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What will happen when millions are unable to pay rent/mortgage?
Posted on 3/23/20 at 5:24 am
Posted on 3/23/20 at 5:24 am
If a few people don’t pay rent, you evict them. If they don’t leave, you have the authorities forcibly kick them out.
But what happens when millions Can’t pay rent?
What happens when everyone’s income is cut? The resources don’t exist to kick everyone out, and if you do then few have the money to move in anyway and you have a violent, angry mob on your hands that will quickly overwhelm available resources.
I’m legitimately stumped on what the best course of action would be.
I mean, the scenarios get real ugly, real quick.
This isn’t people being freeloaders, this is the economy skidding off the rails and too many people in a bad situation all at once.
What happens?
But what happens when millions Can’t pay rent?
What happens when everyone’s income is cut? The resources don’t exist to kick everyone out, and if you do then few have the money to move in anyway and you have a violent, angry mob on your hands that will quickly overwhelm available resources.
I’m legitimately stumped on what the best course of action would be.
I mean, the scenarios get real ugly, real quick.
This isn’t people being freeloaders, this is the economy skidding off the rails and too many people in a bad situation all at once.
What happens?
41
Posted on 3/23/20 at 5:28 am to fr33manator
I get activated alone with the guard. 
Posted on 3/23/20 at 5:28 am to fr33manator
Small businesses (landlords) go into debt and get bailed out by SBA loans or potential grants. Or the small business works with the tenant to adjust future rent to pay back rent. Kicking out a tenant for another that can't pay is a bad business decision.
Mortgage companies dont collect principle and keep the interest rolling for the borrower. Any potential loss in income doing so is backed by government bailouts.
Mortgage companies dont collect principle and keep the interest rolling for the borrower. Any potential loss in income doing so is backed by government bailouts.
This post was edited on 3/23/20 at 5:30 am
Posted on 3/23/20 at 5:29 am to fr33manator
this Friday will be the first full pay check many Americans will miss and per today’s news, there is no $1000 check or relief in sight.
Posted on 3/23/20 at 5:29 am to fr33manator
So glad more of you are finally realizing how bad this is for our economy.
To your point, I’d think the feds would step in to assure borrowers don’t lose their homes.
To your point, I’d think the feds would step in to assure borrowers don’t lose their homes.
Posted on 3/23/20 at 5:31 am to fr33manator
Another bailout happens. Fear of perceived anarchy keeps us from allowing evolution to occur in these situations
Posted on 3/23/20 at 5:33 am to Beessnax
Evolution?
Posted on 3/23/20 at 5:34 am to GleauxTigers
quote:
Honestly? Revolution
Against whom, exactly?
Because I guarantee you the workers in apartment complexes aren’t getting paid enough to face angry mobs about to lose their homes. And I seriously doubt the ones who would Be called upon to evict them forcibly are going to be willing to do it when Everyone is in the same boat
Posted on 3/23/20 at 5:35 am to fr33manator
Banks are going to offer extensions. There has been some regulatory guidance issued giving banks more leeway than normal to grant extensions and restructures. Hopefully, when the landlords’ loans are extended for several months, they will follow suit and give their renters a break.
Posted on 3/23/20 at 5:36 am to fr33manator
Hopefully we realize soon that the cure is worse than the disease.
Posted on 3/23/20 at 5:38 am to fr33manator
Trickle up economics.
Rent/mortgage doesn't get paid.
Banks don't foreclose/evict.
Govt $$$$ eventually comes.
Everyone is whole.
Pretty simple actually.
Rent/mortgage doesn't get paid.
Banks don't foreclose/evict.
Govt $$$$ eventually comes.
Everyone is whole.
Pretty simple actually.
Posted on 3/23/20 at 5:38 am to Armymann50
quote:
get activated alone with the guard
Hopefully, you decide to be on the right side.
Posted on 3/23/20 at 5:42 am to Mo Jeaux
quote:
Evolution
Correct. Businesses who have maintained financial health well enough to survive will, and those who haven't fail.
Posted on 3/23/20 at 5:43 am to fr33manator
quote:
What happens?
Burn down the rental house with the deadbeats in it, the rest will pay up.
Posted on 3/23/20 at 5:45 am to Armymann50
quote:
I get activated alone with the guard.
To do what, exactly? Not being antagonistic, but you really think the military/NG is gonna shoot a bunch of citizens who can’t pay rent because the goddamn CCP screwed the world economy up?
This isn’t an isolated issue. This ain’t a regional thing where people can just go somewhere else and carry on.
Hungry people are desperate people, and desperate people are dangerous people.
Posted on 3/23/20 at 5:46 am to cave canem
Are you this much of a stupid frick in real life?
Posted on 3/23/20 at 5:46 am to fr33manator
quote:no handouts, you will just have to get over it. It's your fault you weren't prepared
This isn’t people being freeloaders
Posted on 3/23/20 at 5:46 am to Beessnax
Must be nice to be that naive
Posted on 3/23/20 at 5:47 am to Jinglebob
Government doesn’t have the money to make everyone whole this time around
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