Multifamily homes are defined as having 5 or more units. As a borrower, you can ask for a forbearance on your mortgage payments as long as you were current on your payments as of February 1, 2020. And that you affirm that you are experiencing financial hardship. The request can be written or oral. However, we recommend making a written application and verify it was received by your bank.
The initial forbearance will be for 30 days, which can be extended for up to two additional 30-day periods. The extension requests need to be made 15 days prior to the expiration of each 30-day forbearance period.
Using this program, you as the borrower have the right to end the forbearance at any time.
During the period of forbearance, the borrower may not:
1. Evict or initiate the eviction of a tenant solely for nonpayment of rent or other fees or charges; or
2. Charge any late fees, penalties or other charges to a tenant for late payment of rent; or
3. Issue a notice to vacate.
Considering there is a moratorium on eviction filings for non-payment of rent there is not that much of an issue in the rights that are given -up, however, if the forbearance is not deferred to the end of the mortgage, the payments are technically due when the forbearance expires.