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Most of these people took advantage of the no eviction rule and kept their rent or mortgage money for themselves. Stupid rule and we all get to pay a bit to sort it out. Time to end all of this nonsense and let the deadbeats get booted out.
We had our mortgage on hold a few months, Bank of America was pretty quick to send us a letter telling us we have to get a repayment plan going and that it will be expected to be paid on top of the mortgage each month. They did not add it to the back of the loan like some people are hoping they'll do.
People that can not pay the mortgage plus the balance on hold will be forced to put their houses for sale.
As I said, I guess we will see what will happen. It will be interesting to watch.
Why comment if you're not interested?
Same with social security, why do you continue to comment in those threads if they bore you so much?
Thanks for the rude comment Mike. You also didn't have to come in here to comment.
Since you're using your real name, potential clients will see your rude comment.
They supposedly gave each state money for homeowners to apply to their state to get that money but most states have been slow to roll out a website for people to apply. NJ had not set their site up the last time I looked.
So you are actually one of these homeowners you mention. Do you think your home is going to be foreclosed on?
It would be wonderful for the housing market if all these foreclosures would hit at once. It's just way too hot right now. Imagine going from only a few houses for sale per zip code to tons of houses. Unfortunate of course, as it will rock the housing market, but that's one market that could use a rockin'!
It would be wonderful for the housing market if all these foreclosures would hit at once. It's just way too hot right now. Imagine going from only a few houses for sale per zip code to tons of houses. Unfortunate of course, as it will rock the housing market, but that's one market that could use a rockin'!
I can understand the forbearance programs while we were in the height of the crisis. We are emerging from it. I can see keeping a glide path for those who are behind to get caught up, but other than that, there is more than enough work available for people to begin catching up.
As I've said, our mortgage was only on hold a few months, not through the whole COVID. We've been paying it along with the mortgage.
We would have to sell the house had we not paid it through all of COVID which I think others will have to do that were out of work and not paying.
What I understand is the lenders are not requiring anyone to get caught up on the Mortgage Principal and Interest payments.. They are just adding it to the end of the loan and extending the time to pay off the house.
As I mentioned above what will have to be paid is the Escrow Money for Taxes and Insurance for most people that was depleted as they were paid for 2020. They will need to build up the required reserves plus now start making their regular payments. The Tax man must be paid.
For many people Escrow Payments are as big as the Principal and Interest. So for at least 2021-2022 they may seem like they are making double payments until that Escrow Reserve is built back to a required level.
As I've said, our mortgage was only on hold a few months, not through the whole COVID. We've been paying it along with the mortgage.
We would have to sell the house had we not paid it through all of COVID which I think others will have to do that were out of work and not paying.
So you made it through, but you think/assume that most/all of the rest of the folks that participated in forbearance will all go into foreclosure. You also think/assume that all the folks in forbearance will be forced to accept accelerated catch up payments instead of having the catch up payments added to the end of the loan and that will send them all into for closure. As a mortgage lender and servicer, I would say you are wrong.
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