Evictions are devastating for the tenant and the landlord. No one wins when the problems escalate to eviction. The landlord wants to keep their rental property and the tenant wants to have a place to rest their head.
Do you wish that you could get financial help to cover your tenant?
Short-term financial help is available for both the landlord and the tenant. Virginia has empowered the housing market with a program designed to reduce evictions. Continue reading to learn more about eviction protection programs.
What Is Eviction Protection?
Protection from eviction can take many forms including eviction protection insurance. The rent default insurance includes protection against eviction coverage.
Most policies cover monthly rental fees when the tenant defaults on their payments. This carries through until a new tenant moves in.
Eviction protection is also available for the tenant. This takes a different form but maintains monthly rent payments when qualified. Losing a job and other hardships qualify.
Virginia Homeless Prevention Program
Virginia agencies provide financial aid to pay rent to prevent homelessness. Struggling tenants can receive emergency cash grants and legal support. Counselors work with the renter on funds to pay back rent, overdue utility bills, and others costs.
If the tenant can't afford to stay, the program can pay part of the moving costs and security deposit. All funds are paid directly to the landlord. Free legal support is offered so the renter can learn and understand their rights.
Homeowner Help
To prevent foreclosure, the homeowner can qualify for assistance. There are also mortgage assistant programs available on a national level.
Several firms in Virginia offer pro-bono work and free counseling for landlords.
In some cases, a HUD-certified housing counselor gets involved. They can help get a loan modification to prevent the landlord from losing their home.
The Department of Human Services may also get involved. They can provide cash grants for security deposits, legal aid, and miscellaneous support.
Eligibility
Hardship is the main criteria for qualification. The main proof the tenant provides must relate to a crisis or emergency. They have to show the shortfall was beyond the individual's control.
They must also show they can meet their financial obligations going forward.
The landlord must also agree to take part in the program. They must stop the eviction process and allow the tenant to stay in the unit. Other terms may vary by area, but most landlords are willing to be of help.
Term variations exist with assistance programs. Depending on the area, the housing costs must be between 40-60% of the tenant's monthly income. This variation determines if the individual is living within their means.
Your Eviction Protection Program
Understanding how an eviction protection program and rent default insurance works will help. But that doesn't solve the issue of time consumption. Managing the eviction process or the assistance programs takes time and effort.
The best way to handle these issues is through property management services.
Property management services handle finding and screening new tenants. They handle property maintenance and rent collection. They also handle evictions and assistance programs.
Consider what kind of protection you'd like. To learn more read similar articles.
