COVID-19, evictions and foreclosure: Three things you need to know now!

With President Joe Biden recently extending the moratoriums on evictions and foreclosures because of the global COVID-19 pandemic, you might be wondering how this could affect you.

The federal moratorium, which has been extended through March 31, 2021, will not only affect those who are having issues paying rent or their mortgages, but the landlords and banks who depend on those payments.

Eventually, this will all come to a head. Debtors should pay as much as they can to their landlords or on their mortgages. Basically, if you CAN pay you NEED to pay.

Foreclosure filings are down because of the moratoriums but clients are still filing Chapter 13 bankruptcy to try and keep their homes.

There is assistance available to those who need it, via state and national programs.

And evictions can still take place; you just cannot be removed from your home right now, under certain circumstances and if you qualify.

There is also legislation pending in Ohio currently to require parties to a foreclosure or eviction to try to find solutions that allow families to stay in their homes. It was introduced by State Reps. David Leland, D-Columbus and Jeffrey Crossman, D-Parma.

If you are struggling to pay your rent or mortgage, you can try to work with your bank or landlord. Pay what you can and ask your bank about extending the terms of your mortgage to reduce your payment.

These issues will have a ripple effect on the housing market and the economy. We know people are struggling because of the pandemic. According to the National Low Income Housing Coalition, about 40 million Americans are afraid of not being able to pay their rent without government assistance.

Mina Nami Khorrami LLC

If you have questions or concerns about foreclosure, eviction or other COVID-19 pandemic related financial issues in Ohio, the lawyers at Mina Nami Khorrami LLC can help. Contact us today at 614-857-9590.