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(MSN)   It's not just the renters who will be out on the street, a tsunami of deferred debt is coming ashore and will hit homeowners no longer protected by the foreclosure moratorium soon   (msn.com) divider line
    More: Followup, Mortgage, Foreclosure, Money, monthly payments, New Orleans, forbearance ends, mortgage servicers, percent equity  
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3320 clicks; posted to Main » and Politics » on 01 Aug 2021 at 1:38 PM (12 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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TWX [TotalFark]
2021-08-01 1:40:08 PM  
Well, we're prepared.  If the housing market crashes like it did starting in 2008 or so we'll be ready to pick up property.
 
2021-08-01 1:40:25 PM  
Good luck debt collectors, I'm behind 7 mortgages.
 
2021-08-01 1:43:41 PM  
Nice government you've got there when legislators going on vacation to enjoy their donors' money is more important than doing anything about this.
 
2021-08-01 1:43:42 PM  
I may be broke, but at least I have no debt.
 
2021-08-01 1:47:11 PM  
My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.
 
2021-08-01 1:48:49 PM  

RolfBlitzer: I may be broke, but at least I have no debt.


Honestly you may be better off than those who look rich. We don't see peoples finances.  There are a lot of people who are broke who live in nice homes and have nice cars. They've spent themselves into debt with money they don't have to look good.
 
2021-08-01 1:49:32 PM  
Good job GQP, instead of stopping the virus by wearing damned masks last summer, you've condemned many many mortgagors and tenants to be homeless.  Including your own dumb asses.
 
2021-08-01 1:50:33 PM  

WalkingSedgwick: Nice government you've got there when legislators going on vacation to enjoy their donors' money is more important than doing anything about this.


Kenny Powers agrees
Fark user imageView Full Size
 
2021-08-01 1:50:55 PM  
Relevant. NSFW language.
Ticked Off Vic: A Message to the Government | VicDiBitetto.net
Youtube GLcNStHTDjM
 
2021-08-01 1:52:11 PM  

WalkingSedgwick: Nice government you've got there when legislators going on vacation to enjoy their donors' money is more important than doing anything about this.


Some states are even topping that.  Delaware decided that their portal needed an upgrade, beginning 7/28:

https://www.wdel.com/news/delawares-c​o​vid-19-rental-assistance-portal-goes-d​own-for-upgrades-as-eviction-moratoriu​m-expires/article_7900e7d8-efd9-11eb-8​7a3-9bc950559b13.html

Fark user imageView Full Size
 
2021-08-01 1:53:24 PM  

TWX: Well, we're prepared.  If the housing market crashes like it did starting in 2008 or so we'll be ready to pick up property.


IF.  If there were certainties involved, I'd be cashing out my house now, renting on the downswing, then buying multiple homes at the bottom.   But there's too much population pressure for a huge correction, and I need a place to live, so I'm going to miss out on my chance to get into the landlord game.
 
TWX [TotalFark]
2021-08-01 1:53:41 PM  

4seasons85!: RolfBlitzer: I may be broke, but at least I have no debt.

Honestly you may be better off than those who look rich. We don't see peoples finances.  There are a lot of people who are broke who live in nice homes and have nice cars. They've spent themselves into debt with money they don't have to look good.


Counterpoint, those people deeply in debt are enjoying the homes, chattel property, and lifestyles that being in that debt has afforded them.
 
2021-08-01 1:54:39 PM  

4seasons85!: My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.


That sucks. This whole situation sucks. The thought of 1.8 million families facing eviction is terrifying and sad. It's a cascading effect that will lead to nothing but misery for a lot of people who could be helped with a fraction of what this country spends on useless "wars" and political campaigns. Ugh.
 
2021-08-01 1:54:46 PM  
People who are delinquent on their real estate property taxes are going to find out that they've been unofficially protected by the pandemic as well.  I suspect Philadelphia isn't unique in this regard, but there's been a moratorium on "hard collection" practices since the start of the pandemic.  If people call in and want to pay, they're happy to take their money and even put people into payment agreements.  But existing agreements haven't been defaulted in 18 months, and tax foreclosures have been on hold as well.
 
2021-08-01 1:55:22 PM  
UBI would be a nice first step to partially allay hardship.
 
2021-08-01 1:56:26 PM  
Are the corporations going to be OK?
Or do they need another huge tax cut?
 
2021-08-01 1:56:59 PM  

TWX: Well, we're prepared.  If the housing market crashes like it did starting in 2008 or so we'll be ready to pick up property.


Or we could let it crash hard and maybe outlaw companies buying. And people might finely be able to buy homes.
 
