The order outlines the potential for mass evictions as a health crisis.
Hi ,
Using the excuse of the Chinese Communist Party virus, the CDC has ordered a halt to evictions for many tenants for the rest of the calendar year. The order is a broad, sweeping measure that goes beyond even the federal government’s previous moratorium under the CARES Act, which only applied to properties with federally backed mortgages or that accepted federal subsidies and expired in July.
The CDC’s order will prevent any landlord who has the legal right to evict a tenant from doing so (with up to a $500,000 criminal fine per violation). It does not halt evictions for reasons other than non-payment and it doesn’t cancel rent. So it accomplishes nothing other than laying the groundwork for a wave of evictions when the deferred rents become due.
You can read more about the new order in our Note & Real Estate News section below.
While my wife Alison and I were on the staff of the U.S. Congress in Washington, we started to invest in real estate and later discovered notes (trust deeds and mortgages). We still love real estate, and since then we've bought and sold lots of it, and lots of notes.
We then started The Paper Source, an educational resource for note investors and those who want to be. For many years we have hosted the annual Paper Source Note Symposium, which attracts several hundred investors.
Because of virus restrictions, we can’t hold it live this year. Instead, it will be at your house! (That is, it will be online.)
Our speakers are people who DO what they teach. Over 3 days you will learn from some of the most experienced people on the planet (full-time note investors, tax and asset protection attorney, self-directed IRA experts, to name just a few) — and absolutely
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There will be presentations for beginners on up.
You will get NON-EXPIRING access to all the speakers’ videos and MP3 audios.
This is my invitation to join us for the online Note Symposium October 1-3, 2020. Please CLICK HERE to see all that it offers. The $97.00 registration includes admission to the event and lifetime access to the videos and MP3s.
Cheers, 𝐵𝒾𝓁𝓁
W. J. Mencarow
President, The Paper Source, Inc.
P.S. If you are a beginner or want a refresher before the Note Symposium, I highly recommend Jeff Armstrong's Notes 101 video course. CLICK HERE for information.
CDC Announces New Federal Eviction Moratorium Through End of Year
The order is a broad measure that goes beyond even the federal government’s previous moratorium under the CARES Act, which only applied to properties with federally backed mortgages or that accepted federal subsidies and expired in July.
“Commercial and residential vacancies will skyrocket over the next 12 to 24 months, creating a wave of defaults.”
Large and small businesses are by the millions becoming insolvent and filing insolvency actions or bankruptcy. Going out of business has become the norm. Capitalist businesses through a free market approach have flourished for decades but now find themselves financially strangled by government’s onerous regulations.
It’s not too late for mortgage servicers to prepare for the next pandemic-driven event—a likely rise in loan modifications and loss mitigation requests.
Landlords face struggles of Florida’s eviction moratorium
One Florida landlord says he understands people have been struggling during the pandemic and has some tenants paying a portion of their rent, but adds others have not paid any of it over the past six months—leaving him out more than $22,000.
