Omar’s rent forgiveness bill

[Joel Brown]

I’m sure everyone is excited about Rep Omar’s bill to require forgiveness of rent for up to a year. Of course your primary mortgage would be forgiven ( if you owe money) and you might get partial relief from your rental property mortgage through a government fund ( I’m sure minimal paperwork).

The bill would require full payment forgiveness, with no accumulation of debt for renters or homeowners and no negative impact on their credit rating or rental history.

This bill should obviously be a nightmare for anyone owning rental property which is pretty much all BiggerPockets users.

https://omar.house.gov/media/press-releases/rep-ilhan-omar-introduces-bill-cancel-all-rent-and-mortgage-payments-during

[Guifre Mora]

Originally posted by @Theresa Harris:

@Joel Brown  There is another post on this. There is a lot of fine print, most of it not good and ties landlord's hands for up to 5 years and gives renter's 'shares' in any equity in the home.  Shares isn't the right word, but they get access to equity.

 Yes, its 10% equity! of your home! Basically 10% is being taken from you and given to others for free. (Sounds too familiar - I ran away from this in my home country)

Unbelievable!