We have just entered the second half of the year. At this moment it is no surprise that at the end of the 21st century’s second decade, it is loaded with life-changes that no one had imagined.
We’re facing the coronavirus epidemic that as a consequence is bringing us losses in all sectors including health, personal life, and the economic area.
Due to Governor Kate Brown‘s actions to face the crisis, most counties are currently in Phase 2 of the reopening program. However, everything seems to indicate that the return to normality in Portland and the state of Oregon is still a long way off.
The vast majority of people, as well as many companies, are undergoing drastic changes that are forcing us to make immediate decisions if we want to get adjusted to the new reality and not remain immobile because the situation may worsen.
The situation for the real estate industry in Portland has been no different, and even it is worse for those landlords that are falling behind on their mortgage obligations. Right now, many of them face the reality that their tenants cannot pay the rent.
If you are a landlord, you may be experiencing the above scenario. Better Off Home Buyers offices are getting contacted often by desperate landlords because their tenants have stopped paying their rent for the last 4 months due to the coronavirus.
New Portland and Oregon’s regulations are preventing evictions during the Covid-19 epidemic, so landlords can’t take legal action against their tenants to regain control of their properties.
Better Off Home Buyers has developed an aggressive program to help both landlords and tenants, who are having a hard time due to declining income as a result of the coronavirus in Portland.
We have increased our budget for the second half of 2020 with the necessary cash to assist landlords in need of selling their single-family houses, multifamily units, or land in Portland and anywhere in the country.
We are communicating our clients Through the phone, Facetime, Zoom, or Sky to maintain the social distance protocols. Using remote systems we can see in detail a property for sale, being able to produce a fair offer in a short time.
In some cases, we’ve needed to physically visit a property for which we sent a solo representative to check the rental house. The visit lasts no more than fifteen minutes. After the landlord accepts our offer, we can close the entire transaction in 7 days without disturbing tenants.
What is the Federal Housing Finance Agency FHFA?
The FHFA is an agency established by the Housing and Economic Recovery Act of 2008 (HERA). It is responsible for effective oversight, regulations, and engagement of Fannie Mae and Freddie Mac and federal bank loans which include the 11 federal mortgage loan banks and the finance office.
Since 2008 FHFA has been the conservator for these agencies, which means that it is intended to stabilize troubled institutions, to maintain normal business operations, and restore financial security and soundness.
It has the powers of administration over the Fannie Mae and Freddie Mac boards of directors and the shareholders.
On May 13 of this year, the FHFA announced that Fannie Mae and Freddie Mac, have established a deferred mortgage payment program for those homeowners that have been affected by COVID-19. In essence, the program protects the homeowners unable to pay their mortgage obligations avoiding this way a foreclosure.
The amount for the unpaid mortgage months will be transferred to the end of the debt and must be paid at any time, either because the owner can do it, or because he sells his property, or because he finishes paying his mortgage loan in full after the pandemic crisis.
What If My Mortgage Is Not Backed By Fannie Mae or Freddie Mac?
Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) are two entities established by the government to stimulate the real estate industry.
Most of the mortgage loans in the United States are backed by one of these two agencies, however, there are hundreds of mortgage lending entities that are not affiliated with this support.
If your home loan is not owned or guaranteed by Fannie Mae or Freddie Mac, then you should contact your lender and try to negotiate the terms to pay for the time that the coronavirus prevents you from generating income.
Some lenders are willing to help but many are not. In that case, the owner who is unable to pay on time could be affected by late payments charges, interest, and even eviction or foreclosure, at the risk of losing his property.
This is the unfortunate moment that many people are living in Portland.
Those who have contacted Better Off Home Buyers have found the quick fix to their late payment problems, and to the inconvenience of having tenants unable to pay rent during the coronavirus crisis
With our process and our purchase criteria, we can help you. After a brief visit to your property or remote communication, we will generate a cash offer for your home.
The paperwork and delivering the check for the value of your property in most cases take 7 days, on many occasions we have closed deals just in 2 days.
Even if your mortgage is backed by one of the federal agencies, but you are going through the hard experience that your tenants cannot pay their rent, the months to come may present more economic and emotional conflicts.
Contact Better Off Home Buyers so we can help you right away.
Many mortgage loans are backed by Fannie Mae or Freddie Mac. The FHFA that regulates these federal institutions has recently ruled to ease the homeowner’s situation, caused by the coronavirus crisis in Portland and across the country.
By law, Single-family houses and multifamily units landlords in Oregon can’t initiate a tenant legal eviction process during the pandemic time.
Better Off Home Buyers understands that many of these landlords will not be able to recover from the crisis if things continue as they are today.
It is why we are offering our home buying program, which they can benefit from avoiding more headaches and losses in the future.
Landlords with tenants occupied homes can sell them within 7 days, and take the opportunity to get back on their feet from the ravages caused by COVID-19 situation.
Contact us by filling out the form on this page, or dialing the number (503) 212-9641
We are more than happy to help you.