Nevada resident Derek Reich lost his income as a freelance cameraman. He says his lender told him he'd have to make up any missed payments in a giant balloon payment he can't afford. Then he was told that if he didn't qualify for a better option,"you're going into foreclosure." So Reich says he's going to spend his 401 retirement money rather than get the help that Congress wanted him to have.Nevada resident Derek Reich lost his income as a freelance cameraman.
"They told me, yes, you can skip three months' payments," Gullo says."But then they told me there was a balloon payment at the end of it." He was told that after three months, they'd have to come up with all the money for those skipped payments. So they'd suddenly owe four months of mortgage payments all at once — $14,000.Frank Gullo and Jasmine Esposito-Gullo can't pay their bills and the mortgage on their house on Long Island, N.Y.
"It took my breath away," says Daniels,"that this was so unhelpful being unemployed. Where would I come up with that kind of money?"
And NO Negative entries to your credit report as well🤷🏾♂️
The Banks have been able to figure this out fairly quickly, but what about the Property Tax and Homeowner Insurance that’s bundled in with a typical mortgage? Tacking missed payments to the end won’t work for county property taxes will it?
This makes the most sense to me. I'm not looking for loan forgiveness...I borrowed that money and I owe it back (with interest). But, instead of forcing people into economic ruin (allowing X months of nonpayment, only to expect it all to be paid back at once, after X months...
We bail out banks when they go belly up, they should be able to take 3 months of mortgage payments and move it to the back end of the loan
It looks like Chase is going to be doing that. I just got a message saying that will be an option! So relieved!
Trump cannot stop appropriated by Congress /Senate nor can he take funds from the military to build his wall...Trump does not understand the constitution nor does his admin...
Home owners need to at the least pay the interest. If they do not, then they need to rethink about their home ownership, and may be better off selling the property sooner rather than later. Housing market is all set to collapse, so they should get out as early as possible.
So sad that billion$ banks can't just do the right thing. 😑
They need to do something bout rents, too.
Any chance we could get the federal government to let us pay this year's taxes at the end of our lives?
this was done by my lender after Katrina. can't begin to say how much stress was relieved, and by doing so, gave us the ability to focus our efforts on surviving and cleaning up.
nadabakos They better provide some kind of relief to middle and down or this is going to be another Great Depression.