Housing Stability/Rental Assistance
Without immediate rental assistance, millions of American families will lose their homes, and millions of small property owners will lose their investments. Moody’s research estimates that more than $70 billion dollars in unpaid rent will be due on January 1. Tenants who have been unable to pay their rent during this time will not be able to make up those debts. Property owners who have lost out on rental revenue for many months will struggle to make ends meet and pay their obligations for mortgages, insurance, taxes and maintenance – aside from the personal income they need for their own families’ sufficiency.
In addition, we need to be sure that homeowners who have or will seek forbearance, receive appropriate relief. Today, less than 7% of mortgages are in forbearance but that number represents more than 3.4 million homeowners. We need to ensure that families who are exiting forbearance have all the options explained to them.
If they are unable to resume their payments, foreclosure should not be the immediate answer. Traditional sales should be an option for most, but for others who remain in distress, short sales or deeds-in-lieu are often the best option. For those who successfully exit forbearance, and resume regular payments, the CARES Act was intended to protect their credit rating."
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