Can't Pay Anymore

[SLopez]

Tenant got diagnosed with terminal cancer and now he doesn’t work. The wife doesn’t make enough money to pay the rent. Last month they were able to pay and I waive their late fee considering the situation. This month they only have half of the rent but they did not mention anything until my property manager inquired why the rent haven’t been pay yet.
Their rent is $1900 a month and they asked me to let them go with only paying $1000.
Their lease is in effect until July next year.

I am considering with letting then go but still paying $1400 which will cover the mortgage on the property for this month.

What do you guys think/suggest? I don’t want to hurt them but at the same time do not want to hurt myself.

[BBFult]

I too have a young couple out of work but still paying. They get it from someone. One week I had them do work for me and that was cheaper than hiring someone. They pay by the week.

[KarlaH]

Make the tenant feel sorry for you. Make up some extra reasons like, you're supporting your elderly parents and one of them has organ failure.

[LynnSmith]

We had this situation, and ended up evicting after several months missed rent. There was a divorce too. 12 year tenants gone. Be careful

[Mary]

Is it just the two of them? Do you have any other properties that is more affordable  you could move them into if one became available? Sounds like even if you reduced their rent to 1400 they may not be able to provide that. I would present a mutual agreement to vacate rather than face eviction. Let them know there’s options that way you can get a tenant in there that can and will pay their full obligation and they can move to a better situation themselves. This is a hard situation! 

[Kassandra RPM Alaska]

@Mary. I love the power of mutual termination, this is way cheaper than evictions and really is a financial benefit for all parties to do and move forward to avoid the issue from escalating.

Now if it was the 80's and finding tenants was difficult.......I would rethink the plan. Lol