Definition of "Moratorium"

Norma L. Rodriguez, PA <br> Broker Associate real estate agent
Norma L. Rodriguez, PA
Broker Associate, Real Estate Agent
Berkshire Hathaway Florida Realty

  1. Delay permitted to repay an obligation. An example is when a financial institution allows a real estate company another month to repay the balance due a loan.
  2. Delay permitted to carryout a legal responsibility. An example is when a homeowner gives the contractor another two weeks to complete work beyond the contract completion date.
  3. Period of time that specified performance is not permitted. For example, a homeowner does not allow work to be done on his home during the Jewish holidays.
 

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Comments for Moratorium


Daphne Burgess Daphne Burgess said:

when does moratorium end in mass?

Jul 02, 2021  07:22:26

 
Real Estate Agent

Hey Daphne! Thank you for getting back to us. Regarding the eviction moratorium in Massachusetts, while it was enacted last year, the State Moratorium expired on October 17th, 2020. However, the CDC enacted a Moratorium at a Federal level before, which is still in place and became effective in Massachusetts after the date mentioned above.  The Federal Moratorium is established to end on July 31st. There was also a bill signed into law last month by Gov. Charlie Baker that means to prevent evictions for tenants unable to pay rent because of COVID-19 - this is set to remain in place until April 2022.

We hope this information helps!

Jul 05, 2021  10:44:19
 
Daphne Burgess Daphne Burgess said:

when does moratorium end?

Jun 29, 2021  16:10:46

 
Real Estate Agent

Hey Daphne! Thank you for reaching out to us. A moratorium can be for different situations and based on those situations there can be different end dates. If you are referring to moratoriums in place because of the Covid pandemic, I'm going to require more information as they might differ based on location, type of moratorium (for gas, electricity, rent, evictions, etc.). If you could please get back to us with the state you are inquiring about and the type of moratorium, we'll try to reply as soon as possible.

Jul 01, 2021  12:11:34
 
Renee Bryan Renee Bryan said:

I have a land contract on a deed to the property I want to purchase. It is directly through the prior owners, not a financial institution. Does the current moratorium apply to me?

Apr 30, 2021  17:07:25

 
Real Estate Agent

Hi Renee! I'd love to help you answer that question, but I'm going to need a bit more info first. Can you explain the situation in more detail? Thanks in advance! 

May 05, 2021  18:08:19
 
Melody A Queen Melody A Queen said:

If there is a moratorium on a lot for sale, what does that mean? If I buy the lot am I now responsible for the debt owed if any is owed?

Feb 17, 2020  02:55:06

 
Real Estate Agent

Hey, Melody! Think of a moratorium like a grace period. A period of time during which borrowers don’t have to pay their monthly installments, credit card dues, or loans. Note that it’s not a waiver so it will most likely end up in a higher interest rate after the payments are resumed. So, the moratorium doesn’t refer to unpaid debt. For example, during the COVID-19 outbreak, some banks and financial institutions offered a few moratorium months for term loans and credit card bills. We also have some advice on our website on how to sell your home during a pandemic so if you’re interested, you can check it out.

Apr 09, 2020  13:24:15
 
 

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