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  1. #1
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    Donít pay your mortgage?

    Thoughts?

    Fortunately I bank locally, so they know me.

    But thinking about not paying mortgages next month. Theyíre not going to foreclose, and the cash flow would be huge for me to survive this shutdown.
    ďLife has become immeasurably better since I have been forced to stop taking it seriously.Ē
    Hunter S. Thompson

  2. #2
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    I paid off my mortgage. Apparently that was a waste of money.

  3. #3
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    I don’t care what smoke they are blowing, it WILL affect your credit.
    Forum Cross Pollinator

  4. #4
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    Quote Originally Posted by rideit View Post
    I don’t care what smoke they are blowing, it WILL affect your credit.
    True.

    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
    ďLife has become immeasurably better since I have been forced to stop taking it seriously.Ē
    Hunter S. Thompson

  5. #5
    DJSapp's Avatar
    DJSapp is online now (╯į□į)╯︵ ┻━┻
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    Quote Originally Posted by rideit View Post
    I donít care what smoke they are blowing, it WILL affect your credit.
    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.

    Sent from my Pixel 4 XL using TGR Forums mobile app
    Fat fuck bubbas are not erosion.

  6. #6
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    Quote Originally Posted by DJSapp View Post
    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.
    ^ Listen to this guy.

    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.

  7. #7
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    Too late its been paid off for awhile,
    Lee Lau - xxx-er is the laziest Asian canuck I know

  8. #8
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    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".
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin

  9. #9
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    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.
    ďLife has become immeasurably better since I have been forced to stop taking it seriously.Ē
    Hunter S. Thompson

  10. #10
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    Quote Originally Posted by Core Shot View Post
    Iíve got almost $20k in payments

    Fortunately with a local bank.

    Iím thinking if they agree to defer, and I agree to defer, itís a win win.

    But yeah, didnít mean to say donít pay without talking to them first.
    They'll want something. This shitshow just happened, so I don't see anyone having much sympathy yet.

  11. #11
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    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"
    Lee Lau - xxx-er is the laziest Asian canuck I know

  12. #12
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    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.

  13. #13
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    Quote Originally Posted by Core Shot View Post
    I’ve got almost $20k in payments.
    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 leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  14. #14
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    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.

  15. #15
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    Quote Originally Posted by liv2ski View Post
    Fuck me, you must make some serious money to pay that out each month as that is a serious nut. No thanks.
    A couple commercial buildings. But yeah, if I can’t get rent, shit gets ugly real quick.
    ďLife has become immeasurably better since I have been forced to stop taking it seriously.Ē
    Hunter S. Thompson

  16. #16
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    Quote Originally Posted by xyz View Post
    I paid off my mortgage. Apparently that was a waste of money.

  17. #17
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    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.
    ďLife has become immeasurably better since I have been forced to stop taking it seriously.Ē
    Hunter S. Thompson

  18. #18
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    Quote Originally Posted by Core Shot View Post
    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!

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