TWX [TotalFark]
2021-08-01 1:57:07 PM  

Unsung_Hero: TWX: Well, we're prepared.  If the housing market crashes like it did starting in 2008 or so we'll be ready to pick up property.

IF.  If there were certainties involved, I'd be cashing out my house now, renting on the downswing, then buying multiple homes at the bottom.   But there's too much population pressure for a huge correction, and I need a place to live, so I'm going to miss out on my chance to get into the landlord game.


Population pressure is secondary to lenders' willingness to lend.

We offered in late 2010 and closed in early 2011 on a short-sale that took 119 days to close.  We got the house at the literal bottom of the trough of the crash of the housing market, because we had excellent credit and the 20% to put down.

But then again, we live a lifestyle as a family that's far below what we could afford to live, which is why we had the resources to do what we did, and why we'll have the resources to do what we might do if the market does indeed crash and credit becomes unavailable to most buyers.
 
2021-08-01 1:57:28 PM  

4seasons85!: My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.


Are you capable of paying your rent with money? Serious question, because my suggestion sounds dickish if you can't.

I just have a recurring electronic payment sent from my bank on a monthly basis 10 days before it's due. It's a free service of my bank because it's cheaper to them than processing checks.

I can do this because I have a reliable paycheck and the price doesn't change. YMMV.
 
2021-08-01 1:58:13 PM  

Ragin' Asian: UBI would be a nice first step to partially allay hardship.


I'm thinking UFIA is probably more likely.
 
2021-08-01 1:59:12 PM  

NM Volunteer: Good job GQP, instead of stopping the virus by wearing damned masks last summer, you've condemned many many mortgagors and tenants to be homeless.  Including your own dumb asses.


I'm sure they'd love to kill this, but you gotta get it out of the House first.  At some point over the last several months.  Calling for unanimous consent (which you know you won't get) at the last minute?  Not much of an effort, to say the least.
 
2021-08-01 2:00:02 PM  

4seasons85!: My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.


See if they accept money orders.  It's an extra step but it's better than a $50 surcharge
 
2021-08-01 2:00:33 PM  

4seasons85!: My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.


Back to paper checks?
 
2021-08-01 2:01:42 PM  

WalkingSedgwick: Nice government you've got there when legislators going on vacation to enjoy their donors' money is more important than doing anything about this.


America is largely controlled by a minority (Republicans) who answer to a vanishingly small donor class of people. It's a failed state.
 
2021-08-01 2:02:53 PM  

thealgorerhythm: 4seasons85!: My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.

Are you capable of paying your rent with money? Serious question, because my suggestion sounds dickish if you can't.

I just have a recurring electronic payment sent from my bank on a monthly basis 10 days before it's due. It's a free service of my bank because it's cheaper to them than processing checks.

I can do this because I have a reliable paycheck and the price doesn't change. YMMV.


Yes I am fortunate that I can afford to pay every month.  My account previously had automatic withdrawal set up through the apartment portal. There was no charge. So it went directly through my bank account.  This new system requires a card (which is possible they aren't fully set up yet since it's a new system) and there's no option to pay direct from my bank account.  I looked into the automatic payment setup and it uses the card and therefore also has a fee. I've never had to set up with my bank, the company would just take it from my account so long as they had my account and routing number. There is no option here for that.
 
2021-08-01 2:02:53 PM  
That reminds me, rent is due.

I really lucked out being a frontline worker. In fact, I pulled in a ton of overtime. I feel bad for people suffering over this. It's going to go to hell and the wrong people are going to suffer.
 
2021-08-01 2:04:05 PM  

Snapper Carr: 4seasons85!: My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.

See if they accept money orders.  It's an extra step but it's better than a $50 surcharge


Will do! I've already left a nasty voicemail.  The rent charge without notice on a Sunday where the office is closed is very inappropriate.  I will be calling them tomorrow to discuss my options and try to get a refund.
 
2021-08-01 2:04:35 PM  
The problem with deferring debt, at least on personal debt, is you have to set aside the money to pay the debt.
 
2021-08-01 2:04:36 PM  

4seasons85!: My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.


Pay the fifty in loose pennies.
 
2021-08-01 2:05:15 PM  

4seasons85!: RolfBlitzer: I may be broke, but at least I have no debt.

Honestly you may be better off than those who look rich. We don't see peoples finances.  There are a lot of people who are broke who live in nice homes and have nice cars. They've spent themselves into debt with money they don't have to look good.


you know, I've heard this for fifteen years now, and yet I don't see these people getting kicked to the curb and receiving their moral comeuppance for living wildly beyond their means.  I worked to pay off my debts while they get new cars and play on jet skis on the lake.   When does this reckoning actually happen?   Do they get bailouts or something?
 
