We are all struggling with the COVID – 19 outbreak. The imminent threat to our collective health is a fear unlike any experienced in our lifetimes and we are all in this together; hoping to stay safe and offering our thoughts and prayers to those infected by the virus.
The financial impact is also affecting us all, Tenants and Property Owners alike. Because of this, Governor Brown has enacted a 90 day Statewide moratorium preventing any residential evictions until after July 1, 2020. We at The Garcia Group believe this is the right thing to do and we are working towards its compliance.
Tenants should understand that Property Owners have mortgages, taxes and insurance payments that do not cease because of hardship. Their willingness to participate should be met with appreciation, understanding and compassion as well – perhaps even more so in that they are obligated to participate and assist. To that end, let me briefly share the process:
- Tenants should provide a short letter of explanation as to how the Coronavirus has affected their finances (email to the Portfolio Manage Team Roses or Bridges). We will place this in your file.
- Rent payments will be deferred with either partial or no payments (depending on the Tenants’ ability to pay) through July 1, 2020.
- The deferred amount will then become payable in periodic installments – for up to 6 months (or when vacating the premises, whichever comes first).
- Additionally, The Garcia Group will waive all late fees during this 90 day period.
- Lastly, while there is a provision to extend this agreement past the 90 day period, it is with mutual consent and subject to the Owner’s approval.
Click this CVD – 19 link to preview the form. YOU WILL NEED TO CONTACT YOUR PORTOFOLIO MANAGER TO HAVE THE AGREEMENT EMAILED TO YOU AND WE WILL NEED IT E-SIGNED BY ALL TENANTS IN THE RESIDENCE in order to put this process in place. (NOTE: We are continually monitoring legislation, and these policies are subject to modification by further local, state and/or federal government regulations.)
Please contact us to let us know if you are a Tenant in need of this assistance so we can email your addenum out to you.
In the meantime we hope you can stay safe and healthy.