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Updated about 5 years ago on . Most recent reply

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Crystal Smith
  • Real Estate Broker
  • Chicago, IL
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Chicago Housing Solidarity Pledge to Aid Landlords

Crystal Smith
  • Real Estate Broker
  • Chicago, IL
ModeratorPosted

Realize most of the Chicago BP investors are keeping up with the news but just in case here's a recent announcement made by the Mayor's office working with the major banks in the area to provide relief to landlord mortgage holders whose income is affected by COVID-19. 

Under the terms of the pledge, housing lenders affirm they may provide the following for eligible mortgage holders who demonstrate a significant financial impact from the pandemic:

  • Grace Period for Mortgage Payments: Offer deferred payments with repayment terms that avoid immediate repayment at the end of the deferral period.
  • Suspension of Foreclosures: Provide relief from foreclosure filing until May 31, 2020.
  • Neutral Reporting to Credit Agencies: No reporting late payments to credit reporting agencies, consistent with applicable guidelines, for residential borrowers taking advantage of COVID-19 related relief, provided that loans that were delinquent prior to deferral will continue to be reported as delinquent.
  • No Late Fees for Missed Payments: Provide relief from mortgage-related fees.

The following organizations have committed to the Chicago Housing Solidarity Pledge:

  • Bank of America
  • BMO Harris Bank
  • Byline Bank
  • CIBC
  • Fifth Third Bank
  • First Eagle Bank
  • First Midwest Bank
  • Northern Trust Bank
  • PNC
  • US Bank
  • Wintrust Bank
  • Second Federal Credit Union
  • Seaway Credit Union
  • Lawyers Committee for Better Housing (LCBH)
  • Chicagoland Apartment Association (CAA)
  • Neighborhood Building Owners Alliance (NBOA)
  • Chicago Association of REALTORS (CAR)

Here's a link to the announcement:  Press Release

  • Crystal Smith
  • 3126817487
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