Last week was a profound time of change for most businesses. I wanted to share important updates with you that I have shared with my family, friends, clients and colleagues.
As you are working to find a new way of managing your business affairs, please know that I am here as a resource for you and you should feel free to reach out any time to set up a call so that I may help you in any way I can.
For those needing assistance with the SBA disaster relief programs, click to apply

Also, here is a compilation of small business resources shared by the California State Treasurer, Fiona Ma:
California Governor Gavin Newsom has made an irresponsible statement claiming that three of the largest banks will allow their borrowers deferrals on their current mortgage payments up to three months due to COVID-19, however this isn’t the case.
Homeowners that have not been able to work (who have proof of unemployment), have non-essential businesses or are impacted with health issues which currently have mortgages impacted by this pandemic are eligible to file for forbearance with a valid proof of hardship which will allow them not to make payments for the next three months.

However, after the three months expire, homeowners will have to make those payments, either in a lump sum or six or twelve month installments. Currently, there are no other options and while several lenders are considering traditional forbearances (which means that the missed payments will be tacked on to the end of the mortgage) this option is not currently available but what lenders are offering instead are Loan Modifications (formal processed to modify the terms of an existing loan). It is important to keep in mind that each of these options runs the risk of putting homeowners in default or foreclosure situations.

Stay Responsible.
Using this time to get a break from mortgage payments can put the Real Estate industry, Real Estate Market and our nation’s economy in a very similar crisis to 2008 due to the shortage of liquidity. Can you imagine millions of homeowners deferring their payments all at the same time? If you are blessed to currently have a job or funds to make your payment in the next month, this will help our country protect its financial well-being and preserve your economic standing.

Are you in the Real Estate or Mortgage Industry?

If you are, now is the time to educate your clients, family and friends. Shortcuts don’t exist in times like this. Each of us has a responsibility to spread facts and accurate information to help one another navigate our way through this crisis. It is our job to guide society through this crisis when it comes to their financial and economic decisions.

Let’s all do our part as professionals to not only help people get their dream homes and build Real Estate portfolios but to also keep their homes, assets and liabilities intact.

If you’re eligible for a cash payment 

Most individuals earning less than $75,000 can expect a one-time cash payment of $1,200. Married couples would each receive a check and families would get $500 per child. That means a family of four earning less than $150,000 can expect $3,400.

If you or someone you know has lost a job

States will still continue to pay unemployment to people who qualify. This bill adds $600 per week from the federal government on top of whatever base amount a worker receives from the state. That boosted payment will last for four months. 

If you’re a small business owner

The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses who qualify for the Economic Injury Disaster Loan to cover immediate operating costs,


There is $350 billion allocated for the Small Business Administration to provide loans of up to $10 million per business. Any portion of that loan used to maintain payroll, keep workers on the books, or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June.

If you’re a freelancer or independent contractor

Typically, self-employed people, freelancers and contractors can’t apply for unemployment. This bill creates a new, temporary Pandemic Unemployment Assistance program that provides unemployment coverage through the end of the year to freelancers and independent contractors and also provides an additional $600 per week for 4 months in addition to regular state benefits.

If you’re a property/homeowner

Borrowers of federally-backed mortgage loans can request a loan forbearance on their payments (without penalties, fees, or interest) for at least 180 days. Please contact your mortgage services and ask for specifics. 
Multi-family borrowers may request a similar forbearance for up to 30 days. In addition, foreclosures on similar mortgage loans are prohibited for at least 60 days and evictions from properties related to several federal programs are also prohibited for a 120 day period

Houtan Hormozian

Houtan Hormozian

As a Mortgage Advisor, I expand my client base exclusively through referrals from satisfied clients, friends and associates. How do I do this? First, I pay attention. That means I listen to my clients when they speak and I take note of all the details of their situation and I am sensitive to their needs. In doing so, I earn and keep all my clients trust.

[email protected] | Phone (818) 949-2345
DRE # 01836637 | NMLSR ID 222440