Because of the economic havoc wrought by the coronavirus pandemic, Maryland Comptroller Peter Franchot is urging creditors, banks and landlords to grant 90-day rent, mortgage and loan payment holidays to their borrowers and tenants, both residential and commercial. In an interview with Route 1 Reporter, Franchot also called for renters, borrowers and property-owners to also take initiative and request payment relief from their landlords and creditors.
“I am told the private sector is more than happy to be responsive to Maryland businesses and families that call them and say ‘for the immediate future we need to keep any cash we have available, so give us 90 days,” said Franchot in a March 27, 2020, interview. “After that we will figure out how to make everybody whole.”
Franchot’s call is voluntary, however. He stopped short of pushing for a mandatory rent, mortagage and loan payment holiday.
“I think it’s better right now, because of the intensity and volatility out there, to ask people to take advantage of the amenability of the corporate sector,” said Franchot.
“My message to Maryland citizens is to take advantage of the situation where all of the banks and credit card companies and others – utilities, water, electricity and others – all of the private sector businesses have told me they will be flexible if you ask them,” said Franchot. “Everybody should call and ask for a 90 day forbearance for any of those kinds of fixed costs.”
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