BG2008 Posted March 24, 2020 Share Posted March 24, 2020 I have mentioned a few times that my family and I own 2-4 unit NYC residential rental buildings. In the last week, my relatives have been getting quite a few request from otherwise great tenants asking for rent deferral. Their reasoning is very sound as they cannot go to work on the construction sites and restaurants etc. Obviously, this impacts my relatives' ability to service their mortgage. I think most of them are set up where if 50% of their tenant pays, they can pay that mortgage. Governor Cuomo also signed an executive order forbidding foreclosures. But I heard that the wait is literally 3 hours to get someone on the phone and the banks have no clue on how to handle this as they are slammed with request from homeowners for mortgage deferral. I doubt the banks want to become equity owners in most homes and part of the stimulus bill is supposed to handle this. This is likely very obvious, but I hope this anecdote provides a bit of insight into the seriousness of the situation. Link to comment Share on other sites More sharing options...
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