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Mortgage Relief Is Only for People Who Have Lost Jobs, Mnuchin Says
Posted on 4/1/20 at 1:46 pm
Posted on 4/1/20 at 1:46 pm
LINK
quote:
U.S. Treasury Secretary Steven Mnuchin said only homeowners who have lost their jobs because of the coronavirus crisis will qualify for new government programs that let borrowers put off mortgage payments.
quote:
“If people don’t have jobs and people have hardships, they can forbear,” Mnuchin said in a CNBC television interview on Wednesday. “If people do have jobs, we expect those people to continue paying mortgages.”
The $2.2 trillion stimulus package signed into law last week lets homeowners and businesses hurt by the pandemic seek temporary relief from monthly mortgage payments. The legislation doesn’t specify how consumers will be required to prove hardship. Mortgage servicers aren’t allowed to demand documentation from homeowners. Those borrowers will simply have to attest that they’re struggling, according to the text of the legislation.
5
Posted on 4/1/20 at 1:47 pm to WPBTiger
But if I take a 60% pay cut and can’t make my payments I’m out of luck. Sounds about right.
Posted on 4/1/20 at 1:50 pm to Bwmdx
Life’s not fair.
Posted on 4/1/20 at 1:52 pm to Big Scrub TX
Why would I stop paying my mortgage if I did not lose my job? I am not sure what up with that...
Posted on 4/1/20 at 1:58 pm to WPBTiger
As it should be.
Posted on 4/1/20 at 2:00 pm to WPBTiger
Why would people who haven’t lost their jobs get aid?
Posted on 4/1/20 at 2:01 pm to WPBTiger
Will this program end up being the same as what I found with my mortgage company and that all the "suspended" payments are due in one lump sum at the end of the suspension period?
Because if so, that's gonna be a "no" from me, dawg.
Because if so, that's gonna be a "no" from me, dawg.
Posted on 4/1/20 at 2:10 pm to FreddieMac
quote:
Why would I stop paying my mortgage if I did not lose my job? I am not sure what up with that...
I am going to go out on a limb and guess it is because you aren't making any f'ing money due to everything being forced to shut doors? Having a job doesn't always equate to your normal 40 hour a week pay check. Some people are self employed, some own small businesses that aren't able to do much or any business.
Posted on 4/1/20 at 2:10 pm to Bard
quote:Yep, that doesn't help one bit.
Will this program end up being the same as what I found with my mortgage company and that all the "suspended" payments are due in one lump sum at the end of the suspension period?
Because if so, that's gonna be a "no" from me, dawg.
Posted on 4/1/20 at 2:48 pm to FreddieMac
quote:If you were living in some crappy apartment and knew you had at least 5 months before they would kick you out...I imagine a great many in that position will opt for at least some type of "strategic" non-payment.
Why would I stop paying my mortgage if I did not lose my job? I am not sure what up with that...
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