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Evictions, Foreclosure and Forbearance Covid Relief: San Diego and California Update Feb 2021

Update 1-30-21: Due to the constant changes to the myriad of programs and deadlines I've superseded this post with a special page on the website that  I will keep updated here.

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This is my Dec 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 FHFA has extended the foreclosure and eviction moratorium for  borrowers wih mortgages backed by Fannie Mae or Freddie Mac loans "extended its moratorium on foreclosures and evictions for borrowers with mortgages backed by Fannie Mae and Freddie Mac until Jan. 31."

Update 12-25-20: The Bipartisan relief bill -still waiting for the president's signature -  would also extend the moratorium on evictions until Jan 31, 2021.

In addition $25B of rental assistance funds are made available. Renters can apply and this money would be applied directly towards rental payments. More details here.

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
As above: The FHFA has extended the foreclosure and eviction moratorium for  borrowers wih mortgages backed by Fannie Mae or Freddie Mac loans. "extended its moratorium on foreclosures and evictions for borrowers with mortgages backed by Fannie Mae and Freddie Mac until Jan. 31."
 


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.

Interested in selling? Get an offer!

NOTE: GregBuysHomes is still buying homes in Southern CA. We are here to support you during this challenging period.

Update for November

Receive a no obligation cash offer for your  house!

Sell your house fast!

Do you need to sell your house but don't have time to list it with the local real estate agency? GregBuysHomes can help.

We buy houses anywhere in Southern CA in any condition. Problems with tenants, past due loans, deferred maintenance, etc.? No worries - we will handle those for you.


How Does it Work?

1. Complete the form.

2. We'll contact you for a few details...

3. We'll make a no obligation offer. If you accept we can close quickly or on your timeline.

For more information complete the form below:

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.

Update for October 2020

Receive a no obligation cash offer for your  house!

Sell your house fast!

Do you need to sell your house but don't have time to list it with the local real estate agency? GregBuysHomes can help.

We buy houses anywhere in Southern CA in any condition. Problems with tenants, past due loans, deferred maintenance, etc.? No worries - we will handle those for you.


How Does it Work?

1. Complete the form.

2. We'll contact you for a few details...

3. We'll make a no obligation offer. If you accept we can close quickly or on your timeline.

For more information complete the form below:

Is this a termite damn it?

 I tented one of my San Diego houses last year. So when I caught one suspicious bug recently flying around in the garage I caught it and took some photos. It was easy to compare this photo to Google and answer my own question. Damn it - it's a termite.

"San Diego termite" from the garage

I panicked - a little. Tenting and moving out of the house is normally a huge hassle.  But I sure didn't want to deal with it again during Covid.

I called my termite guy from last year. ("Hungry Termite" is the company name).  This guy is great. He spent about 20 minutes explaining something.

Termites aren't like ants. They are more like a community that takes time, years, to build up. So if you tent your house and wipe them out they won't be back in full force for 5 years or so.

The termite I saw was probably just some "rando" flying around termite during swarming season. What a relief learning that tenting lasts a few years. 

Update for September 2020

Receive a no obligation cash offer for your  house!

Sell your house fast!

Do you need to sell your house but don't have time to list it with the local real estate agency? GregBuysHomes can help.

We buy houses anywhere in Southern CA in any condition. Problems with tenants, past due loans, deferred maintenance, etc.? No worries - we will handle those for you.


How Does it Work?

1. Complete the form.

2. We'll contact you for a few details...

3. We'll make a no obligation offer. If you accept we can close quickly or on your timeline.

For more information complete the form below:

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.