Tenants Need Rent Relief
With the first of the month rapidly approaching and rents due, both State and Federal Governments have offered some relief for property owners but not much for tenants who rent their homes.
The Federal Government has offered relief to property owners by allowing mortgage payments to be missed.
New Jersey has enacted a moratorium on evictions and encouraged mortgage lenders to grant property owners relief on mortgage payments.
As of today, no direct finaicial relief has been offered to tenants who rent their homes.
Here's what you should do to get relief from your landlord
Landlord Relief Can Trickle Down to Tenants.
If a landlord has the ability to skip his/her mortgage payment, then that benefit must trickle down to tenants in the form of allowing the tenant to skip his/her rent payment. At some point in the future, those skipped payments, both mortgage and rent, must be made up.
The skipped mortgage payment can be added to the end of the loan (which means the landlord won't have to pay that payment for months or even years). The skipped rent payments should be repaid over many months at an affordable rate. Such a repayment plan would not harm the landlord at all given that the landlord may not have to repay his/her skipped payments for years.
An Example of A Rent Repayment Proposal:
For example: if monthly rent is $1500 and two months are skipped totalling $3000 then the $3000 could be repaid at a rate of $125 a month over 24 months. You could even make that repayment over 36 months for even less monthly ($84).
Here's What To Do Right Now.
Take advantage of this trickle down effect. Contact your landlord right away and and request that you be allowed to skip this month's rent payment.
Use this Sample Letter To Contact Your Lender.
I drafted a letter you can use right now to contact your lender to propose this solution.
Click the button below to get the letter
Call if You Need Help
If you need help, feel free to call me to discuss.
Good luck and all the best
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