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Current Events > So how are people supposed to pay back their rent and mortgage payments?

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YellowMustard69
04/14/20 10:27:40 AM
#1:


The government is passing stuff that allows people to defer their payments until the economy opens back up.

But when the economy opens back up, I don't see people being able to bring in extra money than they were before to make up for the lost income...so how are they supposed to make their current payment *and* pay extra for the missed month(s)? Is there going to be long term payment plans?
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The Trent
04/14/20 10:29:05 AM
#2:


i don't think this means that you'll have to pay double in august

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MagnusX
04/14/20 10:32:20 AM
#3:


The Trent posted...
i don't think this means that you'll have to pay double in august
That's exactly what it means for some banks. Deferred payment is just deffered. Interest still accrues and you'll be stuck with three monthly mortgage payments at once. Banks don't give a fuck about you or I.
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DevsBro
04/14/20 10:34:02 AM
#4:


Lenders are pretty terrible but you gotta imagine they don't want to deal with repossessing and attempting to resell millions of houses all at once.

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J03can
04/14/20 10:34:08 AM
#5:


From what i understand, the date of maturity is pushed out. If you miss 4 payments and have a 30 year mortgage, your final payment will be after 30 years and 4 months.

As far as rent goes

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Kombucha
04/14/20 10:34:20 AM
#6:


MagnusX posted...
That's exactly what it means for some banks. Deferred payment is just deffered. Interest still accrues and you'll be stuck with three monthly mortgage payments at once. Banks don't give a fuck about you or I.

Really? That's terrible. I mean I guess it makes sense because extending / modifying the contract would probably be more complicated as it's a legally binding document.

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Kombucha
04/14/20 10:34:36 AM
#7:


J03can posted...
From what i understand, the date of maturity is pushed out. If you miss 4 payments and have a 30 year mortgage, your final payment will be after 30 years and 4 months.

As far as rent goes

That would be ideal.

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trappedunderice
04/14/20 10:35:51 AM
#8:


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DevsBro
04/14/20 10:35:53 AM
#9:


Kombucha posted...
That would be ideal.
Not really but it would be better than "or else".

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I Like Toast
04/14/20 10:39:49 AM
#10:


MagnusX posted...
That's exactly what it means for some banks. Deferred payment is just deferred. Interest still accrues and you'll be stuck with three monthly mortgage payments at once. Banks don't give a fuck about you or I.
this isn't how deferrement works, and most of the gov't mandated deferements are including 0% interest during the deferment period.

In a traditional deferment, you're adding your outstanding balance onto your principal, so you'll increase your monthly payments throughout the loan. As stated above this is more putting it on pause then deferment.

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MT_TRAEH
04/14/20 10:40:29 AM
#11:


working harder

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YellowMustard69
04/14/20 10:45:36 AM
#12:


I see...
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kingdrake2
04/14/20 11:13:39 AM
#13:


MT_TRAEH posted...
working harder


people who haven't gotten paid this month and got money from the stimulus should be using that to pay the rent or when things get better they'll have to make some form of arrangement to pay back the money.

debt doesn't instantly go away for any reason, there's 2 tenants in this apartment complex that couldn't pay because of a temporary job furlough and it takes 3 weeks to get unemployment started
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#14
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YellowMustard69
04/14/20 11:21:09 AM
#15:


So what about rent payments if you are renting indefinitely ? When are the missed payments due? And what if your rent is $2000? How is the stimulus enough to cover?
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#16
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YellowMustard69
04/14/20 11:24:23 AM
#17:


JustMyOpinion posted...
If the rent is $2000 a month and you're unemployed you're automatically getting at least $2400....so that's how.

Unemployment is based on rent?
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#18
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SK8T3R215
04/14/20 11:27:52 AM
#19:


YellowMustard69 posted...
So what about rent payments if you are renting indefinitely ? When are the missed payments due? And what if your rent is $2000? How is the stimulus enough to cover?

You talk to your landlord since you're in a contract with them and work out some sort of payment arrangement or rent reduction.

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