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The house I'm in was a foreclosure. The previous owner bought it in 2007 and it was foreclosed on in 2009. They paid about $100k more than it was worth.
According to my neighbors, they were well off and could make the payments but walked because they were able to buy a new place after the crash for a really good price and got away from being $100k underwater.
I wish I could understand this sense of entitlement. I think.
Well, I did have a right so to speak not to pay on my student loans for over the past year. The president signed an executive order (well, several orders were signed) establishing loan forbearance due to Covid-19. The loan forbearance, which applied to federal student loans, automatically applied to everyone who held such loans. I didn't ask for forbearance to be applied to my situation, but once placed in forbearance, I wasn't going out of my way to get out of it. If the federal government declared a tax holiday due to the pandemic, I wouldn't have volunteered to pay any taxes either. I'm not going out of my way to give the federal government more money than I am required to.
Now, I would view things differently if people had to actually opt in to receive forbearance on account of some pandemic related financial hardship. But as I mentioned, that wasn't the case here. I'm not going to go out of my way to pay what I am not required to pay in order to feel noble about myself. I violated no rule or law by taking advantage of the forbearance.
Well, I did have a right so to speak not to pay on my student loans for over the past year. The president signed an executive order (well, several orders were signed) establishing loan forbearance due to Covid-19. The loan forbearance, which applied to federal student loans, automatically applied to everyone who held such loans. I didn't ask for forbearance to be applied to my situation, but once placed in forbearance, I wasn't going out of my way to get out of it. If the federal government declared a tax holiday due to the pandemic, I wouldn't have volunteered to pay any taxes either. I'm not going out of my way to give the federal government more money than I am required to.
Now, I would view things differently if people had to actually opt in to receive forbearance on account of some pandemic related financial hardship. But as I mentioned, that wasn't the case here. I'm not going to go out of my way to pay what I am not required to pay in order to feel noble about myself. I violated no rule or law by taking advantage of the forbearance.
(Federal) student loan forbearance was automatic for all borrowers when it was imposed by the government last year. You had to purposefully opt out if you wanted to continue paying. I found this quite odd, as I had automatic (ACH) payments set up for my my and my spouse's loans, and suddenly these were "turned off". That meant I had to go in an manually pay our loan payments on a monthly basis since the forbearance was started.
A minor inconvenience, but I'm not going to stop paying our student loans if I don't have to, especially because they've stopped charging interest, so we might as well take advantage of knocking down the principal while we have the opportunity...
(Federal) student loan forbearance was automatic for all borrowers when it was imposed by the government last year. You had to purposefully opt out if you wanted to continue paying. I found this quite odd, as I had automatic (ACH) payments set up for my my and my spouse's loans, and suddenly these were "turned off". That meant I had to go in an manually pay our loan payments on a monthly basis since the forbearance was started.
A minor inconvenience, but I'm not going to stop paying our student loans if I don't have to, especially because they've stopped charging interest, so we might as well take advantage of knocking down the principal while we have the opportunity...
RM
It was very odd. I wasn't even tracking forbearance initially until I saw that my automatic loan payments stopped, too.
In your case (and in the case of many), paying interest free into your loan obligation definitely makes a lot of sense as it eats into the principle in a manner that wouldn't have been possible without the forbearance. In my case, since I'm under the Public Service Loan Forgiveness program and will only pay back a fraction of my loans regardless (assuming that Congress doesn't eventually end the program before 120 qualifying payments have been counted), this period presents an unprecedented 19 month freebie/savings opportunity that let over $6k remain in my pocket. Best thing about this forbearance that payments missed during the pause still count as if you made qualifying payments towards forgiveness under the program.
Well, I did have a right so to speak not to pay on my student loans for over the past year. The president signed an executive order (well, several orders were signed) establishing loan forbearance due to Covid-19. The loan forbearance, which applied to federal student loans, automatically applied to everyone who held such loans. I didn't ask for forbearance to be applied to my situation, but once placed in forbearance, I wasn't going out of my way to get out of it. If the federal government declared a tax holiday due to the pandemic, I wouldn't have volunteered to pay any taxes either. I'm not going out of my way to give the federal government more money than I am required to.
Now, I would view things differently if people had to actually opt in to receive forbearance on account of some pandemic related financial hardship. But as I mentioned, that wasn't the case here. I'm not going to go out of my way to pay what I am not required to pay in order to feel noble about myself. I violated no rule or law by taking advantage of the forbearance.
So wait, you haven’t been paying your student loans and mortgage for over a year? Or just your student loans?
So wait, you haven’t been paying your student loans and mortgage for over a year? Or just your student loans?
Oh, I never stopped paying my mortgage. Just the student loans. But my mortgage was never put into forbearance and I refused to opt into the programs that allowed you to temporarily stop paying your mortgage, which would have added years onto your payment obligation period.
Massive inflation will come before any sort of housing crash
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