Shared Top Border
sdcia_head3.jpg (14795 bytes)
Anyone having to deal with the inquires of their note borrowers and/or tenants yet? It is only going to be a matter of time. 
The Inquiry:
"I just wanted to check with you to see if you have a loan payment deferment plan available to those who are being financially effected by the COVID-19 situation?  My business is being effected very abruptly, and dramatically by this situation. I am actively trying to find quick resolutions, but if there were some type of deferment options it would greatly decrease my stress, and allow me to focus on making the financial changes needed to get back to normal again. Any information would be helpful."

My response was that "it is basically new and I'm looking for guidance from fed, state and local but I too feel the angst. That I would keep in touch." I'm probable for at least one deferment not not several months worth of payments. I'm anticipating one of my tenants to make the same request, rent deferment.  

Anyone having to address this yet?

Thom MacFarlane
Mortgage Broker | NMLS #282091 |DRE #10210469
Office: (858) 485-0462 | Mobile: (858) 243-4083 |Email:
When Borrowing Money, PRICE MATTERS. Mortgage Brokers are the best source of loans for consumers.

I heard this on the radio and also read it online I think basically you can't evict people until 05/31, but you can still recover rent after that. Not sure about late fees though, probably not enforceable.
I would call them and offer them a win win. Maybe half the rent so everyone gets something. If they are struggling now I doubt they will be able to make up lost income anytime soon.