Dallas-Fort Worth Real Estate Investor Club

If you're looking to refinance, I recommend you call Andrew Postell.  He's now with Guaranteed Rate.

Thank you for the quick responses. Andrew was the first person I called. He was unaware of any lenders holding 30Y paper. However, I was pleasantly surprised this morning when I saw that the Federal Eviction Moratorium provision of the CARES ACT had wisely not been included in the Senate's HEALS ACT. So, I will wait to see what comes out of the negotiations before refinancing. Apparently there are some politicians paying attention this time around. 

Neil,

I believe that you are misinformed. It is not just Section 8 rentals that are effected. All the JPs in Tarrant County and probably other counties are now requiring a CARES ACT form to be filled out. The form requires you to use Freddie and Fannie's website tools to provide confirmation that the loan is not held by either of these entities. The eviction moratorium that just expired covers all properties that have mortgages insured by Freddie, Fannie, VA, and HUD which encompasses approximately 1/3 of all the mortgages in the US. I know because I just attempted to evict a tenant that was 3 months late. Fortunately my tenant was able catch up the rent and get current before the court date. However, had I gone before the judge, I'm fairly certain that my case would have been dismissed since Fannie May owns the mortgage on that particular property. So, the CARES ACT expired on July 25th. However, a 30 Day Notice clause in the ACT is still in effect until August 25th. I find the legislation combined with the medias attention to the subject quiet disturbing, as it effectively strips landlords of all legal recourse in collecting rents. Basically it vacates the part of the lease requiring any form of payment from the tenant for as long as it remains in effect. Thankfully, the Eviction Moratorium and 30 Day notice clauses are not in the HEALS ACT, the new piece of legislation proposed by the Senate last Tuesday. But you can bet your bank account that the House of Representatives will be aggressively lobbying to put it or something worse for Landlords back into the final piece of legislation. At the moment, I have chosen to maintain sufficient liquidity in the case I am compelled to pay off a mortgage to facilitate removal of a bad tenant. However, this is not a long term solution, and it makes me reluctant to buy and hold any more properties.