Back on September 1, 2020 the Centers for Disease Control and Prevention (CDC) issued an Agency Order titled Temporary Halt in Residential Evictions to Prevent the Further Spread of COVID-19 (Order).
The Order prohibits residential landlords nationwide from evicting certain tenants through March 31, 2021.
As a result, millions of homeowners have fallen behind on mortgage payments but there have been virtually no foreclosures.
The bad news — which is leading many observers to grow anxious — is that policy protections are starting to expire. Programs including the CARES Act protections, CDC mandates to avoid foreclosures or evictions during the pandemic, and state/local policy programs are all coming to an end in the coming weeks and month.
So, then the bankruptcies jump, so the tenants will not need to pay the back rent and the evictions soar. It is possible that properties will be foreclosed on as well.
In chaos lies opportunity, as well as it’s aftermath.R