2020 April Rent Text

April 1, 2020

First and foremost, we hope hope you and your family are and remain safe and healthy.  Due to the current situation we will postpone any late fees until the 10th of the month.

There has been much misinformation regarding rents and mortgages in the media. The President has issued a decree for a moratorium on eviction and foreclosure of federally backed loans and housing. This is approximately 3% of the rental and housing industry. The other 97% is privately held and not subject or effected.

We are a private family owned business. We are still obligated/required to continue paying the banks for the mortgage debt on the properties; the city and county government for taxes; the local utilities; and our small team who maintains the properties. If we don’t receive the rents to service these debts the banks and local government will foreclose on the properties. Foreclosure involves the bank selling the property at auction for the debt owed and immediately evicting the occupant (tenant or owner). What is not clear in the misinformation in media and social media is that in 97% of the mortgages and rental properties (most importantly: yours and ours) without the income to maintain these obligations (i.e. rents paid) evictions will occur and surprisingly quickly.  Having first hand experience with eviction and foreclosure: the foreclosing banks will not negotiate with owners or tenants.

If you are facing hardship in this uncertain time: it is in our (the tenant and landlord) best interest to work together to find even a temporary workable solution.