Covid-19 is changing the way that we live. Our current way of life may be the new norm. This has caused many questions to be asked, especially when it comes to paying bills. Since this is a real estate blog, we will focus on paying rent for residential real estate or property.
Q. If I live in Indiana, do I have to pay my rent or mortgage on my residential property during the COVID-19 state of emergency?
A. On March 19th, Governor Holcomb issued Executive Order 20-06. The order prohibits evictions and foreclosures of residential real estate or property until the state of emergency is terminated. The order does not relieve an individual of their obligation to pay rent or make mortgage payments.
You will not be evicted or property foreclosed upon during the state of emergency. However, you may be subject to late fees and penalties for late rent or mortgage payments. Rent and mortgage payments will remain due once the emergency is over (unless you have certain language in your lease-we will discuss on the next post). Reach out to your property manager or mortgage company to confirm your options or work out a plan.
We are all in this together