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As rents come due, many Americans will face the harsh reality of the coronavirus pandemic, according to real estate mogul Barbara Corcoran.
“Lots of people are going to be calling up their landlord or simply ignoring sending in their check and just saying, I can't do it for them, it feels like D-Day tomorrow, April 1,” Corcoran told FOX Business’ Neil Cavuto. “And I think it's the first day that people are really going to come to terms with how different everything is right now.”
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With millions of Americans already out of work, the virus outbreak could result in 47 million lost jobs, and unemployment could hit 32 percent in the second quarter, according to the Federal Reserve Bank of St. Louis.
A woman walks through a lightly trafficked Times Square in New York, Monday, March 16, 2020. (AP Photo/Seth Wenig)
However, Corcoran said there are steps to take if you can’t make your payments.
Corcoran said if you really have no money the first thing to do is stop paying your rent.
“It puts you in a much better negotiating position if you're holding any money you have versus paying the little you can and then begging for forgiveness,” she said.
Corcoran said the next thing to do is call your landlord before you know you have a real problem.
“That's really when the landlord wants to hear from you and to propose something reasonable that you genuinely can afford,” she said.
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Meanwhile, several major cities, including New York, Boston, Los Angeles, San Francisco and St. Louis have temporarily banned evictions. But in recent days renters across the country have been advocating for rent strikes.
Corcoran said while it’s unfair to landlords, group movements are very powerful and should be taken seriously.