Results 1 to 18 of 18
Thread: Don’t pay your mortgage?
-
03-23-2020, 11:54 PM #1
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.. . .
-
03-23-2020, 11:55 PM #2
I paid off my mortgage. Apparently that was a waste of money.
-
03-24-2020, 12:25 AM #3
I don’t care what smoke they are blowing, it WILL affect your credit.
Forum Cross Pollinator, gratuitously strident
-
03-24-2020, 12:27 AM #4
-
03-24-2020, 12:42 AM #5
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 appI'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.
-
03-24-2020, 02:43 AM #6
^ 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.
-
03-24-2020, 09:33 AM #7Registered User
- 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
-
03-24-2020, 09:48 AM #8
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
-
03-24-2020, 09:54 AM #9
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.. . .
-
03-24-2020, 09:58 AM #10
-
03-24-2020, 10:05 AM #11Registered User
- 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
-
03-24-2020, 10:05 AM #12
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.
-
03-24-2020, 10:44 AM #13
-
03-24-2020, 10:51 AM #14
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.
-
03-24-2020, 10:51 AM #15
-
03-24-2020, 10:57 AM #16
-
03-24-2020, 11:54 AM #17
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.. . .
-
03-24-2020, 12:07 PM #18
Bookmarks