Thoughts?
Fortunately I bank locally, so they know me.
But thinking about not paying mortgages next month. They’re not going to foreclose, and the cash flow would be huge for me to survive this shutdown.
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Thoughts?
Fortunately I bank locally, so they know me.
But thinking about not paying mortgages next month. They’re not going to foreclose, and the cash flow would be huge for me to survive this shutdown.
I paid off my mortgage. Apparently that was a waste of money.
I don’t care what smoke they are blowing, it WILL affect your credit.
True.Quote:
Originally Posted by rideit
Thinking about calling them and asking for a deferral.
If they skip a month or two, by mutual agreement, then I’m not in default, and they don’t have a delinquency on their books.
Win win? Or at least a soup sandwich
Yup. People are finally crawling out from the financial meltdown and their underwater mortgages that got foreclosed between 08 and 12. Keep that credit score high and don't believe that whatever program DC slaps together this week will actually work.Quote:
Originally Posted by rideit
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^ Listen to this guy.Quote:
Originally Posted by DJSapp
Best case scenario is the families who cashed out with $200K in HELOCs in the 2000s, stopped paying in 2008-2009, and got to live payment-free for a few years before going BK and selling their barely used jetskis for ten cents on the dollar to rent an apartment. This is temporary fun and only makes sense if your equity is massively negative.
Things aren't nearly to the point where there is such a volume of unpaid mortgages that the holders can't be bothered to evict. If that becomes the case, we'll all know it. Compared to stocks, bonds, and other fungible, electronically tradeable assets, real estate moves at a glacial pace due to relative illiquidity.
Too late its been paid off for awhile,
If you can pay, pay. If you cannot pay (or can pay this month but fear the short term future and want to keep the $), call the mortgage servicer and discuss with them. Do not just "not pay".
I’ve got almost $20k in payments
Fortunately with a local bank.
I’m thinking if they agree to defer, and I agree to defer, it’s a win win.
But yeah, didn’t mean to say don’t pay without talking to them first.
They'll want something. This shitshow just happened, so I don't see anyone having much sympathy yet.Quote:
Originally Posted by Core Shot
I have always told my tennants " its never ok to not pay but whats REALLY not ok is to not tell me whats going on"
I applied for mortgage forbearance with my lender a couple days ago. Super straightforward application. Literally took me about 45 seconds. No answer yet though.
Fuck me, you must make some serious money to pay that out each month as that is a serious nut. No thanks.Quote:
Originally Posted by Core Shot
I'm guessing that's on multiple properties. If so, he'll be playing with the renters' money.
It's a bold move, but I agree that the bank will want something in return.
A couple commercial buildings. But yeah, if I can’t get rent, shit gets ugly real quick.Quote:
Originally Posted by liv2ski
:fm:Quote:
Originally Posted by xyz
Allrighty then. It turns out my bank is ahead of the curve.
Offered 6 months interest only pmts. Extra principal on the back end as a balloon pmt.
It doesn’t hurt to ask.
Glad that worked out!Quote:
Originally Posted by Core Shot