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To pile on.
If you called your lender inquiring about any relief, check to see if they repoted anything on your credit report. Have had more than a few borrowers who had forbearances started whwn they did not request them.
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That is fucked up!
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I have a few rental properties. Fortunately, my tenants have not been impacted severely. One did ask for modified rents for a couple of months with the understanding that the past due amount would have to be paid in months 3-4.
My opinion is that longer leases are not the answer. I have converted all my leases upon expiration to month to month agreements. I can choose to terminate the agreement with proper notification. They can do likewise. Therefore I am not “evicting” them. Too many people are taking advantage of the pandemic and the political pandering.
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Absolutely ^
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You can pay me now, or you can pay me later.
Mortgage companies don't print money - they borrow and then lend to you. They have investors and others they need to report to (such as the SEC, etc).
You work it out with them, they work it out with others. At the end of the day - unless you are getting a SBA grant - you WILL have to repay any adjustments - likely with interest.
This isn't rocket science.
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Another wave of repos next year?
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I own a couple, they're completely paid off. Both tenants are good long term ones and both were impacted by the shut down. When they called to see if I'd work with them I just told them not to worry about the rent for awhile. They finally went back to work in june and started paying rent again so all's good.
The one thing the feds could do that would actually help people out would be to suspend mortgage payments for the rest of the year with NO penalty. The missed payments would be added to the back end of the loan Then mandate that landlords had to pass that on to their tenants i.e. no rents for the rest of the year That would help more than anything they've done so far.
Atticus Finch
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What he said
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I see a lot of different scenarios since I do another job in NC that involves mortgages. Most people I see are in good shape and keep lowering their refi rates.
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How about you make arrangements to pay the mortgage company as you agreed to?
Or did you buy a little too much?
I'm still paying of the slackers that defaulted 10 years ago. Had I known that there'd be 'forgiveness', I'd a bought a frikkin mansion. Instead I'm cramping my style in this tiny 1900 sq. ft. single family that I almost own.
FML for putting enough down to keep payments manageable, EVEN in bad times.
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^^^
What Billy said! I'm an insensitive basted to these Fulkerson who bit off more than they can chew. Fuckin have 9-12 months worth of expenses in your bank!
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Hey snowflake, UI was never meant to COVER rent, etc...
It's a buffer to eek by until your uneducated ass (and I don't mean an MSCE) gets another job.
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Oh! And before you talk about 'refinancing'... you got to have some equity!
That means paying a lot for a long time, OR putting a good down.
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it's socialist when someone else get the money . when you get the money it's a stimulus. I don't see any of the so called right wing GOP returning their stimulus check
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I am selling all CA properties.
Taking the money out of this state. I'll wait until after the election to reinvest .
CA has nice weather, but not a good investment when taxes are considered.
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U are right about them taxes, they’re as much as out-of-state monthly mortgages.
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| There are 16 comments on this blog. |
