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  1. #1
    Join Date
    Mar 2005
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    Dystopia
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    Don’t pay your mortgage?

    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.
    . . .

  2. #2
    Join Date
    Jun 2004
    Location
    Pemberton, BC
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    2,228
    I paid off my mortgage. Apparently that was a waste of money.

  3. #3
    Join Date
    Nov 2005
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    Down In A Hole, Up in the Sky
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    35,358
    I don’t care what smoke they are blowing, it WILL affect your credit.
    Forum Cross Pollinator, gratuitously strident

  4. #4
    Join Date
    Mar 2005
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    Dystopia
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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
    . . .

  5. #5
    Join Date
    Oct 2003
    Location
    Haxorland
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    7,103
    Quote Originally Posted by rideit View Post
    I don’t 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
    I've concluded that DJSapp was never DJSapp, and Not DJSapp is also not DJSapp, so that means he's telling the truth now and he was lying before.

  6. #6
    Join Date
    Feb 2003
    Posts
    6,097
    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
    Join Date
    Mar 2008
    Location
    northern BC
    Posts
    30,879
    Too late its been paid off for awhile,
    Lee Lau - xxx-er is the laziest Asian canuck I know

  8. #8
    Join Date
    Sep 2005
    Location
    Not in the PRB
    Posts
    32,776
    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
    "everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy

  9. #9
    Join Date
    Mar 2005
    Location
    Dystopia
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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.
    . . .

  10. #10
    Join Date
    Dec 2002
    Location
    cow hampshire
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    8,294
    Quote Originally Posted by Core Shot View Post
    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.

  11. #11
    Join Date
    Mar 2008
    Location
    northern BC
    Posts
    30,879
    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
    Join Date
    May 2008
    Location
    On a genuine ol' fashioned authentic steam powered aereoplane
    Posts
    16,803
    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
    Join Date
    Aug 2007
    Location
    At the beach
    Posts
    19,067
    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
    Join Date
    Mar 2008
    Location
    the ham
    Posts
    13,370
    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
    Join Date
    Mar 2005
    Location
    Dystopia
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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.
    . . .

  16. #16
    Join Date
    Dec 2016
    Location
    In a van... down by the river
    Posts
    13,643
    Quote Originally Posted by xyz View Post
    I paid off my mortgage. Apparently that was a waste of money.

  17. #17
    Join Date
    Mar 2005
    Location
    Dystopia
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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.
    . . .

  18. #18
    Join Date
    Feb 2005
    Location
    North Vancouver/Whistler
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    13,983
    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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