NC court system - closed to most business
This post is just a simple reminder that most will consider common sense or common knowledge. But as my brother reminds me, "common sense isn't so common."
As most informed investors probably already know from the court system's Coronavirus updates, "Chief Justice Beasley has directed that local courts postpone most cases in district and superior court for at least 30 days, with some exceptions, effective Monday, March 16." This means landlords cannot file new eviction cases at the present time.
Just as property owners are bound to the terms of their mortgage (and all other obligations like HOA, etc.) tenants are bound by their lease contract. Most likely, as during the Great Recession, defaults will occur in higher numbers. Hopefully everyone planned for this kind of event. I believe that the Special Proceedings office in Wake county is still open and I think Substitute Trustee processing related to defaults will continue. Watch the Hon. Chief Justice Beasley presentation (via link above) to see what operations are still open. Also check with your local courthouse since some counties have closed entirely.
If you can't get answers via court, you may want to talk to an attorney. For instance, owners and tenants should seek written bi-lateral agreements through an attorney when changing terms of a mortgage (or Deed-of-Trust) or lease. Although I disagree with his concept of creating a collection agency type function (I prefer to let courts handle payments, etc.,) the BP topic Brandon Turner Nails it on the COVID-19 Rent Due Advice may be of interest to many who feel overwhelmed. When in doubt, check with an attorney.
Hang in there and do the right thing for all people's health and safety.
These are my opinions. I am not an attorney and cannot and will not provide legal advice.