The Rent and Mortgage Cancellation Act

Great news if you are a renter or owe on a mortgage; if you are a landlord or mortgagee, not so much . . .

On the other hand, if you are a renter or the borrower on a mortgage (the mortgagor), you might want to contact Rep. Omar and thank her for introducing the legislation, especially if you are behind on your payments.

The bill also assures that there would be no negative impact on credit ratings or rental history.

Landlords and mortgage companies that violated the act by attempting to collect rent or mortgage payments would be subject to harsh penalties. If the bill also offers victims a private cause of action to protect their rights. If the Department of Housing and Urban Development didn’t protect consumers’ rights, impacted parties have an alternative means of asserting their rights.

If enacted, the bill would result in landlords and debtors losing millions of dollars. The bill creates a “relief fund” that mortgage holders and landlords to help compensate for losses. Eligibility, however, is premised on accepting multiple consumer-friendly requirements. These include a 5-year rent freeze and an agreement to remove restrictions on access to rent or borrow that have historically excluded some groups, such as former felons or applicants with poor credit…

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