Advice for Furloughed Personnel Who Can’t Pay Rent – What to Know

The worldwide pandemic forced businesses to shut down. The main reason is to address public health concerns to prevent the spread of the disease. Because of that, many people lost their jobs and have an unsteady income stream that prevents them from paying their bills.

One of the most affected financial aspects is paying for houses for rent. Rent takes up a lot of space in people’s budgeting. Although some employers gave unemployment benefits, the cost is not enough to cover needs for the extent of the pandemic. 

Status of the Current Help Extended to Affected Citizens

There are, however, revolutions and campaigns that demand to call off rental payments for the meantime. The main concern of tenants is food, which is where they should spend their little savings. Luckily, the government heard the interests of the people. Authorities blocked any foreclosure actions for at least two months. The event gave homeowners a grace period of six months not to pay their mortgage without fear of foreclosure.

The federal CARES Act helps protect tenants by forbidding evictions as long as the pandemic ensues. Although this is a massive help to people, it is not a cure-all decision to help solve the underlying problem—an unsteady source of income. 

Talk to Your Landlord About a Custom Payment Plan

Aside from the renters, the pandemic also affects the income streams of landlords. As such, while you are living in a house for rent, you must also help alleviate some financial burden, provided you can supply yours first. Discuss a personalized payment plan with your landlord that benefits both parties. 

The first step is to inform your landlord. It is best to do so days ahead of when your rent is due. In doing so, this gives them time to prepare for their budget changes too. Additionally, you are more likely to strike a better deal if your landlord sees you in a good light.

Second, showing documentation to show proof of your financial woes is an excellent idea. Notes from your supervisor or HR team can help prove your dire situation. If you applied for unemployment aid from the government, that works too. When you show these documents to your landlord, they may feel empathy for your situation and give you options you can consider.

After they give you your options, make sure to get a physical copy of it, especially if they offer a rental-deferment arrangement. Any form of writing with their signature is a document you can use in your favor in the uneventful time that things escalate to court. Additionally, make sure you understand the entirety of the agreement before you put your signature. Otherwise, you might be jeopardizing your financial stability in the process.

If you are unable to get subsidized rental plans, ask for repayment options. It is vital to share your darkest and hardest moments in this pandemic so that you will get a more favorable response. An installment plan that goes for as long as a year is already a massive help to your expenses. The best scenario would be asking for a rental payment reduction for the first three months of the coronavirus. Then, arrange a repayment installment plan within an extended timeframe where both parties agree.

Are you looking for houses for rent in Jacksonville, Florida? Get in touch with us today to see how we can help.