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Started By
Message
re: 7.7% of Mortgages Now in Forbearance
Posted on 5/9/20 at 11:10 am to redstick13
Posted on 5/9/20 at 11:10 am to redstick13
quote:
People who own those likely won't need to sell anything.
False
Lots of middle class in Denver and SLC etc own them and rent them most of the year for a nice profit
But now they might be out of a job and the units arent renting
0
Posted on 5/9/20 at 11:10 am to stout
While it looks bad I also imagine a large percentage of those are people doing it just because they can and not because they need to. Because of the situation I don’t think you had to prove anything you just had to request it.
Posted on 5/9/20 at 11:12 am to BobABooey
quote:
The housing market in this part of north Dallas is extremely hot right now. I inquired about a house yesterday and the realtor said she could have sold it 19 times already. Just a year or so ago, things were slower. Just my anecdote.
Even during the subprime fallout, there were exceptions. Parts of LA were insulated because there was still a bit of a shortage due to Katrina and Rita, oilfield work, etc
Posted on 5/9/20 at 11:12 am to stout
Maybe I'll be able to pick up a house for cheap in the coming years!
Posted on 5/9/20 at 11:13 am to stout
quote:
I think Powell will fire up the money printers but they will not be able to save everyone.
i believe so too, you'll only be able to save so much
so the people who have overextended (second homes, ski condos, airbnbs, etc) are going to be looking to sell
Posted on 5/9/20 at 11:13 am to TH03
quote:
Good time to buy a house then or the complete opposite?
I would say not quite yet
But in the future there will certainly be bargains
Just make sure you have plenty of cash on the sideline. Long term job security can get murky for anyone in a hurry.
Posted on 5/9/20 at 11:14 am to LSU5508
quote:
While it looks bad I also imagine a large percentage of those are people doing it just because they can and not because they need to. Because of the situation I don’t think you had to prove anything you just had to request it.
Sure that is some of it but even if that was half of it, the numbers are still bad.
Companies like Black Knight and Corelogic will be monitoring and reporting on this more and more so it will be interesting to watch.
Posted on 5/9/20 at 11:16 am to stout
quote:Unless your mortgage is held locally by the lending institution that you directly borrowed from, which nowadays is rare but comes in handy in distress situations like what we’re seeing.
So even in forbearance, the bank is still paying on the money they borrowed to loan on that mortgage.
Posted on 5/9/20 at 11:16 am to redstick13
quote:
I was just having this discussion with someone earlier this week. I really don't see how to avoid another housing crisis.
Agreed. Yet when you search for articles on it the majority claim the housing market is going be just fine.
Posted on 5/9/20 at 11:16 am to Powerman
quote:
I would say not quite yet
But in the future there will certainly be bargains
Just make sure you have plenty of cash on the sideline. Long term job security can get murky for anyone in a hurry.
Watch new home starts by big track builders over the next few months and that will tell you more too of where we are heading. They monitor the market more than most and will adjust quickly as not to be in the mess they faced in '07.
Posted on 5/9/20 at 11:17 am to St Augustine
The next year or two will probably be a buyer’s market.
Posted on 5/9/20 at 11:17 am to soccerfüt
quote:
which nowadays is rare
Extremely rare when money is so cheap for them to borrow.
Posted on 5/9/20 at 11:19 am to stout
Credit Unions are the only institutions that I know personally of that hold their own paper.
Posted on 5/9/20 at 11:19 am to stout
If you can't cover your Bill's for 2-3 months you probably shouldn't have had a house in the first place.
Posted on 5/9/20 at 11:21 am to soccerfüt
quote:
Credit Unions are the only institutions that I know personally of that hold their own paper.
I have my mortgage through a credit union and they sold it off to someone else
But I know the one I'm with does their underwriting in house
Posted on 5/9/20 at 11:21 am to GREENHEAD22
quote:
If you can't cover your Bill's for 2-3 months you probably shouldn't have had a house in the first place.
What about 8 months?
Posted on 5/9/20 at 11:21 am to TH03
Our house fell through, but our sell is still happening. Will be renters until December and will hopefully pick up something at a bit more of a discount.
Posted on 5/9/20 at 11:21 am to GREENHEAD22
quote:
If you can't cover your Bill's for 2-3 months you probably shouldn't have had a house in the first place.
Normally I agree but this goes beyond that and to think otherwise is being obtuse. Also, this wasn't self-inflicted like most people that wind up in default.
Posted on 5/9/20 at 11:22 am to stout
It’s definitely bad just not as bad as it seems. Lazy Americans cut any corner they can and are taking advantage of the system.
Posted on 5/9/20 at 11:22 am to Powerman
quote:
I have my mortgage through a credit union and they sold it off to someone else
Yea they will still package it up and sell loans in blocks. It all depends on their needs, risks, etc just like most lenders.
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