Today they all said tenants are out of work and almost certain to default. Two owners said they won't pay the mortgages next month, and hope the banks won't penalize them. Courts nationwide have also suspended eviction cases and likely won't start up again for months. It's a complete disaster in every sector you look.
I work for a bank that services mortgages. This will be treated as a disaster. The banks will offer forbearance plans. There will be no or limited payments for a period of time and the arrears will be added to the mortgage payment when things return to normal.
It's the COMMERCIAL landlords with small business tenants who are facing the biggest disaster here.
I would not be shocked if most of the bars and restaurants in some areas don't even open again.
Popular trade in Nashville has been buying up condo units and using them as Air-BnB rental units.
That business is now dead and those mortgages are now in danger.
Your friends should call their mortgage servicers now and start the process of getting assistance.