LOS ANGELES (CBSLA) – Millions of Californians are in a double financial panic because mortgage and property tax payments are still affected by the huge job losses caused by the coronavirus epidemic.
Workers in the tourism sector, restaurants, the entertainment industry, schools and universities have been made redundant or have suddenly lost their jobs due to the closure and degradation caused by the coronavirus outbreak. Los Angeles County has already established an emergency moratorium on all residential and commercial evictions in unincorporated areas.
According to Devon Thorsby, editor of U.S. News and World Report, when homeowners lose their jobs due to the coronavirus, the first thing they have to do is contact the creditor as soon as possible.
Your creditor does not want to take the property out of your home. It’s a bad deal for them, Mr. Thorsby said.
Governor Gavin Newsome suspended all foreclosures until the end of May, and Fanny May and Freddy Mac ordered creditors to reduce or suspend payments for up to 12 months. Most lenders will act according to the circumstances, but homeowners should not stop paying just like that.
Homeowners should contact their creditors to agree on payments and be aware of the difference between patience and change – patience can mean that all missed payments must be paid at once.
However, the government property tax is still due on the 10th day of the month. Scheduled for April. The Los Angeles County Treasurer and Tax Collector website states that under state law the agency has no right to extend its mandate. The agency’s offices are closed, as are many others in the country, but payments are still expected on time.
Late payments can be cancelled if the owner is unable to pay for reasons related to VIDOC-19. Requests for cancellation of late payment can only be made on the day following the 11th day after payment. April. The Orange and Riverside Districts have similar programs.
However, the government is asking owners who can afford to pay for this in time, as money is needed for essential programmes, especially in emergency situations.