Corona Virus (COVID-19) Owner Update
Updated: April 2, 2020
As the due date for April rent approaches, we would like to send an update to our clients. We are staying in constant communication with our renters to provide updates and eliminate any confusion about how the COVID-19 pandemic affects rent obligations.
We have encouraged all of our renters that are not facing a financial hardship to continue to pay their rent on time. For those renters that have experienced a substantial loss in income, we are requesting that they reach out to us as soon as possible to discuss potential alternative payment arrangements to accommodate their situation.
If your tenant informs us that they are not able to pay their rent, we will be in contact with you. If we do not reach out to you, your tenant has not contacted us regarding their inability to pay rent.
We understand that renters are not the only ones facing financial hardship during this pandemic. Owners who do not receive rental income may find themselves unable to pay their mortgage. In that case, we encourage you to contact your lender to discuss forbearance options. Many banks and credit unions have agreed to a 90-day forbearance of mortgage payments of smaller property owners (1-4 units) that have been impacted by COVID-19. In addition, property owners can contact their insurance providers to request a modified payment schedule. Many insurance companies are offering financial assistance to customers, such as granting grace periods for premium payments and waiving late fees.
We are requesting compassion and patience from our clients during this difficult time. Rent payments and monthly statements will be delayed as we work to process partial payments, create payment plans, and proactively communicate with tenants.
If you have any questions or concerns, we encourage you to contact us. We are sending prayers for good health, comfort, and hope during this difficult time. We are all in this together and will get through this together.
Mastro PM Team