Negotiate With Your Lender Or Landlord

August 6, 2020

Dreamstime

Governor DeSantis extended the eviction and foreclosure moratorium for the fourth time last week to September 1st. However this extension is different than previous versions. The recent extension specifically suspends just the “final action at the conclusion of an eviction proceeding” and solely for tenants who have been “adversely affected by the COVID-19 emergency.” In other words, foreclosure and eviction proceedings are allowed to resume until the final proceedings. With less than a month of protection, chances are your foreclosure or eviction will be moving forward. Furthermore, if you were once affected by COVID-19, such as being laced on furlough and falling behind on your mortgage or rent, but are now back at work and still behind on payments, these protections do not apply to you. But all hope is not lost, but you will need to do some homework and negotiate your case to your lender or landlord. Let's be honest, they want to get paid. You are already in possession of the property and willing to make payments.  Those two foundations can give you a little wiggle room. First, review your current budget and realistic about what you can afford.  The last thing you want is to negotiate a deal that you break.  The next step for renters is to scope out the rental properties in your neighborhood. Check out the rent for similar listings in your neighborhood. If you’re already paying above average on rent, you may have better luck asking for a reasonable discount. Zillow, Craigslist and HotPads are good sources. RentJungle also offers a free rent comparison tool, which shows you the average rent for homes in your area. Finally make note of how long they have been on the market. You may have more leverage if you live in a less popular neighborhood—and it will take your landlord a while to find someone else. Also, summer is a more popular time to move. Your landlord may prefer to avoid finding a new tenant in the slow fall and winter months, particularly during the current coronavirus outbreak.

SOURCE: Two Cents

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