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Author Topic: U.S. Orders Up To A Yearlong Break On Mortgage Payments  (Read 1731 times)

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Online catfish1957

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Re: U.S. Orders Up To A Yearlong Break On Mortgage Payments
« Reply #25 on: March 22, 2020, 10:24:20 pm »
Quote from: Cyber Liberty on March 22, 2020, 10:22:03 pm
That's a reasonable outlook.  Personally, I would not go into debt to finance an investment strategy.  YMMV.

So very true.  I know some folks who are brave margin investors.  One of my rules of investing has always been. Stay out of equities with funds intended and needed to maintain basic life.
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Offline Cyber Liberty

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Re: U.S. Orders Up To A Yearlong Break On Mortgage Payments
« Reply #26 on: March 22, 2020, 10:26:48 pm »
Quote from: catfish1957 on March 22, 2020, 10:24:20 pm
So very true.  I know some folks who are brave margin investors.  One of my rules of investing has always been. Stay out of equities with funds intended and needed to maintain basic life.

Yuppers.  A home, one's Castle, is built on funds necessary to maintain life. 
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Offline MajorClay

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Re: U.S. Orders Up To A Yearlong Break On Mortgage Payments
« Reply #27 on: March 22, 2020, 10:45:08 pm »
May get...
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Offline Hoodat

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Re: U.S. Orders Up To A Yearlong Break On Mortgage Payments
« Reply #28 on: March 22, 2020, 11:31:59 pm »
Quote from: libertybele on March 21, 2020, 07:31:16 pm
????  People are losing their jobs temporarily until the go ahead is given for restaurants and business to open back up ... so 12 months seems like quite a lengthy time -- in the meantime are the feds going to float the mortgage companies for a year?? Or are they anticipating things not getting back to any semblance of normalcy for at least a year?

This is a State issue, not a Federal issue.  States are the ones giving orders for restaurants and businesses to close.  So people should be looking to their own States for relief.  And once States are on the hook, maybe they will reassess their police state responses.
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Online DB

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Re: U.S. Orders Up To A Yearlong Break On Mortgage Payments
« Reply #29 on: March 22, 2020, 11:50:05 pm »
Quote from: Hoodat on March 22, 2020, 11:31:59 pm
This is a State issue, not a Federal issue.  States are the ones giving orders for restaurants and businesses to close.  So people should be looking to their own States for relief.  And once States are on the hook, maybe they will reassess their police state responses.

That's a very good point.
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Offline Cyber Liberty

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Re: U.S. Orders Up To A Yearlong Break On Mortgage Payments
« Reply #30 on: March 22, 2020, 11:52:58 pm »
Quote from: DB on March 22, 2020, 11:50:05 pm
That's a very good point.

Yeahbutt....

Freddie Mac and Fannie Mae are National, and they have the clout to make the interstate Mortgage companies (like GMAC) toe the line.
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Offline Hoodat

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Re: U.S. Orders Up To A Yearlong Break On Mortgage Payments
« Reply #31 on: March 22, 2020, 11:57:26 pm »
Any mortgage broker would be a complete idiot to buy anything that Fannie Mae peddles.  Didn't they learn their lesson in 2008?
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Offline Cyber Liberty

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Re: U.S. Orders Up To A Yearlong Break On Mortgage Payments
« Reply #32 on: March 23, 2020, 12:24:19 am »
Quote from: Hoodat on March 22, 2020, 11:57:26 pm
Any mortgage broker would be a complete idiot to buy anything that Fannie Mae peddles.  Didn't they learn their lesson in 2008?

Uh, no.  LOL!  Joke's on us, Comrade!!
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Offline Chosen Daughter

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Re: U.S. Orders Up To A Yearlong Break On Mortgage Payments
« Reply #33 on: March 23, 2020, 02:34:56 am »
Quote from: sneakypete on March 21, 2020, 10:49:57 pm
@Fishrrman

I think that is the plan.

Then at the end of that year they are going to hit them up with bankruptcy court papers and sell off their assets to the highest bidders,who just happen to be globalist billionaires that financed political campaigns.

Sneaky thinking.  What I am wondering is this a break or will you be behind a year in which they could start foreclosure for not being able to catch up? 
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Offline sneakypete

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Re: U.S. Orders Up To A Yearlong Break On Mortgage Payments
« Reply #34 on: March 23, 2020, 02:39:06 am »
Quote from: DB on March 22, 2020, 10:10:07 pm
That would be a hell of a monthly payment on a 1 year mortgage...

@DB

Who says I would max out the loan,and not just get 25 grand or so to pay off credit cards,maybe get a new steel roof,and insulate my workshop?
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Offline Cyber Liberty

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Re: U.S. Orders Up To A Yearlong Break On Mortgage Payments
« Reply #35 on: March 23, 2020, 02:45:53 am »
Quote from: Chosen Daughter on March 23, 2020, 02:34:56 am
Sneaky thinking.  What I am wondering is this a break or will you be behind a year in which they could start foreclosure for not being able to catch up?

The missing payments would be shifted to the end of the note, plus the interest in the Mortgage contract.  Mortgage Companies have been doing this for some time, one payment at a time, limited to few occurrences over the life of the note. A change would be to require the companies to do it, and do it for multiple months.
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Offline sneakypete

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Re: U.S. Orders Up To A Yearlong Break On Mortgage Payments
« Reply #36 on: March 23, 2020, 03:16:00 am »
Quote from: Cyber Liberty on March 23, 2020, 02:45:53 am
The missing payments would be shifted to the end of the note, plus the interest in the Mortgage contract.  Mortgage Companies have been doing this for some time, one payment at a time, limited to few occurrences over the life of the note. A change would be to require the companies to do it, and do it for multiple months.

@Cyber Liberty

You worried about a ZERO interest rate?

Don't borrow what you can't pay off at the end of a year.
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Offline Cyber Liberty

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Re: U.S. Orders Up To A Yearlong Break On Mortgage Payments
« Reply #37 on: March 23, 2020, 12:59:49 pm »
Quote from: sneakypete on March 23, 2020, 03:16:00 am
@Cyber Liberty

You worried about a ZERO interest rate?

Don't borrow what you can't pay off at the end of a year.

I'd be worried if I was still working and had a Mortgage.   :shrug:
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