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Started By
Message
re: What will happen when millions are unable to pay rent/mortgage?
Posted on 3/23/20 at 9:08 am to The Egg
Posted on 3/23/20 at 9:08 am to The Egg
quote:
It'll be interesting to see who amongst us will be calling for more government aid and money when the savings accounts that people worked so hard to save up go dangerously close to empty.
The government shut down business. Anyone with the ability to see beyond talking points realizes the government will buy people's compliance for something that's on their back.
It's cool you're looking at this on a superficial level but it's much deeper than your willing to dig.
Governments will absolutely pay for compliance after another week. If not, people will not be compliant.
0
Posted on 3/23/20 at 9:08 am to Sneaky__Sally
quote:
I'd suggest landlords start the discussion with tenants now to start working out reasonable plans to have in place.
I would consider accepting section 8 from existing tenants if I was a landlord. Many will soon qualify for it. The issue is I am not sure how hard it is to remove your property from being section 8 approved once it is over if you decided to do so.
Posted on 3/23/20 at 9:10 am to TigerMan327
quote:
They already stated no one is getting evicted during this time and no houses would be foreclosed on
Delaying the inevitable sadly
Posted on 3/23/20 at 9:11 am to The Egg
quote:
so #yanggang was on to something wasn't he
In a sense he was on to something but economists have been "on to this" for decades, the very average American is just hearing about it. LINK
Ubi as a consistent practice is still a decade away.
This post was edited on 3/23/20 at 9:13 am
Posted on 3/23/20 at 9:12 am to The Egg
quote:
so #yanggang was on to something wasn't he
quote:
is coming whether we like it or not. I don't think we're really ready for it yet,
YET.
Although this Corona shite may have sped that process up
This post was edited on 3/23/20 at 9:15 am
Posted on 3/23/20 at 9:23 am to fr33manator
Nothing.
Nobodys getting kicked out.
Nobodys getting kicked out.
Posted on 3/23/20 at 9:24 am to nola000
FYI do some Googling on mortgage modification programs and how they work.
Here is one that extended the mortgage for 12 months. This was how it functioned prior to this so not sure if it will change now.
I had a friend take one out and they structured it as a second mortgage for $40K and they told him that his monthly payment was $250 for 5 years. What he didn't realize was that it was only 5 years of paying the penalties, fees, and interest. Of course his fault for thinking that was going to take care of it but at the end of 5 years, he was then stuck paying around $800 per month to pay off the principal. This was on top of his original mortgage. He had to refi his house to combine the payments or else he would have never made it. It cost him a ton of money to learn a lesson.
Here is one that extended the mortgage for 12 months. This was how it functioned prior to this so not sure if it will change now.
quote:
It results in an interest-free second mortgage that accounts for up to 12 missed payments and immediately brings the loan current
This loss mitigation method, which is only available for FHA loans, creates an interest-free second mortgage that contains up to 12 months of accrued mortgage payments.
It brings your account up to date immediately, and must be paid off in full when the first mortgage is paid off or if the property is sold.
I had a friend take one out and they structured it as a second mortgage for $40K and they told him that his monthly payment was $250 for 5 years. What he didn't realize was that it was only 5 years of paying the penalties, fees, and interest. Of course his fault for thinking that was going to take care of it but at the end of 5 years, he was then stuck paying around $800 per month to pay off the principal. This was on top of his original mortgage. He had to refi his house to combine the payments or else he would have never made it. It cost him a ton of money to learn a lesson.
This post was edited on 3/23/20 at 9:32 am
Posted on 3/23/20 at 9:29 am to TigerMan327
quote:
They already stated no one is getting evicted during this time and no houses would be foreclosed on
HUD only, FedGov does not have the authority to do anything about private rentals or mortgage companies.
Some localities have said they will not be participating in forced evictions and foreclosures but that is about it.
Posted on 3/23/20 at 9:37 am to The Egg
I am not going to read all the posts here, but has anyone asked what happens to people who get laid off and had their health insurance through their work? Cobra is a good short term solution, but some of those people can't pay that premium and still have money to live.
Posted on 3/23/20 at 9:37 am to cave canem
quote:
HUD only, FedGov does not have the authority to do anything about private rentals or mortgage companies.
Correct but I am in the mortgage field services industry and we have had evictions and cash for keys cancelled in numerous states now.
Posted on 3/23/20 at 9:50 am to Armymann50
quote:
quote:
To do what
Riot control
So brave.
Posted on 3/23/20 at 10:18 am to stout
Interesting info. Thanks for that.
I think my neighbor did something similar. When they told me that they hadn't paid a mortgage in over a year, me and my wife were flabbergasted. We couldn't figure out how they were still living in their house.
I think my neighbor did something similar. When they told me that they hadn't paid a mortgage in over a year, me and my wife were flabbergasted. We couldn't figure out how they were still living in their house.
Posted on 3/23/20 at 10:35 am to elcid
I own two rent houses. Last week the rental management company emailed me and other property owners stating concerns over renters not being able to pay, due to health, unemployment, etc.
Lucky for me, both houses are paid for. I still have to pay upkeep, property taxes and insurance. If the renters need it, I have no problem letting my rental income go until this passes. I’m not kicking a family out in the street during this crisis.
Lucky for me, both houses are paid for. I still have to pay upkeep, property taxes and insurance. If the renters need it, I have no problem letting my rental income go until this passes. I’m not kicking a family out in the street during this crisis.
Posted on 3/23/20 at 10:46 am to SavageOrangeJug
quote:
A lot of people need the money.
My paycheck will be there unaffected by this mess. A few million can't say that.
It takes a God damned moron to defend the Democrats today.
You do know why the Dems voted against the GOP bill, right?
Unfortunately, there are people who take advantage of crises. The GOP giving Steve Mnuchin a $500,000,000,000 blank check to distribute at his discretion with no requirement to report where the money goes until after the election, laughable safeguards to prevent these corporations from buying back stock instead of retaining employees, and no safeguard to assure executives don't just pay themselves are all showstoppers.
But you want to blame the dems? Here, eat this absolute shite sandwich, Americans, so that we can pay off the people who just squandered over a trillion dollars in tax cuts on stock buybacks.
Posted on 3/23/20 at 10:57 am to fr33manator
The federal government will bail out the banks without forgiving the debt and fees incurred by taxpayers.
Posted on 3/23/20 at 11:07 am to fr33manator
what would it cost to pay off all the mortgages?
less than the Boeing and other corporate bailouts?
less than the Boeing and other corporate bailouts?
Posted on 3/23/20 at 11:09 am to NIH
quote:
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.
I like that a $1000 check is supposed to replace a month of income. What do they think we're all flipping burgers here?
Posted on 3/23/20 at 11:18 am to mmmmmbeeer
Didn’t the dems also want to include some things in the bill that had nothing to do with the virus?
Posted on 3/23/20 at 11:30 am to 1BamaRTR
quote:
Didn’t the dems also want to include some things in the bill that had nothing to do with the virus?
like abortions? yes, I'm sure they did.
Posted on 3/23/20 at 11:33 am to fr33manator
A quick look at that guy's post history should tell you all you need to know: he's borderline mentally ill and is in the army reserve just for a chance to legally shoot someone. And here I thought the army had standards.
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