As of Tuesday, 3/31/2020, official reports state Harris County’s stay-at-home order may warrant an extension till April 30, 2020, as COVID-19 spreads.
Houston-area recovery fund set up in midst of COVID-19 crisis – On Thursday, 3/26/2020, Harris County Judge Hidalgo officially announced a new recovery fund for those suffering the most economic distress due to the COVID-19 outbreak.
As of 12:00 am CST on 3/24/2020, a “Stay Home Work Safe order” was officially issued for Harris County, Houston, through Friday, 4/3/2020. Even though the order is in place, our firm will remain available during regular business hours and we will continue to work remotely. We are doing our best to run as efficiently as possible during this time and we appreciate your patience.
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law last month.
By Hugo Diaz
The CARES Act was signed into law in order to provide economic stimulus and financial relief for businesses and individual consumers. The Act includes the following relief provisions for businesses, investors, and consumers engaged in the real estate industry:
- Temporary suspension on foreclosures and evictions for certain commercial and residential properties that receive federal assistance;
- The right to request a forbearance with regard to certain federally backed single-family and multifamily mortgage loans;
- Potential economic aid to the hotel and restaurant industries through direct loans and Small Business Administration loan programs; and
- Potential economic and tax benefits for certain property owners.
Guerra | Days Law Group continues to monitor the Coronavirus (COVID-19) outbreak along with government responses enacted to ameliorate the situation. We have highlighted the above provisions of the CARES Act because they may be relevant to businesses and consumers engaged in the real estate industry.
If you wish to learn more about the effects of the CARES Act on the real estate industry, do not hesitate to contact us. We are available via phone and email to answer any questions you may have.
Helpful Client Resources:
- Do I have to Pay my Mortgage or Rent During the Coronavirus Shutdown?
- The Next Financial Crisis: A collapse of the mortgage system
- Lender’s Adjusting to Loan Modification Requests
- How to Save my Home from Bankruptcy?
- Common Homeowner Pitfalls Attempting a Loan Modification
- Wrongful Foreclosures
- EXPLAINED: Here’s what the stay-home-work-safe order issued for Harris County and Houston means for you