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None of us know how long the economy will be disrupted by COVID-19. But better to plan for the worst and hope for the best. So we encourage landlords to develop a plan now for how they will deal with tenant requests for rent relief, if and when they come. Here are things to consider and helpful resources to get you started.
If a request comes, gather and document information on the impact of COVID-19 on your tenant’s employment and financial situation. Some key questions to ask:
Here are some specifics of a forbearance program you will need to map out:
Before granting any forbearance options, make sure you have the following information up to date on each tenant:
Make sure to document all agreements and forbearance communications. The Multi-Family Northwest Association provides free templates for Emergency COVID-19 Rent Forbearance Requests, Emergency COVID-19 Agreements, and Emergency COVID-19 Balance Reminders.
Remember, landlord laws vary by state, so it is extremely important to get information on your area. Inman.com has a fantastic State-by-State Guide to Evictions, Rent and Foreclosures.