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  1. #8451
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    Sep 2006
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    Quote Originally Posted by Name Redacted View Post
    Refinanced a few months ago so mortgage payment got put off for 2 months and switched to a new bank. Now, they are saying we don't have to pay till July. That'll be effectively 5 months that we haven't paid our mortgage, and no, they aren't charging interest.

    Not sure if I trust this whole thing...
    Isn't there a balloon payment come July though? Or at some point down the road to make up for the monthly payments not made?
    "We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch

  2. #8452
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    Dec 2016
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    Quote Originally Posted by Name Redacted View Post
    Refinanced a few months ago so mortgage payment got put off for 2 months and switched to a new bank. Now, they are saying we don't have to pay till July. That'll be effectively 5 months that we haven't paid our mortgage, and no, they aren't charging interest.

    Not sure if I trust this whole thing...

  3. #8453
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    Oct 2007
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    Quote Originally Posted by Toadman View Post
    Isn't there a balloon payment come July though? Or at some point down the road to make up for the monthly payments not made?
    Not according to them.

  4. #8454
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    Feb 2005
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    Quote Originally Posted by Name Redacted View Post
    Not according to them.
    I'd maybe want that in writing.

  5. #8455
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    Sep 2005
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    Yeah, because you're later going to find out that Section 19, paragraph 12, line 6 of the agreement says come July, be prepared to bend over if you haven't been paying your mortgage.
    "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
    "I'd eat a bag of Dicks and wash it down with a Coke any day." - iceman

  6. #8456
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    Aug 2018
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    26
    Quote Originally Posted by Name Redacted View Post
    Not according to them.
    Well then they'll charge you interest for three months and add it to the principal. Negative Amortization. So then you get to pay interest on your interest. I don't think it's an interest holiday.

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  7. #8457
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    Dec 2011
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    Quote Originally Posted by Name Redacted View Post
    Refinanced a few months ago so mortgage payment got put off for 2 months and switched to a new bank. Now, they are saying we don't have to pay till July. That'll be effectively 5 months that we haven't paid our mortgage, and no, they aren't charging interest.

    Not sure if I trust this whole thing...
    You will get what is called a Hello letter from the bank that bought the loan from your lender within 15 days of closing/transfer if you haven't already. I would call them (possibly their contracted servicer depending on the bank) and ask for something in writing spelling out when your first payment is due and the terms of any deferment in payment. Typically, if you don't make your initial payment it is called a first payment default and it is all but guaranteed that on day 31 you will automatically be reported as late to the credit bureaus by the servicer. All too often, the bank and their servicer are not on the same page after a transfer (payments being forwarded from previous lender not getting posted correctly, tax escrow not set up properly etc.) so a 10 minute phone call, especially in this situation, can save you a lot of potential headaches later.

  8. #8458
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    Dec 2005
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    Anyone follow Grant Cardone? I watched him briefly a yr ago, but couldn’t buy into that crap.

    He’s hitting the panic button. Giving 15 month leases for 12.

    Not a dumb guy, but obviously a serious shark.


    Sent from my iPhone using TGR Forums

  9. #8459
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    Mar 2006
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    Real Estate Crash thread

    Quote Originally Posted by Cono Este View Post
    Anyone follow Grant Cardone?
    I listen to Bloomberg radio in the car. From his ads its like he’s following the trump business model. Claim to be the best at everything and sell anything.

    A “hedge fund” that takes $5k dollar investments and IRA’s?

  10. #8460
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    Feb 2015
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    I feel like that dude is the new Tony Robbins

  11. #8461
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    Dec 2005
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    Quote Originally Posted by 4matic View Post
    I listen to Bloomberg radio in the car. From his ads its like he’s following the trump business model. Claim to be the best at everything and sell anything.

    A “hedge fund” that takes $5k dollar investments and IRA’s?
    There has to be a reason he looks for the small guys.

    Easier to swallow.


    Sent from my iPhone using TGR Forums

  12. #8462
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    Sep 2006
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    Interesting short video, more on commercial RE. Arguing for forbearance.

    https://finance.yahoo.com/video/barr...222512472.html
    "We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch

  13. #8463
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    Jul 2008
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    Question got buried : Where do you see rental prices in hot markets (Seattle specifically) heading in next 6 weeks, starting a job as a healthcare worker June 1, moving from east coast, need place June 1
    Do I detect a lot of anger flowing around this place? Kind of like a pubescent volatility, some angst, a lot of I'm-sixteen-and-angry-at-my-father syndrome?

    fuck that noise.

    gmen.

  14. #8464
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    Mar 2006
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    Quote Originally Posted by volklpowdermaniac View Post
    Question got buried : Where do you see rental prices in hot markets (Seattle specifically) heading in next 6 weeks, starting a job as a healthcare worker June 1, moving from east coast, need place June 1
    Maybe find a month to month lease so you have options.

