patrick.net

Not me, make my last payment next month. The Insurance company just sent us a letter and said they weren't renewing our insurance coverage this year. Which is perfect I'll get it back from escrow.

All of this over an overreaction to a disease.

It’s too bad.

People lost their homes in 2009 because they bought hugely-over-valued homes with little money down, the home values plummeted, and the homeowners decided the value of the home was considerably less than the remaining loan balance and so just strategically defaulted.

The current situation is different. Home prices haven't (yet) crashed 30% or more. So homeowners are generally still above water (home value worth more than remaining loan amount). Why would a bank foreclose right now on someone when that the client is likely to resume paying (with extra penalties) when the jobs return. Banks will foreclose only if the home value is nearing the remaining loan balance.

As for renters: Landlords aren't going to kick out renters if they have nobody to fill the vacancy. Why would a landlord kick out a renter and then leave the place vacant. Better to keep the renter and hope to resume collecting rent when the covid is over. Maybe they could even collect some past-due rent. In fact, wait until the economy pick up and you could get a new renter; use that as leverage to have the current renter pay back rent.

clambo says

All of this over an overreaction to a disease.

It’s too bad.

Crash the economy before Biden takes over. Any improvement will make President Biden look like a hero.

SunnyvaleCA says

Banks will foreclose only if the home value is nearing the remaining loan balance.

Will see how economy fares. It could drag down home prices by at least 25%.

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I can't help wondering if the whole damn thing was designed not to just swing the election, but to try to get us to permanently stay at home, for the good of "the environment".

And then the vaccine may be intended to cause sterility, or early death (oops!).

After all, when you're Gates and Bezos etc, with all that money, what you really want is more of the earth without those pesky plebeians all over it. And you can convince yourself you're saving the planet.

But of course those two also pocked tens of billions each from the sudden demand for virtual shopping and more computers. Win-win!

Will see how economy fares. It could drag down home prices by at least 25%.

What it looks like so far is that prices are falling in the denser cities and prices are increasing in the suburbs. A result of telework opportunities. I wonder if now is the time to buy some rural but beautiful land (waterfront or mountain/valley view) in anticipation of teleworker demand and widespread 5g.

I hate condoms

HeadSet says

Will see how economy fares. It could drag down home prices by at least 25%.

What it looks like so far is that prices are falling in the denser cities and prices are increasing in the suburbs. A result of telework opportunities. I wonder if now is the time to buy some rural but beautiful land (waterfront or mountain/valley view) in anticipation of teleworker

I think late 2011-2014 was the time for that. I waited to buy until Jan 17 and have kicked myself HARD for not accepting the fact I should have bought in the area I eventually did back in 14. Some of the places we looked at have risen in valuation 35-50% now.