2021-08-01 2:05:25 PM  

farkmedown: 4seasons85!: My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.

Back to paper checks?


There was no notice given about changes to rent payment. They didn't mention any fees. There was no option stated for using checks. So I wouldn't even know where to give it if I had a check. It was literally just a sudden thing. They got a chewing out via voicemail and I am talking to them first thing tomorrow.
 
2021-08-01 2:07:29 PM  

dbaggins: 4seasons85!: RolfBlitzer: I may be broke, but at least I have no debt.

Honestly you may be better off than those who look rich. We don't see peoples finances.  There are a lot of people who are broke who live in nice homes and have nice cars. They've spent themselves into debt with money they don't have to look good.

you know, I've heard this for fifteen years now, and yet I don't see these people getting kicked to the curb and receiving their moral comeuppance for living wildly beyond their means.  I worked to pay off my debts while they get new cars and play on jet skis on the lake.   When does this reckoning actually happen?   Do they get bailouts or something?


Fair point. I don't know.
 
2021-08-01 2:09:05 PM  

RolfBlitzer: I may be broke, but at least I have no debt.


I'll be there, too about a year after my divorce is finalized.
I'm amazed at how much my wife was draining our bank account.
 
2021-08-01 2:09:10 PM  

Snapper Carr: 4seasons85!: My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.

See if they accept money orders.  It's an extra step but it's better than a $50 surcharge


that's how I pay mine.  It's 79 cents at a Wally World near you. The rest of my bills I pay online with my Wally World debit card.  I bypass banks.  they suck you dry.
 
2021-08-01 2:10:24 PM  
Whelp, I guess that means the housing market is about to be a buyer's market again soon...
 
2021-08-01 2:11:47 PM  
Good luck getting renters once this is all over. As it is no one in Los Angeles will rent to some one who can't prove three months income. We're going to have an unhoused crisis the likes of which this country has never seen. And that includes kids. :/
 
2021-08-01 2:12:11 PM  

munko: Snapper Carr: 4seasons85!: My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.

See if they accept money orders.  It's an extra step but it's better than a $50 surcharge

that's how I pay mine.  It's 79 cents at a Wally World near you. The rest of my bills I pay online with my Wally World debit card.  I bypass banks.  they suck you dry.


Thanks I will look into that!
 
2021-08-01 2:13:07 PM  

saywhonow: Whelp, I guess that means the housing market is about to be a buyer's market again soon...


Nah. Powell wont allow it. Theyll kick up more MBS purchases.
 
2021-08-01 2:14:22 PM  
I thought most people won't be hit by foreclosures due to the gov mandating that balances be added to the back end of the loan?
 
2021-08-01 2:15:06 PM  

Barbecue Bob: 4seasons85!: My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.

Pay the fifty in loose asspennies.

 
2021-08-01 2:15:08 PM  

4seasons85!: My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.


That is just a cash grab. Debit cards are cheaper to process than credit cards. Plus, since it's all electronic, they don't have to deposit anything, unlike checks or cash.

See if you can pay in cash and demand a receipt. Make them work for the money. To take cash costs them money as they have to count it, secure it, and take it to the bank to deposit it.
 
2021-08-01 2:15:13 PM  

munko: Snapper Carr: 4seasons85!: My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.

See if they accept money orders.  It's an extra step but it's better than a $50 surcharge

that's how I pay mine.  It's 79 cents at a Wally World near you. The rest of my bills I pay online with my Wally World debit card.  I bypass banks.  they suck you dry.


Credit unions are generally better than banks. . . .
 
2021-08-01 2:15:18 PM  
When the children are dead and their parents are homeless will we be done with all the winning?
Or are these the good old days?
 
2021-08-01 2:15:56 PM  

4seasons85!: thealgorerhythm: 4seasons85!: My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.

Are you capable of paying your rent with money? Serious question, because my suggestion sounds dickish if you can't.

I just have a recurring electronic payment sent from my bank on a monthly basis 10 days before it's due. It's a free service of my bank because it's cheaper to them than processing checks.

I can do this because I have a reliable paycheck and the price doesn't change. YMMV.

Yes I am fortunate that I can afford to pay every month.  My account previously had automatic withdrawal set up through the apartment portal. There was no charge. So it went directly through my bank account.  This new system requires a card (which is possible they aren't fully set up yet since it's a new system) and there's no option to pay direct from my bank account.  I looked into the automatic payment setup and it uses the card and therefore also has a fee. I've never had to set up with my bank, the company would just take it from my account so long as they had my account and routing number. There is no option here for that.


