Differed Mortgages coming to the US?
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Deleted member 10829
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That will make a huge difference for people! I don't see the US doing 6 months of deferred payments but you never know. We are in new territory, that's for sure!
If it does happen, I know we will be using the money to pay off the credit card debt we accumulated during the build. So I would very much like to see it happen, although more for those that REALLY need it.
I agree with mspease, 6 months is a long time, unless this thing goes into summer. It sure would help the businesses with mortgages if they include them too.
-John
I agree with mspease, 6 months is a long time, unless this thing goes into summer. It sure would help the businesses with mortgages if they include them too.
-John
snomoman
Active member
I have a mortgage with Chase and just for the heck of it I called this morning to use the automated line to see what my options were, so I went with a 90 day deferment plan, not because I needed to but because I could, the only problem is at the end of 90 days they want all three months payments then. what to do? Pay anyway or get socked with a three month payment bill at the end
Unless you have debts with higher interest rates, just wait and see if deferment plans become a rule and not an option. That is not much of a deal if you ask me.
"Differed Mortgages"? I beg to differ!
How "differed" are they. (What's different?)
How "differed" are they. (What's different?)
Difference vs. deferred: Now that's better!
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This is not about getting money or a free hand-out, it is about giving folks with a mortgage a break in paying it. You still ending up paying your full loan amount.
-John
I haven't been able to find that they've deferred all mortgages for 6 months........I have seen where 10% of mortgage holders have asked for deferrals, but like some have said it's just kicking the can down the road. It would be a huge help for the people who have lost income and can become employed again by the time the payments need to kick back in.
Interesting idea. I'm worried that many restaurants will not be able to reopen. Even if they are doing takeout orders, I can't see how ordering much inventory could be smart given the uncertain circumstances.
m8man
I heard it on the Rock 94 out of Thunder Bay. But it would not be the first time I did not hear correctly, just ask my wife!
sweeperguy
Active member
I heard it on the Rock 94 out of Thunder Bay. But it would not be the first time I did not hear correctly, just ask my wife!
I believe what you hear, or think you hear. Much more than some people who post on your site.
THANKS for keeping us "in the loop"
harvest1121
Well-known member
I only have 6 months left on my mortgage but read Wells Fargo email. It said we MAY add it to the end or mortgage or its due in 90 days. Did not sound good to me. Be nice if they could help people who need it and add the interest on to be paid later.
No thanks on that , I’ll just keep the monthly mortgage withdrawal going.
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No thanks on that , I’ll just keep the monthly mortgage withdrawal going.
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No thanks on that , I’ll just keep the monthly mortgage withdrawal going.
I heard it on the Rock 94 out of Thunder Bay. But it would not be the first time I did not hear correctly, just ask my wife!
No biggie, but I would like to hear more information. It's interesting to review the financial aspect of it. by differing one payment early or mid cycle on a mortgage it could cost you way more in interest on that balance than the actual payment. I have refi'd a few times in my life for a better rate, etc....but the people who shoulder no debt have more options.....I unfortunately have a mortgage and a car payment. My latest refi got me to 2.5% on a 15 year just recently. I plan to pay it off in 10 years....Anyway, I hope and pray all those people in the service industry can get through this tough time. Somehow I hope the economy rebounds quickly when we are able to get back at it.
m8man
snobuilder
Well-known member
you got a Canadian mortgage?...is that a "thing"....don't they somehow nail you with a socialism charge to pay for their "free" stuff?
Moreover does JD dream of becoming a Canadian?