🏘️ 🏚️ Excellent sample of when "letter of the law" is absolutely, no-question, morally WRONG. Anybody on here get a #mortgage "forgiven" back during the 2008(ish) financial crisis? You need to read this!
"We have a case where a portfolio of approximately 9,000 loans was sold for $6,000," she says. "And so each loan was sold for less than a dollar."
Speculators have purchased long-forgotten 2nd mortgages from back during the housing loan crisis, sometimes at pennies on the dollar. They've made little attempt to collect for years, then suddenly they're demanding payment with interest or they'll foreclose on the home.
Noticed the #mortgage payment wasn't coming out of my bank account. We mailed it April 26th. Mortgage company got it today, May 14, said it was postmarked April 30, waived late fee.
#PostOffice said it went from here & got shipped to another postal center & processed then sent to another center & finally back to the local post office
Our mortgage payment was late because the #USPS is screwed up
A team of attorneys, including nationally-known #CivilRights advocate #BenCrump, claims #NavyFederalCreditUnion — the world’s largest credit union — used racially-motivated lending practices.
The #lawsuit alleges that Navy Federal approved White #mortgage applicants at a disproportionately higher rate than #Black & #Hispanic applicants in 2022.
Hey, #JeremyHunt... this is a real part of the #housingcriris - sub-standard housing - tinkering with #mortgage deposits to stoke house price #inflation will do nothing to address this problem...
We have a lot of rubbish housing that people (often renters) are being forced to live in, while you & your #landlord refuse to improve r maintain dwellings properly.
What we need is an enforceable landlords' duty to maintain alongside a better insulation scheme for owners.
We would have megafloods anyhow. But they used to be once every many-decades. Now they'll be once every few-decades, or as Daniel Swain (https://www.ioes.ucla.edu/person/daniel-swain/) put it (paraphrased):
What used to be something the average Californian saw once in their lifetime, if at all, will become of something we see once in the life of a home #mortgage.
Where Will the Housing Market Settle in 2024? 5 Experts Make Bold Prediction
Yahoo Finance - January 5, 2024
“While single-family housing starts have steadily increased throughout 2023, it will take years of accelerated new home construction to narrow the supply shortage gap from more than a decade of underbuilding.”
I had a little over $4k remaining on my vehicle loan. Overall it's cheaper to pay it off now than to continue the monthly payments so I just sent the lender the full payoff amount today.
I'm knee-deep in an #Excel file trying to sort out my life ($$$).
I have to take another sip of whisky every time I realise how my #mortgage keeps increasing almost every month and now 1/4 of the payment is going to actually paying down the loan and 3/4 to the bank's coffers.
There's a simple fact behind the seeming anomaly of #mortgage rates going down (albeit remaining above what they were last year) & the likely continuance of #interestrates rises from the BoE.
If you are a mortgage provider you need to lend money to make money; if your prospective customers don't feel they can afford a mortgage then you either try to screw more money out of your existing borrowers or (because this is tough with so many fixed deals), you reduce your prices!
They Were Promised Help With #Mortgage Payments. Then They Got a #Foreclosure Notice.
#Homeowners enrolled in Nevada’s mortgage assistance program have received foreclosure notices when the money fails to make its way from the federal government to the loan providers on time.
In the below article, a couple who bought a house in Barrie in 2022 is squeezed due to spike in variable rates. Pretty amazing all the boomers flooding the comments with how they bought when rates were 18%, and all that’s needed is fiscal discipline.
OK Boomer. Houses then were 3.5x avg income. Now they’re 18x. No amount of cutting back on avocado toast can make up for that.
Better question: everyone - politicians, economists, bankers, real estate agents, the general Canadian public - knew in 2022 that #interest rates were going to rise significantly. In fact, they'd already started going up.
So why did they take out a variable-rate #mortgage? Sure, it chopped a few dollars off their payments as long as rates stayed low, but not a huge amount, and doing so exposed to them to the large #risk of rising #rates.
Needs more Garry of Murrumba Downs the BOOMER who decided to GO BOOM and set himself off his moving business was failing and he canceled the ABN and he decided to end the ride BY BLOWING UP HIS BRISBANE HOUSE IN NICE SUBURB OF BRISBANE because he COULD NOT PAY HIS BANK MASTERS WITH THE MORTGAGE MONEY RENT MONEY IS DEAD MONEY AND...
I had a sobering conversation with a fellow #sfba resident recently about their troubles with home #insurance in the face of the recent #wildfires. Their family lives in a heavily-wooded area, and one insurer after another has begun to decline to renew their policy. They are now on their third insurer in as many years, and they suspect the latest one will drop them when their policy expires next year.
And who can blame the insurance companies? Huge fires like the Paradise and Santa Rosa fires in 2017–2018, and the CZU and LNU complexes in 2020 show that homes near flammable woods are at very high risk of destruction.
As insurance companies pull out, some homes may become uninsurable. One can only hope that a small number of (lesser-known) insurance companies remain who will charge an exorbitant price to insure these homes, but in either case, the value of these houses will plummet unless things change.
The only REAL problem w/the inability to get home owners insurance is that ALL home loan lenders REQUIRE the borrower to have home owners insurance to protect THEIR interest in the house.
But, CA does have the FAIR plan which does provide insurance to people who cannot get a regular commercial home owners policy.
"Properties become increasingly expensive to insure and then they become #uninsurable.
And once they become uninsurable, they become unmortgageable. And once buyers can’t get mortgages for those properties, the values crash — because you’ll now only have cash buyers on the demand side."
GARRY OF MURRUMBA DOWNS WENT BOOM RIP GARRY
Needs more Garry of Murrumba Downs the BOOMER who decided to GO BOOM and set himself off his moving business was failing and he canceled the ABN and he decided to end the ride BY BLOWING UP HIS BRISBANE HOUSE IN NICE SUBURB OF BRISBANE because he COULD NOT PAY HIS BANK MASTERS WITH THE MORTGAGE MONEY RENT MONEY IS DEAD MONEY AND...