Formerly Allan in MD Posted March 18, 2020 Posted March 18, 2020 The NY Times reports today that a group of mortgage lenders are working on a plan to suspend mortgage payments until the economy turns around. Now that's a stimulus. 2 2
JohnC Posted March 18, 2020 Posted March 18, 2020 2 minutes ago, Formerly Allan in MD said: The NY Times reports today that a group of mortgage lenders are working on a plan to suspend mortgage payments until the economy turns around. Now that's a stimulus. From what I gather the plan to pause payments isn't for the purpose of using that money to stimulus the economy. It is to allow people who have lost income because of the epidemic and can't pay their mortgages. It is essentially a pause in payments for people who lost their jobs through no fault of their own so they won't be foreclosed. https://www.nytimes.com/2020/03/17/business/coronavirus-mortgage-payments-banks.html https://www.usatoday.com/story/money/2020/03/18/fannie-mae-freddie-mac-suspend-foreclosures-covid-19-response/2866184001/
OldTimeAFLGuy Posted March 18, 2020 Posted March 18, 2020 42 minutes ago, Formerly Allan in MD said: The NY Times reports today that a group of mortgage lenders are working on a plan to suspend mortgage payments until the economy turns around. Now that's a stimulus. ...certainly will need these types of partnerships to form to get through this....
That's No Moon Posted March 18, 2020 Posted March 18, 2020 That's cool. I'm going to go ahead and keep paying it every month even if it's paused and just pay down the balance of the loan during that time. It's also a very helpful thing for people who won't be in that sort of position and it takes a lot of pressure off people. 3
EmotionallyUnstable Posted March 18, 2020 Posted March 18, 2020 I really feel for those who are not financially secure during this unwavering time. A lot of this was unpredictable and those who work pay check to pay check should not be at fault. This is good to see; but borrowers will pay the price for this at some point, if not now. 1
BUFFALOKIE Posted March 19, 2020 Posted March 19, 2020 Nice gesture, truly, but you know they will still charge interest.
Steptide Posted March 19, 2020 Posted March 19, 2020 Cuomo said today they're suspending mortgage payments for 90 days and that they will not charge interest or affect your credit report
BarleyNY Posted March 19, 2020 Posted March 19, 2020 My wife has been WFH and has been on conference calls today discussing exactly this. She just told me about it. Lots of moving parts to get it implemented, but it’s a huge priority.
T&C Posted March 19, 2020 Posted March 19, 2020 7 minutes ago, BarleyNY said: My wife has been WFH and has been on conference calls today discussing exactly this. She just told me about it. Lots of moving parts to get it implemented, but it’s a huge priority. Not exactly sure what you are saying here... Wells Fargo?
BarleyNY Posted March 19, 2020 Posted March 19, 2020 2 minutes ago, T&C said: Not exactly sure what you are saying here... Wells Fargo? No. A bank with a Cleveland-Buffalo connection. Just confirming that it is happening and that at least one bank a lot of Buffalonians have mortgages with is on it. Just might take a little while to work through the details of setting it up, but it is coming as fast as they can get it done. 1
T&C Posted March 19, 2020 Posted March 19, 2020 3 minutes ago, BarleyNY said: No. A bank with a Cleveland-Buffalo connection. Just confirming that it is happening and that at least one bank a lot of Buffalonians have mortgages with is on it. Just might take a little while to work through the details of setting it up, but it is coming as fast as they can get it done. I see... thanks for the clarification. 1
Bills!Win! Posted March 20, 2020 Posted March 20, 2020 4 hours ago, Steptide said: Cuomo said today they're suspending mortgage payments for 90 days and that they will not charge interest or affect your credit report Everybody or those just Laid off?
Steptide Posted March 20, 2020 Posted March 20, 2020 11 hours ago, Bills!Win! said: Everybody or those just Laid off? Not sure. I checked on our banks website and it said if you wanted to suspend mortgage payments for 90 days to call them. So I'm thinking it's not just automatic
Captain Hindsight Posted March 20, 2020 Posted March 20, 2020 18 hours ago, Bills!Win! said: Everybody or those just Laid off? For now its for people with financial hardship, but that could be everyone very soon
BUNCH OF MULARKEY Posted March 20, 2020 Posted March 20, 2020 I worked up the nerve to look at my 401k chart today
Captain Hindsight Posted March 20, 2020 Posted March 20, 2020 3 minutes ago, BUNCH OF MULARKEY said: I worked up the nerve to look at my 401k chart today That good huh?
BUNCH OF MULARKEY Posted March 20, 2020 Posted March 20, 2020 2 minutes ago, Captain Hindsight said: That good huh? Lol it was expected. Thank god I sold the brokerage account a month ago
Captain Hindsight Posted March 21, 2020 Posted March 21, 2020 17 hours ago, BUNCH OF MULARKEY said: Lol it was expected. Thank god I sold the brokerage account a month ago Mine shows expected income once you reach retirement. It went from 2500/month to 700/month in 4 days. I'm only 31 so not a hug concern at the moment, but that was still humbling
AlCowlingsTaxiService Posted March 21, 2020 Posted March 21, 2020 All these relief programs are a godsend, but at some point the debts will come due and those workers will still feel the pain ... just kicking the can down the road
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