In the middle of this COVID-19 pandemic, state governments across the country have issued moratoriums on evictions and foreclosures for certain residential and commercial properties. Many counties and cities have also issued their own moratoriums, adding to the complexity and uncertainty of what protections there are in place for tenants, landlords, and borrowers.
The situation is constantly evolving, and each restriction varies in a number of ways. You may need to consult a real estate attorney in Ashburn, VA, to answer the following questions:
Which remedies are restricted? – In some areas, it is just foreclosures, whereas, in other areas, it includes other tenant protections and sometimes some protections for the property owners, too (from lender remedies).
Who is protected? – In some cases, it is only residential properties that are covered, and in some areas, it is flexible as to the asset class or type of tenant.
What are the standards? A real estate attorney can confirm that there are some cases where one needs to prove that the default was caused by COVID-19, but there are no standards in place for the protection to apply in others.
Regardless of the prohibited remedies or processes, it is crucial to note that no known restrictions absolve the party from obligations to comply. Be aware that neither rent nor mortgage payments are simply permanently forgiven.