  15. #8465
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    Sep 2006
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    Quote Originally Posted by 4matic View Post
    Maybe find a month to month lease so you have options.
    I would think the VBRO type homes would be down for anyone looking to rent on a longer term basis. Even if it was month to month. All they want is someone with good credit and a job.
    "We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch

  16. #8466
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    Jul 2016
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    Mostly the Elks, mostly.
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    Quote Originally Posted by Toadman View Post
    I would think the VBRO type homes would be down for anyone looking to rent on a longer term basis. Even if it was month to month. All they want is someone with good credit and a job.
    Maybe different there .. but our county issued immediate 'hard stop' on short term rentals .. closed all hotels and such .. I guess until this peace craze blows over?

    (not like they can enforce it)

  17. #8467
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    May 2012
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    PNW
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    Seattle City Council just passed a resolution that effectively cancels residential and commercial rent payments. Not sure how they'd enforce this on a non-resident owner but it could have a big impact on investment real estate values.

    https://council.seattle.gov/2020/03/...gage-payments/

    Crazy times around here.

  18. #8468
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    Dec 2016
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    Quote Originally Posted by Toadman View Post
    I would think the VBRO type homes would be down for anyone looking to rent on a longer term basis. Even if it was month to month. All they want is someone with good credit and a job.
    Bonus - you wouldn't even need to bring any "housing" shit with you. Clothes and recreation equipment and you're set!

  19. #8469
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    Oct 2003
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    Quote Originally Posted by Bronco View Post
    Seattle City Council just passed a resolution that effectively cancels residential and commercial rent payments. Not sure how they'd enforce this on a non-resident owner but it could have a big impact on investment real estate values.

    https://council.seattle.gov/2020/03/...gage-payments/

    Crazy times around here.
    The logistics of how you would fairly and equitably enforce this seem mind-boggling.

    One thing this crisis has made abundantly clear is that we need some kind of mechanism that would allow us to push "Pause" on the economy without the whole thing collapsing into itself like a dying star.

  20. #8470
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    Aug 2007
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    6,248
    I'm thinking it will be real easy to convince the wife on buying a remote piece of land outside of Moab after all this....and it was an easy pitch beforehand probably.

    If I have any money left, of course.

  21. #8471
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    Oct 2005
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    Idaho
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    Quote Originally Posted by Dantheman View Post
    The logistics of how you would fairly and equitably enforce this seem mind-boggling.

    One thing this crisis has made abundantly clear is that we need some kind of mechanism that would allow us to push "Pause" on the economy without the whole thing collapsing into itself like a dying star.
    A buddy and I were talking about this before the gov took action. Why can't the gov say, hey, extended spring break everyone. We'll pay for essentials and the rest of you enjoy your family for a month. Seems like national defense could shift the funding for a future war machine into a program that really does provide national security.

  22. #8472
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    Oct 2005
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    Quote Originally Posted by Bronco View Post
    Seattle City Council just passed a resolution that effectively cancels residential and commercial rent payments. Not sure how they'd enforce this on a non-resident owner but it could have a big impact on investment real estate values.

    https://council.seattle.gov/2020/03/...gage-payments/

    Crazy times around here.
    Did you read the link you posted? It is a resolution that supports the idea of a 60 day moratorium. I am sorry, but this is such a bad idea. What about all the landlords? Are they not a business? Some of them are individuals that rely on that income. What if the banks put a moratorium on you withdrawing your money because they don't have the cashflow from mortgages? What, its your money? Guess what, your house is their house. It is an asset they own, together with you. For most people, they own more of it then you do.

    Terrible idea....especially the rent idea.
    "We had nice 3 days in your autonomous mountain realm last weekend." - Tom from Austria (the Rax ski guy)

  23. #8473
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    Aug 2007
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    Quote Originally Posted by Bronco View Post
    Seattle City Council just passed a resolution that effectively cancels residential and commercial rent payments. Not sure how they'd enforce this on a non-resident owner but it could have a big impact on investment real estate values.

    https://council.seattle.gov/2020/03/...gage-payments/

    Crazy times around here.
    Seems like this is the soup de jour of many municipalities and local governments. Our head wacko, Governor Gavin Newsome, just passed something similar for the entire state. I have read these policies likely are not even legal and the class actions suits will be bigly. Will be interesting to see if my rent checks come in this month.
    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.

  24. #8474
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    Aug 2006
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    Yeah that is just a wish basically on Seattle's part, nothing that actually binds loan providers to waive anything.

    "passed her resolution calling on Gov. Inslee, federal legislators, and the Trump administration to use emergency powers to place a moratorium on commercial and residential rent and mortgage payments"

    They made a resolution to request relief, not actually provide it.
    Live Free or Die

  25. #8475
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    Sep 2006
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    3,474
    Given the labyrinth of regulations on banking/mortgages et all, this looks like a cluster fvck of historic proportions.
    "We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch

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