Mortgage and Rental Payment Relief Updates - COVID-19 - Los Angeles

In conjunction with the “Safer at Home” emergency order there needed to be some protection for property owners and renters. In the present environment many are unable to generate an income. The first city action was to protect tenants from being evicted based on the emergency order. The city is allowing tenants to defer payments for up to 6 months after the end of the emergency period.

Below are form links to help define and facilitate these changes.

NOTICE RE: NON-PAYMENT DUE TO COVID-19 (Notice to Renter of Rights Regarding Non-Payment Due to COVID-10)

NOTICE RE: NON-PAYMENT DUE TO COVID-19 (Tenant Provided Prior Notification to Landlord of Non-Payment Due to COVID-19)

Receipt for Partial Rent Payment (COVID-19 Eviction Moratorium)

In addition, here is a link to the housing department guidelines:
HCIDLA (Housing and Community Investment Department of Los Angeles) - COVID-19 EVICTION MORATORIUM

The next step still being worked on is to see if landlords and homeowners will be granted a deferment of their payments with the knowledge they would be taking in less income based on the above emergency action. The director of FHFA (Federal Housing Finance Agency) recently explained the new Mortgage Assistance Program. This program affects all mortgages guaranteed by Fannie Mae, Freddie Mac, FHA and most of all conforming loans. Some of the large banks have followed suit with their non-conforming portfolio loans as well. To look up your loan go to the links below. In each case you will need to contact your servicer (who may or may not be your lien holder) and navigate their process.

Fannie Mae loan look up: https://www.knowyouroptions.com/loanlookup
Freddie Mac loan look up: https://ww3.freddiemac.com/loanlookup/

We will continue to reach out with useful resources to help you navigate these tough times.
Be safe.

2 Minute Take - TIC or Tenants-in-Common - Video

What is TIC or Tenants-In-Common? Explained using our TIC listing as an example Open Sun 2-5, Tues 11-2 1562Lemoyne.com/what-is-tic
#SilverLake #EchoPark #LosFeliz #AtwaterVillage #EagleRock #GlassellPark #HighlandPark #MontecitoHeights #MtWashington #LosAngeles #RealEstate

Tenants in Common Home For Sale - Echo Park - Open House Sunday

Open House This Sunday 2-5 - Affordable Echo Park Home - $599,000 TIC - Tenants In Common 1562Lemoyne.com

#SilverLake #EchoPark #LosFeliz #AtwaterVillage #EagleRock #GlassellPark #HighlandPark #MontecitoHeights #MtWashington #LosAngeles #RealEstate

Vintage Meeting Hall For Sale - Highland Park

Vintage meeting hall For Sale - 4,000 sq ft- Highland Park
Formerly owned by the Danish Soldiers Society since 1973.
Check out TheAlamoLA.com for a 3-D scan, images and the story. Interested in a showing? Need more info? Let us know.

#SilverLake #EchoPark #LosFeliz #AtwaterVillage #EagleRock #GlassellPark #HighlandPark #MontecitoHeights #MtWashington

Yay! We Won! 2019 KW Los Feliz Awards

Yay! We won! #KWLF awards for 2019. #4 Gross Commission Income. #3 Units Sold. Huge thanks to our clients for working with us. Also, kudos to Andrea Barbosa, designer & Eduardo Fuentes, handyman. Thanks Keller Williams team who make our work better. 

#SilverLake #EchoPark #LosFeliz #AtwaterVillage #EagleRock #GlassellPark #HighlandPark #MontecitoHeights #MtWashington #LosAngeles #RealEstate

Visit with Kathy and David - Highland Park

With our clients Kathy and David. Helped them purchase a home in Highland Park for their family. Visiting clients after the sale is one of the most satisfying things in this business of being a real estate agent. So happy to see the progress they've made on the home and how happy they are about their family, their home and the neighborhood. 

#SilverLake #EchoPark #LosFeliz #EastHollywood #HollywoodHills #AtwaterVillage #CypressPark #BoyleHeights #EagleRock #ElSereno #ElysianPark #ElysianValley #GlassellPark #HighlandPark #LincolnHeights #MontecitoHeights #MountWashington #MtWashington #LosAngeles #RealEstate

Landlord/Tenant Changes in 2020 and Beyond

It’s not easy being a landlord or a tenant in 2020 as it has always been a relationship of opposing benefits. Despite the tension, people find a way to make it work in a mostly civil environment. But in the future the landlord/tenant relationship may get harder.

What happened? Authorities stopped building and downzoned neighborhoods for lesser density. By the time the low inventory issue was realized it was too late to make up for decades of underdevelopment. Compounding this situation, institutional investors purchased housing for rentals. According to one source 60% of Angelenos are presently renters with the trend predicted to rise.

Low inventory has created stressful relationships with tenants, landlords and regulators. This is an issue that all citizens should participate in solving.

Here are the changes that have happened already and the ones that are being discussed:

• 2019 City of Los Angeles: Eviction Defense Program aka Right to Counsel. Tenants in the city get free legal representation paid by all residents.

• 2020 State of CA: AB1482 (for 10 years) - Tenant Protection Act aka State Rent Control Highlighted details: Qualifying properties - all properties older than 15 years - some limitations on SFR; annual increase allowed - 5% max + CPI(10% max total); evictions must be just cause No-fault termination - one months rent to tenant or assist with cost of move. Link to bill: https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200AB148

• 2020 State of CA: SB1188 - Occupancy of property for people at risk of homelessness.

• Proposed: L.A. County Fire parcel tax increase for shortfall needed to maintain infrastructure and for fire prevention.

• Proposed: LA Vacancy Tax - Tax to be paid by property owners if a property sits vacant.

• Proposed: State SB50 - Larger/denser developments near transportation hubs

• Proposed: State AB22 - Every child and family - right to housing

• Proposed: State AB53 - Limitation - Owner cannot request if applicant has a criminal record.

• Proposed and defeated: L.A. City - Tenants right to form associations(unions). Could withhold rent if grievances are filed.

• Proposed: State - “Split-Roll” - removes commercial properties from Prop 13 property tax protections. To be taxed at current market value. Properties under 3-million to be exempt. Impact on business owners with triple-net leases to be very large.

• On State ballot in 2020 election: Prop 10(version 2) - Will create vacancy control. When a unit becomes vacant rent can only go up a small percentage rather than to market rate. This will create permanent low-priced units and permanently reduce the value of their buildings.