Depending on you bank, they may offer a system with paper checks being mailed to your management company. Mine does that for my lawn service and a few others without charge. You may need to have a minimum amount on deposit with them though and schedule the payment a few days in advance as the mail service may be unpredictable (thanks to Postmaster Dejoy)
 
2021-08-01 2:23:50 PM  

Fonaibung: WalkingSedgwick: Nice government you've got there when legislators going on vacation to enjoy their donors' money is more important than doing anything about this.

America is largely controlled by a minority (Republicans) who answer to a vanishingly small donor class of people. It's a failed state.


Do you know who your state legislators are?  In Maryland, the state legislators pass plenty of shockingly donor biased bills over and over, despite being completely controlled by the Democrats.  And if you haven't a clue what they voted on, why not take money from the highest bidder?

Moved to New York (Rochester).  Seems like an even worse Democratic party, although good luck finding a better Republican party (especially now) to even compete with a horrible Democratic party (there is a scary movement among Q-anon types to take direct control of the local parties and make them even worse).

Back in the 1990s, one of the biggest things the rightwing was interested was in de-federalizing (see Ron Paul and other neo-confederates).  Mostly because it is easier to to corrupt each state legislature than Congress, if only thanks to the cost of running for the respective offices.  Other reasons was that in the 1990s the total wingnuts were capturing state governments, but hadn't quite moved onto the Federal Government.  I'm not sure I've heard that line of bullshaite since Dubya took over, so maybe the cost of each statehouse has gone up.

/nothing will change until the man on the street knows the voting record  of his state legislators
//also has to care
///I'm typically using some sort of voting guide, so guilty as well
 
2021-08-01 2:25:15 PM  

Peki: We're going to have an unhoused crisis the likes of which this country has never seen.


No, The County of Los Angeles just made being homeless illegal.
Problem solved
 
2021-08-01 2:25:37 PM  

Fonaibung: WalkingSedgwick: Nice government you've got there when legislators going on vacation to enjoy their donors' money is more important than doing anything about this.

America is largely controlled by a minority (Republicans) who answer to a vanishingly small donor class of people. It's a failed state.


This isn't an R vs D issue. The Biden White House didn't suggest Congress do something until it was too late to do anything. Then, Pelosi's House went on vacation to allow its members to enjoy their donors' money.

It goes without saying that the Senate GOP would have vetoed any aid package in any case, and that Senate Democrats would be happy to do nothing, as the preservation of the fillibuster-veto is of paramount importance to each Senator's ability to raise money and avoid accountability.

America is a collapsing oligarchy that pretends to be a democracy.  It has has two fake parties that support essentially the same policies in private and blame each other for obstructing policies that the parties claim to support in public but don't actually have any intention of enacting.
 
2021-08-01 2:27:22 PM  

thealgorerhythm: 4seasons85!: My fun surprise this morning paying rent was discovering a charge to pay with debit card. We were just bought out by another company less than five days ago. My previous company either charged us $5 to use the card or nothing if signed up for automatically withdrawal. The new company didn't mention any changes to the rent system. Today to pay my rent, with no other option to pay by check, I had to pay an additional $50 to use the online services. So basically it's going to cost me an additional $50 dollars every month to pay rent. The level of greed with rent and houses right now is insane.

Are you capable of paying your rent with money? Serious question, because my suggestion sounds dickish if you can't.

I just have a recurring electronic payment sent from my bank on a monthly basis 10 days before it's due. It's a free service of my bank because it's cheaper to them than processing checks.

I can do this because I have a reliable paycheck and the price doesn't change. YMMV.


He said debit card not credit so it is effectively cash.

My 2¢: open. FREE online CapitalOne checking/savings account (no fees, minimums etc. and earns (crappy) interest). You can either send money with a zelle thingy, or, like I do, have them send a physical rent check for free from your account. Doesn't even cost u price of a stamp.
 
2021-08-01 2:28:42 PM  

Herr Morgenstern: That reminds me, rent is due.

I really lucked out being a frontline worker. In fact, I pulled in a ton of overtime. I feel bad for people suffering over this. It's going to go to hell and the wrong people are going to suffer.


It will also be our tipping point into fascism
 
2021-08-01 2:29:36 PM  

auntedrie: Peki: We're going to have an unhoused crisis the likes of which this country has never seen.

No, The County of Los Angeles just made being homeless illegal.
Problem solved


County? I thought it was LA city that passed that ordinance.
 
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