their customers to alert them, too. 

The loan will still have to be paid but arrangements can be done in several ways, which may include a lump sum, paying over time, or tacking the missed payments to the back end of the loan, reports the Sun Sentinel.

Contact your mortgage company.

But be careful, warns attorney Dennis Donet of the Law Office of Dennis A. Donet in Kendall.

“Evictions, and service of process of eviction lawsuits have been suspended during this period, however, at the conclusion of the period, when these restrictions are lifted, tenants still owe every penny of rent pursuant to their lease, unless they reach some other agreement with the landlord,” Donet told the Miami Herald in an email. “Neither the stimulus package, nor political decree can impair contracts between tenants and their landlords.” 

In the long term, rents could go higher for South Florida’s low-wage earners, according to a new study by the San Francisco-based apartment search platform Apartment List.

Read more here: https://www.miamiherald.com/news/coronavirus/article241675386.html#storylink=cpy