Evictions, Foreclosure and Forbearance Covid Relief: San Diego and California Update Nov 2020

 This is my Nov 2020 update to previous posts 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 24, 2020.  (superseded by CDC- below)

The CDC’s temporary eviction moratorium to Dec 31,2020.* (no change)

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. (no change)

San Diego
It appears the San Diego temporary ban on evictions ends on Sep 30, 2020. (no change)

Foreclosure

Federal
Fannie Mae and Freddie Mac loans: Moratorium until Dec 31, 2020. (no change)


Forbearance

Mortgage payments on federally backed loans can be suspended for up to two 180 day periods- 360 days total. (no change).  

But here is an additional resource from Bankrate.com on forbearance.

Greg's Observations:
SoCal real estate is definitely a seller's market right now, and prices have been rising rapidly. Opinions on what's next vary widely between Zillow (they expect prices to keep rising) and this Forbes piece that forecasts a "Tsunami of Foreclosures" driven by the end of the protections above.

11-12-20 Important addendum- more about this later!

Foreclosure laws in CA are changing in 2021. And this is a big deal. SB 1079 will give rights to tenants and "eligible bidders" to purchase a foreclosed property within 45 days after the auction! This isn't really a Covid relief type deal but we'd be remiss not to mention it.