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Evictions, Foreclosure and Forbearance Covid Relief: San Diego and California Update

 This is an update to my previous post on the topic. And part of the reason I do this is for my own benefit - to provide myself an easy cheat sheet. I've expanded this to the state level.

Evictions

Federal
The Cares ACT (passed March 27 2020) froze evictions but that protection came to an end on July 25, 2020.

The CDC’s temporary eviction moratorium to Dec 31,2020.*

California

Per AB 3088 no tenant can be evicted before February 1, 2021 due to a Covid hardship. If the hardship occurred after Sep 1 2020, tenants must pay at least 25% . More details on AB 3088 here.

San Diego
It appears the San Diego temporary ban on evictions ends on Sep 30, 2020.

Foreclosure

Federal
Fannie Mae and Freddie Mac loans: Moratorium until Dec 31, 2020.


Forbearance

Not changed: Mortgage payments on federally backed loans can be suspended for up to two 180 day periods- 360 days total. 

*Editorial Comment

Like many I was curious when I heard the CDC was getting into tenant law. "Can they even do that ?" was the reaction of many on social  media.

Well that could be a moot point for us here in Southern CA since AB 3088 is in place with a deadline further out. Personally I don't think it's a good idea for the CDC to be issuing legal orders. You can see from the above we already have enough law-making bodies.

Yes properties still do get foreclosed on in SoCal

With rent and foreclosure moratoriums I wondered if any properties actually still made it to the auction stage. So last weekend I made a list of everything that was scheduled for auction between Aug 31 and Sep 4 in 4 counties of Southern CA that I follow. The list was something over 100.

Most were rescheduled - sometimes by a week sometimes by month. But two of them actually made it to the auction stage where they were sold to an outside party. I think a couple others were taken back by the bank. 

I would think it's pretty easy to avoid getting to this stage these days. All the special emergency laws should make it hard for lenders to foreclose. 

The other non-intuitive point is that  SoCal real estate market is pretty hot right now. If I was in foreclosure I could almost guarantee it would never be sold at the auction. I'd do a short-sale, make a deal with an investor, and/or with the lenders. 

It would be interesting to know the details of these properties and why they went this far in the process....

Update: The list for this coming week is 122 actively scheduled to go to auction by Fri Sep 11.