In the last few weeks, it’s likely that your business routine has turned upside down. Even if you have been able to proceed with a lot of your day-to-day activities normally, there is no doubt that the ongoing pandemic has or will have some effects on how you carry out your business.
Working as a landlord right now might be stressful, but that doesn’t mean you need to panic. Despite the anxiety, there are a lot of resources being made available to landlords and tenants that might be struggling during this time.
The national CARES Act ensures that federally-backed loans and housing projects will have deferred payments, evictions, loans, and interest because of the pandemic. If you are involved with any of these projects, you can expect to receive some type of relief through the act.
When it comes to your local rental units, guidance can be provided by local Illinois resources. The following information can help Illinois landlords to navigate this period with their tenants.
Table Of Contents For Illinois State Resources
- Mortgage Forbearance For Coronavirus In Illinois
- Evictions And Nonpayment Due To Coronavirus In Illinois
- Resources For Tenants During Coronavirus In Illinois
- Can I Show A Rented Unit In Illinois During Coronavirus?
In Illinois, the Department of Financial and Professional Regulation has set up some provisions to help ensure that homeowners and property owners can make it through this crisis financially. As of March 30th, it was recommended that all mortgage providers defer payments for at least 90 days if their customers have been affected by the pandemic.
To find out if your lender is going to be doing any type of mortgage forbearance, the best thing you can do is to contact them directly or visit their website and search for information specifically about COVID-19:
|Find Bank Listings
Find Local Credit Union Listings
If your mortgage is funded through any FHA programs, the federal CARES Act may apply to delay any mortgage or interest payments for at least 120 days.
While evictions for federally-funded housing (such as properties mortgaged under Freddie Mac or Fannie Mae) have been put on hold, what is being done locally in Illinois?
At this time, it is not possible for any evictions to be carried out in Illinois due to the stay-at-home order that is in action. It is possible to file for eviction for any of the usual reasons. However, any filed evictions will not be processed until the stay at home and moratorium on eviction cases is lifted.
As of writing this article, rent left unpaid during that period will still be owed whenever the courts open for non-emergency cases again.
If you or your tenants have any questions or concerns about what the Illinois law says, these graphics from a recent state-run webinar can help:
|Information For Renters
Information For Homeowners (Including Mortgage Information)
It is possible your tenant may be personally affected by the pandemic in different ways than you are. They may face a job loss, hour reduction, or another type of financial change that will put them into a stressful situation due to COVID-19.
If you have a tenant in this type of situation, direct them to the Illinois COVID-19 unemployment response page to find out if they are eligible for unemployment insurance or other benefits from the state due to the nature of this emergency. To file a claim, they should start at this page.
According to the state-created list of essential and non-essential businesses, real estate is considered to be an essential business. Despite the stay-at-home order, some real estate operations can still continue.
However, there are some restrictions on whether or not showings can continue.
Rented units cannot be shown at this time. Units that are owner-occupied or vacant can be shown if scheduled in advance, but no more than four people may gather for these showings. Additionally, it is preferred to have the showing done virtually if possible to limit exposure to people as much as possible.
Stay Safe, Stay Informed
It’s unlikely that you have ever faced a situation like this as a landlord before. You’re not alone; landlords everywhere have found themselves unprepared to deal with a worldwide crisis.
Just because you were unprepared, however, doesn’t mean you need to remain unprepared. States like Illinois are putting together guidance and resources that can help ensure you are able to navigate this difficult time.
Keep track of the most important information through these sites:
|Illinois Housing Advisement For COVID-19 Issues
Chicago Coronavirus Response Center
Illinois.gov Eviction Information
By staying updated with the information provided on these sites, you’ll be able to move forward with your rental management more easily than if you struggle through it alone!