All right guys, what’s going on My name is Jahmai Nicome from Charm City Property Solutions based out in Baltimore, Maryland. I wanted to record this video to really give some tips and really help out my fellow landlords out there that’s really struggling to find Coronavirus relief for landlords in Baltimore, Maryland.
So you’ve seen the healthcare industry being hardest hit, but you’ve got the subsidiary industries like restaurants and a lot of small businesses have been impacted directly but a lot of people have also been impacted indirectly. I do want to say real estate is definitely been impacted in some way, shape or form.
That’s why I wanted to record this video to just give some tips and some guidance on how to help my fellow landlords during this time and really just give you guys some tips right? So, with that being said I just want to feel like I want to provide a beacon of positivity and help others find coronavirus relief for landlords in Baltimore, Maryland.
Coronavirus Relief for Landlords in Baltimore, Maryland
If you’re a landlord and you currently have a tenant that’s facing some hardship, whether they’re directly or indirectly impacted and they for some reason can’t pay their rent. Obviously this is going to impact you, right? So whether you’re depending on that money to pay your bills, or you know just you’re living off the cash flow. Or you know it may be a situation where you’ve got to pay your mortgage, and some principal pay down, principal interest so you get the tax benefits. It’s going to impact you in some way, shape, or form right?
One of the tips that I do want to share is that if your tenant is having trouble paying rent, especially started with this month in April, do be sure to immediately try to be as proactive as possible. If you do have a mortgage reach out to your lender ASAP because a lot of times that these lenders have a lot of different programs that allows landlords and just regular homeowners to really provide some sort of forbearance. For example, one of my lenders I have on one of my properties Navy Federal, I just called them yesterday and I said, hey, my tenants is having a hard time paying. Obviously the mortgage is going to be a little late. They said you know what don’t worry, actually we’ve got a ton of calls about the same exact issue, and what we can do is we can offer you a three month forbearance.
I said forbearance, huh, that sounds familiar. Sounds kind of like student loans. But what exactly does that mean? So basically what she told me is that when it comes to your mortgage what they can do is basically use these three months and roll it into the back end of your loan. So she’s going to push it back all the way till July, is the next time that I will have to make a payment. And she said the best part about it is that it will not affect my credit. So there’ll be no late payments reported for the Credit Bureau, which is a tremendous, great benefit and I really appreciate that because I want to make sure I keep my credit intact, right.
She said at the end of three months we’ll see how this thing plays over. If you’re still experiencing hardships feel free to call us back again and we can possibly extend you for another three months. I was like, wow okay, awesome. So, that’s just one example with one lender that I have on one of my rental properties. So they’re giving away automatic three months extensions and forbearance’s if you have a mortgage with a Navy Federal. Another property I have with another lender by the name of Cardinal Financial. I have an FHA loan and I reached out to them, I called them, I tried to see if I could get the same setup of Navy Federal.
They told me hey you know what? We’re having a lot of calls as well. So what they did is we actually set up a website where you can quickly go on and apply, and you know provides assistance and some forbearance, and we’ll see which one works for you. So with them they’re still a little slow, you know I applied, I submit my application, I did everything in a timely manner. I’m just still waiting on them to get back to me and see what options they have available. It seemed like they were pretty flexible, but I don’t want to jump the gun, because as of recording this video I have yet to get any green light in terms of okay we can offer you a three month extension, a one month extension, I don’t know something, right, given this whole situation.
I’m still waiting for feedback from that particular lender. And that is on an FHA loan. So that might be the case with you if you have an FHA loan, if it’s your primary residence. But I think it’s really on a lender by lender scenario. So the moral of the story is to definitely no matter the lender just try to be as proactive as possible and reach out to the lender. If you have a mortgage definitely try to reach out to the lender, because the worst thing you want to do is get dinged on your credit for having late payments or just throwing everything out of whack in terms of having those payments pile on.
So yeah that’s pretty much it. I hope I provided you guys with a couple of tips on that one, and please be sure to check out my other videos, because I definitely want to help you guys out during this trying time, because we all got to stick through this one and I’m sure we will get through this thing together. All right guys, signing off. Take care. For more information on coronavirus relief for landlords in Baltimore, Maryland feel free to check out my other posts.