{"id":2277,"date":"2021-03-19T19:47:42","date_gmt":"2021-03-19T19:47:42","guid":{"rendered":"https:\/\/NewsUpNow.org\/?p=2277"},"modified":"2024-02-08T00:53:14","modified_gmt":"2024-02-08T00:53:14","slug":"small-landlords-left-struggling-when-renters-stop-paying","status":"publish","type":"post","link":"https:\/\/newsupnow.org\/news\/small-landlords-left-struggling-when-renters-stop-paying\/","title":{"rendered":"Small landlords left struggling when renters stop paying"},"content":{"rendered":"


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IN SUMMARY<\/p>\n

Economists say small property owners have been uniquely pinched by the pandemic as renters move out or stop paying. Despite a federally mandated mortgage forbearance and $2.6 billion in rental relief from the state, some landlords who slip through the cracks wonder how much longer they can absorb the costs.<\/em><\/p>\n

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At the start of the pandemic, Brandon McCall’s two tenants ran into financial trouble. One had surgery, and went on disability, which tightened his purse strings. The other, who works in entertainment, was laid off almost immediately, and wasn’t eligible for unemployment as a contract worker. With a limited amount of cash coming in, McCall said the two of them stopped paying rent on his Van Nuys condo in Los Angeles.<\/p>\n

McCall looked into mortgage forbearance, but decided to pass when he learned it would impact his credit. He would also have to pay in full after his deferral period was up. Unsure when the tenants would start paying again, McCall and his wife dipped into savings to cover the mortgage on their condo even as they rent elsewhere for work.<\/p>\n