A few weeks ago, Tracy Delphia and her co-workers indulged themselves with talk about what it would be like to be furloughed.
Now that she has lost her job as a research analyst, Delphia is pretty sure she knows the answer: It's better to be working. Delphia, 60, has been told she will be called back as soon as business conditions improve — whenever that is. She's on unemployment and has enough money coming in to buy groceries.
"At this point in time, I'm still trying to squeeze out a mortgage payment and set it aside," Delphia says."I'm pretty much terrified as to what would happen at the end of 90 days or 180 days if suddenly the bank wants thousands of dollars in a balloon payment."
Baby, please believe me when I tell you this let me add I hope I’m wrong! The banks only understand money 💰 ,💴 & 💵 , ! You need to get a plan. Trust in God everyone else is suspect!
when people are forced to close their businesses, banks should have also had to freeze the interest ticking. we could have survived with minimum loss covering only essential food and utilities.
Yeah that’s a legit concern. After Hurricane my lender offered to defer payments for 3 months. But after the three months were up I owed 3 months worth of payments. How is that helpful?!?
Right there with ya, Tracy. Why isn't congress putting safeguards in place by requiring the banks to extend loan terms, so the deferred payments just lengthen the time of the loan instead of creating a balloon pmt that nobody can pay?
Vic sums up exactly how our government is failing Americans. Meanwhile Spain has put all rents and mortgages on hold. Screw bankers. They have enough money.
I never liked Tracy anyway.
That's not a 'deferral'. It's a forbearance plan. They're two very different things.
Having worked in the mortgage industry for 17 years and considering current regulations I find it hard to believe she wasn’t well aware of the balloon
Tracy needs to smoke a blunt and chill the fuck out
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