Financial Freedom

Things You Should Know!

  • In response to the COVID-19 Pandemic, the CARES ACT prohibits the eviction of nonpaying tenants and has recently extended it to end June 30th.
  • At the time of June 30th, 2021 the amount that was not paid will be due IN FULL to the landlord.
  • You are being charged no “extra” interest. Just the normal rent amount per month will have to be paid.

How Much Will I Owe My Landlord on June 30th?

You will owe your landlord any rent that was not paid due to forbearance. You will not have to pay any “extra” charges or late fees.

For example:

If your rent is $1,000 and you had not paid the past 3 month due to forbearance. You will owe your landlord $3,000 at the end of the forbearance period. The total will be the total rent added up to how many months were missed. Nothing more than that should be paid.


What Happens if you cannot pay the rent that has added up?

If the tenant cannot afford to make one payment to their landlord at the end of forbearance, they should discuss with their landlord beforehand to establish a payment plan that both sides are willing to agree too. It is prohibited for the landlord to require tenants to repay back rent in one lump sum without providing flexibilities.

https://www.oecd.org/coronavirus/policy-responses/housing-amid-covid-19-policy-responses-and-challenges-cfdc08a8/

Can I be Evicted on the Date the Forbearance Ends?

Property owners are not permitted to evict a tenant without a 30-day written notice. You will not be evicted without a 30 day notice therefore once you receive that notice you will have 30 days to vacate the property.  

However, after the 30 day grace period, the landlord may move forward with eviction if a satisfactory repayment plan has not been agreed to by both parties.

DISCLAIMER

Annual percentage rates (APRs) through Liberty1 Financial range from 5.99% to 29.99% APR for first-time borrowers, with the lowest rates offered to the most creditworthy borrowers. Minimum loan amount is $5,000.00. Maximum loan amount is $110,000.00. Eligibility is not guaranteed, and requires that you meet credit and other conditions including: (a) your continuing to meet the criteria for this prescreened offer; (b) your credit report, application and credit history meet our pre-established credit criteria; (c) your monthly debt-to-income ratio (i.e… total monthly debt payments divided by monthly gross income) cannot exceed 50%; and (d) you have been employed for at least one (1) year.

Liberty1 Financial does not discriminate on the basis of race, color, religion, sex, marital status, national origin or ancestry.