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re: What will happen when millions are unable to pay rent/mortgage?
Posted on 3/23/20 at 6:44 am to fr33manator
Posted on 3/23/20 at 6:44 am to fr33manator
My line of work offers IT services to the public. We have contract customers but don’t limit those services just to them and offer an hourly rate. A good bit of our contract customers are shut down now and we have no idea if they’ll be able to pay that contract price in the near future. This trickle down effect didn’t hit me until yesterday. So, I still work not knowing if I will get paid. Definitely sucks!
This post was edited on 3/23/20 at 6:46 am
2
Posted on 3/23/20 at 6:48 am to Armymann50
quote:
There are ways to get paid. ?
Shes a little mocha hottie that would be worth a lot of rent, but hell naw, man. The news has me brainwashed into thinking the coronavirus is real, nope, nope nope...
Posted on 3/23/20 at 6:49 am to fr33manator
Bank bail out like before.
#toobigtofail
#toobigtofail
Posted on 3/23/20 at 6:49 am to The Drizz
quote:now multiply your situation times many other lines of work.
My line of work offers IT services to the public. We have contract customers but don’t limit those services just to them and offer an hourly rate. A good bit of our contract customers are shut down now and we have no idea if they’ll be able to pay that contract price in the near future. This trickle down effect didn’t hit me until yesterday. So, I still work not knowing if I will get paid. Definitely sucks!
If people don't work and get paid, they won't be able to pay for anything after a while.
Folks that think this only affects the working class and poorest amongst us are severely undercutting the problems that will arise from folks in all classes and walks of life losing their jobs and livelihoods once funds eventually run out.
In a worst case scenario, this could drastically reshape the makeup of the middle class.
Posted on 3/23/20 at 6:53 am to The Egg
I agree with you absolutely. We decided to close to the General public yesterday for the next 3 weeks and will work remotely to anyone needing it (not just contract customers). We do a lot of on site service calls as well, and that has ceased for the next 3 weeks. This will definitely affect more than people realize.
Posted on 3/23/20 at 6:54 am to fr33manator
Well, Trump is now tweeting that the cure can't be worse than the problem so maybe the government's plan isn't long term shutdowns.
Will be interesting if the liberal governor's and mayor's fight that and push for longer shutdowns locally.
Will be interesting if the liberal governor's and mayor's fight that and push for longer shutdowns locally.
This post was edited on 3/23/20 at 6:55 am
Posted on 3/23/20 at 6:55 am to The Egg
quote:
If it gets bad enough, and it realistically could, you're talking about it affecting not just folks that live check to check, it will end up severely affecting the middle class, you're talking about the folks on here who believe they've set enough aside, once they dip into those emergency funds and keep doing so without income coming in, what do you think happens?
This is probably a good test run for where we’re headed with automation. I don’t see how we can avoid implementing some form of universal basic income when the AI and robots make 30% - 60% of us worthless to the economy in the next 5 - 10 years.
Posted on 3/23/20 at 6:58 am to Armymann50
quote:so who are you going after? The nations citizens? Or the domestic threat that is the tyrannical government?
I get activated alone with the guard.
Posted on 3/23/20 at 6:58 am to The Drizz
quote:
This trickle down effect didn’t hit me until yesterday. So, I still work not knowing if I will get paid. Definitely sucks!
Sorry to hear that. That's scary. I fear those that get laid off directly won't have something to come back to at all, so maybe a silver lining is if you're working, but not paid, and it's what you want to do, at least you'd have something to come back to when clients start paying again.
Hang in there man!
Posted on 3/23/20 at 7:00 am to MusclesofBrussels
quote:
Will be interesting if the liberal governor's and mayor's fight that and push for longer shutdowns locally.
All the shutdowns are local, they can do or not as they wish.
Posted on 3/23/20 at 7:04 am to The Egg
quote:
If it gets bad enough, and it realistically could, you're talking about it affecting not just folks that live check to check, it will end up severely affecting the middle class, you're talking about the folks on here who believe they've set enough aside, once they dip into those emergency funds and keep doing so without income coming in, what do you think happens?
What happens to the guy couple who work damn hard but encounter layoffs and aren't able to find jobs for a long while.
In this case, jobs will not be plentiful and jobs won't come back for a while.
i was called "emotional" for saying a projection/summary like that yesterday
Posted on 3/23/20 at 7:06 am to The Drizz
quote:
We decided to close to the General public yesterday for the next 3 weeks and will work remotely to anyone needing it (not just contract customers). We do a lot of on site service calls as well, and that has ceased for the next 3 weeks. This will definitely affect more than people realize.
what people fail to realize is that 3 weeks is not nearly long enough for this plan to work
Posted on 3/23/20 at 7:07 am to fr33manator
The Sherriff or Constable could simply refuse to even process the eviction requests by the landlord. Mortgagees are protected by pmi,etc up to 70 75 LTV so long as it is FHA,Fannie Freddie and I guess Ginnie Mae.
This post was edited on 3/23/20 at 7:09 am
Posted on 3/23/20 at 7:08 am to SlowFlowPro
Unfortunately that looks like the most likely scenario. It's doubtful things just go back to normal in a few weeks. Particularly in the more affected areas like New Orleans
Posted on 3/23/20 at 7:12 am to The Egg
quote:
they dip into those emergency funds
Mind you, also, that for many that had investments in the stock market, those emergency funds are worth 60% of what they were at the beginning of the year
Posted on 3/23/20 at 7:13 am to East Coast Band
And on a steady hard decline
Posted on 3/23/20 at 7:14 am to fr33manator
I only have to work 20-hour weeks indefinitely, and still getting paid for my full time. They just want less capacity in the office while people rotate in and out 2 days a week. I can even use leave to cut my hours down to my usual per day.. guess I'm lucky. I rather just work the two 10-hour days and save my leave, and then be off 6 days in a row before going back.
Posted on 3/23/20 at 7:14 am to East Coast Band
Well an emergency fund shouldn’t be invested in stocks
Posted on 3/23/20 at 7:15 am to SlowFlowPro
quote:
what people fail to realize is that 3 weeks is not nearly long enough for this plan to work
What plan?
Posted on 3/23/20 at 7:16 am to SlowFlowPro
Sucks to be in or around New Orleans
But there is zero reason a place like Houston needs to be on long term lockdown
I don’t see how you sell an extension of April 1 lockdown here
But there is zero reason a place like Houston needs to be on long term lockdown
I don’t see how you sell an extension of April 1 lockdown here
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