Support For Home/Property Owners, Landlords And Tenants During The COVID-19 Crisis
If you are a home/property owner or a residential or commercial landlord or tenant, you have likely already felt the economic impact of the coronavirus (COVID-19). In these unique and uncertain times, the need to defer creditor payments (rent, mortgage, auto, supplier, etc.) may be essential to protect your financial situation and quality of life.
The question is, how do you do this? Do you simply stop paying? Do you need to notify your creditor? Does the creditor have a tedious paperwork process in place to discourage you from seeking help?
There is no one answer, since every situation is different. However, you or your small business may have the ability to save or defer thousands of dollars a month in payments. Of course, you must do it properly and legally, or you will run afoul of your creditor’s policy.
In addition to other creditors (e.g., credit card companies, car lease and loan banks, etc.) many mortgage lenders and servicers are implementing programs to help make sure home and property owners who are impacted by COVID-19 are able to stay in their homes and avoid foreclosure. Programs include mortgage forbearance (deferral in making payments), waivers of late fees and lenders offering loan modifications. Similarly, certain landlords are already working with their tenants to offer temporary rent reduction or rent deferrals.
The Law Office of Bradley D. Schnur, Esq. P.C. remains open and fully operational. Attorney Bradley D. Schnur is here to guide you through these trying times, including helping you explore all options for deferred payments.
Support For Small Businesses In The Long Island Area
Small businesses throughout Long Island have undoubtedly been adversely affected by the coronavirus pandemic.
With government-mandated closures and the reduction of customer traffic and business revenue (even if you remain open), many questions will arise in the coming days, weeks and months. Such questions may include:
- “How do I pay my April rent?”
- “Do I pay this supplier instead of another supplier?”
- “What about my staff?”
While every situation is different, there are ways to proactively mitigate some of these issues now. These include having a discussion with your landlord about a waiver or deferral of rents, agreeing to make partial payments for product to suppliers, and applying for a small business “Economic Injury Disaster Loan” or other disaster relief program.
The Law Office of Bradley D. Schnur, Esq. P.C. is open and here to help guide you through these difficult times and maximize the benefits and assistance which may be available to you. Please call 516-932-4400 or email the firm to schedule a complimentary initial strategy session. Attorney Bradley D. Schnur can meet with you by phone or by videoconferencing.