Don’t wait till the first week of the month
If you are thinking of pausing or suspending your mortgage payments, NOW is the time to do so! And this applies to both your primary home and if you own investment properties as well.
I already have clients who have called their mortgage banks and requested suspensions for their mortgage payments. The banks have given 30 to 60 day mortgage payment suspensions.
In addition, since we also manage rental properties for our clients, we have received a few calls from tenants that they will not be able to make their rental payments in full or at all for the upcoming month. Therefore, be ready if this scenario presents itself to you, and are unable to count on your usual rental income.
Be proactive, call your mortgage lender ahead of time!
My advice, call your mortgage lender today. Since we are still not certain how long this COVID-19 crisis will take, it is better to be prepared in case you are unable to make your mortgage payments down the road or if you have tenants, and depend on the rental income to make mortgage payments.
Have questions or concerns on the topic? I can help!
Call or Text (305) 305-1535 Today!
Categories: Real Estate Blog