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Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles

 
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Old 06-26-2020, 06:57 AM   #1
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Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


“ As of Tuesday, 4.68 million homeowners were in forbearance plans, allowing them to delay their mortgage payments for at least three months.

This represents 8.8% of all active mortgages, up from 8.7% last week.”



https://www.cnbc.com/2020/06/26/coro...-struggle.html
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Old 06-26-2020, 09:14 AM   #2
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


In better news, mortgage rates are shockingly low.

Found 2.5% on a 15 year.
Working on making it happen. It would save us $150k.

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Old 06-26-2020, 05:43 PM   #3
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


Quote:
Originally Posted by Easy Gibson View Post
In better news, mortgage rates are shockingly low.

Found 2.5% on a 15 year.
Working on making it happen. It would save us $150k.

Damm thats a good rate


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Old 06-26-2020, 05:45 PM   #4
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


Quote:
Originally Posted by Easy Gibson View Post
In better news, mortgage rates are shockingly low.

Found 2.5% on a 15 year.
Working on making it happen. It would save us $150k.
I plan to have my house paid for in 5 years, already had a 3.75 but I am doing the same thing and refiing for the lower interest rate. It made sense for the small refinance fee

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Old 06-26-2020, 07:33 PM   #5
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


Mines paid for but for that rate I’m thinking about taking out a mortgage, sit on the money and use it to buy land or property if the market contracts. It’s not a million dollar house like Jaw’s, Deck’s, California’s and Easy’s though so it won’t buy me much.
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Old 06-26-2020, 08:32 PM   #6
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


Yet everything is still overpriced. 450k is aversge here under 4, is poor shape. 5 gets you a pool or extra parking spot. Terrible really.

New Yorkers are flooding the area driving it up. Thing is they max their monthly nut do they can't afford anything else.
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Old 06-27-2020, 06:15 AM   #7
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


https://www.studyfinds.org/half-of-u...-selling-home/


“ Half of U.S. homeowners struggle with mortgage due to COVID-19, consider selling home”
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Old 06-27-2020, 06:19 AM   #8
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


“ Some homeowners have opted for the real longshot, as 19 percent of homeowners admit playing the lottery has helped ease their financial burden.”
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Old 06-27-2020, 06:50 AM   #9
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


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Mines paid for but for that rate I’m thinking about taking out a mortgage, sit on the money and use it to buy land or property if the market contracts. It’s not a million dollar house like Jaw’s, Deck’s, California’s and Easy’s though so it won’t buy me much.
I am in the same boat. Probably wont see any real deals for 6 months or so.
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Old 06-27-2020, 07:05 AM   #10
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


We were talking about waiting to see how Covid really shakes out and affects things, but how much lower could things go?
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Old 06-27-2020, 07:17 AM   #11
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


I have been casually looking for the last few months, just as research. Property values still look pretty high, and the market isn't flooded with homes just yet. We were already heading for recession when all this happened. With the stimulus, business "loans", etc. we just artificially delayed it.
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Old 06-27-2020, 07:35 AM   #12
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


Housing prices in my area are up about 10k this month alone. If we get another round of covid this fall, I think it will go up even higher. Im 40 miles from NYC.

I would sell soon, but a few things aren’t gonna pass the home inspection and I’m too lazy to start the process of getting them straightened out


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Old 06-27-2020, 07:53 AM   #13
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


Quote:
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“ Some homeowners have opted for the real longshot, as 19 percent of homeowners admit playing the lottery has helped ease their financial burden.”

Thats probably their retirement plan as well


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Old 06-27-2020, 09:36 AM   #14
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


Quote:
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I am in the same boat. Probably wont see any real deals for 6 months or so.
At least 6 months, could be a year or more.
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Old 06-27-2020, 09:38 AM   #15
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


Concern I have with rentals going forward is activist judges in the BLM era refusing to evict deadbeats. #socialjustice.
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Old 06-27-2020, 10:23 AM   #16
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


Quote:
Originally Posted by Easy Gibson View Post
We were talking about waiting to see how Covid really shakes out and affects things, but how much lower could things go?
Interest rates not much, land and houses a lot. Chits high here
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Old 06-27-2020, 10:26 AM   #17
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


Quote:
Originally Posted by Easy Gibson View Post
We were talking about waiting to see how Covid really shakes out and affects things, but how much lower could things go?
Quote:
Originally Posted by Big Johnson View Post
“ Some homeowners have opted for the real longshot, as 19 percent of homeowners admit playing the lottery has helped ease their financial burden.”
Man thats rough
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Old 06-27-2020, 10:37 AM   #18
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


With New Yorkers defecting to my area they easily get mortgages based on monthly rent payments they are used to. So low money down and max mortgages gets them into the burbs only they are not used to paying for upkeep of a home and they don't have the extra money so the shoemakering is a self feeding normal. It's getting worse
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Old 06-27-2020, 10:38 AM   #19
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


Good time to renote for sure. Lowest rate in 50 years. However the writing is on the wall as the snowball slowly rolls down the hill. Been in this game too long. Will take a while but we will see more foreclosures & short sales than ever. Save your quarters boys been too strong too long. Heading to a buyers market if anybody’s got any cake left to buy
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Old 06-27-2020, 10:58 AM   #20
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Re: Coronavirus Mortgage Bailouts Suddenly Swell As Homeowners Face New Struggles


Quote:
Originally Posted by Big Johnson View Post
Mines paid for but for that rate I’m thinking about taking out a mortgage, sit on the money and use it to buy land or property if the market contracts. It’s not a million dollar house like Jaw’s, Deck’s, California’s and Easy’s though so it won’t buy me much.
House is just so so, just don't owe a lot on it because I did a lot of the work when I built it.

I considered pulling some out too but I dont want to move from here so paying off would make sense asap. Taxes are only about 500 a month with ag exemption so don't want an upgrade to pay more.

I'm fortunate the timing was perfect cash wise. I haven't taken a distribution in 18 months, I was about to build a spec on one of our lots in Kings Cove so we are cash heavy.

Doing what your talking about with your house with our shop, while we cashflowed a lot of the office we did pull a 150k loan and it will close next month super low interest. Had planned on just closing the loan out and doing cash but we have that cash now

I compromised at home, we were supposed to buy a new camper and put aside for it, but my wife is cool holding off for now. I sold my boat too. We dumbed down the outdoor kitchen and are doing a camper shed, no concrete in the barn etc... keeping more cash available

I can gut a house to the studs, new MEPs, windows, spray foam, custom cabinets and trim with some cool ceiling beams, wainscoting etc, new showers, solid surface counters, floors, nice backsplash and custom Parade of Homes quality paint for about 55 bucks a ft at my cost. If I could get 4 or 5 bought decent, gutted and remodeled on notes, rent and hold until market is high again i could dump and pick up 400-600k cash in a 5 year period.

Got to time stuff right though, I need a lot of cash on hand for overhead if I slow down but if I can bear down and sign the big one I have in design to start in September id have over 4 million under construction for the next 12 months, and that leaves me free and mean to find and sign enough work in that 12 months to pay bills into 2022. If thats the game ill play it

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