# Bankers and loan payment....



## 300 H and H

i just read about a guy who's Bank is threatening foreclosure on a house loan from a good customer... due to Covid and a lack of income due to that..

Excuse me, but the American tax payer bailed out all the major Banks just a little more than a decade ago, and there fore saved many smaller private Banks in the process... For them to have the attitude that foreclosure is the answer is criminal to me. Especially with all the new Bank buildings and branch locations built in the short term past....    

I think they should be taught a history lesson. I think they need to accommodate their borrowers in these times of pandemic.

What do you think? 

Regards, Kirk


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## FrancSevin

There is some relief for your friend.
Some backs are forgiving loan payments by putting the amount on the back of the loan.
Some are offering direct monetary help.
But at the bottom line, ALL for closures are currently on hold. I know this because my FIL's mortgage is in arrears because he died. They have suspended foreclosure so the house sit's there rotting for months. Your friend should let his bank know.

BTW and to your point,,,;

On the other hand, whilst backs were bailed out, mortgage companies were not.


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## 300 H and H

FrancSevin said:


> There is some relief for your friend.
> Some backs are forgiving loan payments by putting the amount on the back of the loan.
> Some are offering direct monetary help.
> But at the bottom line, ALL for closures are currently on hold. I know this because my FIL's mortgage is in arrears because he died. They have suspended foreclosure so the house sit's there rotting for months. Your friend should  let his bank know.



Not a friend just a person on the net complaining about it. 
It just got under my skin reading about it.. Hopefully the person in question is able to get with his Banker and work something out.

I hope Banks are doing the same thing for small business shut down due to the virus...

Regards, Kirk


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## Melensdad

I actually started to refinance a commercial property BEFORE the pandemic started.  

The bank stopped everything in a panic.  All of a sudden they were looking at my loan application as if it was a distress situation.  I never missed a payment, I never was late ... I just wanted to take advantage of lower rates.  After a delay everything was finally processed and my payment dropped substantially.  There was no distress, no issues.  Fortunately the commercial banker I work with understood there was no distress situation and he was an advocate for me with the bank bosses.  

But it was obvious that the bank was freaking out about Covid.  And mortgage bankers for home mortgages are very different than commercial bankers.  There is nobody to advocate for the home mortgage.  I'm thinking that a lot of homes are going into foreclosure that probably shouldn't.  If the banks would have simply granted a 90 to 120 day period to their freshly unemployed customers, adding the payments to the back end of the loan, many of the foreclosures would be avoided.  Clearly a lot of newly unemployed will NOT be going back to work soon, the economy has been damaged badly.  But a lot of the newly unemployed WILL return to jobs soon.  

I understand the banks need their income stream from the loans but it seems crazy to start mass foreclosures.


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## Melensdad

Jantaray said:


> But the way I see it, this`s just another kind of fraud. The scammer forces the homeowner to get a new home loan that the borrower can't afford. The borrower is expected to default and then the home can be foreclosed on. It seems to me that this person has just been scammed. Credits and bank loans always require extreme caution. I`ve twice taken a loan from xxx (moderator link removed) I was advised by a friend, which means the service is proven. But you still have to be careful with such things.


I call total BULL$#!T on this.

Nobody forces a homebuyer to buy a house he/she can't afford.

Nobody forces a homeowner to get a loan they can't afford.

People make bad choices.  It is their personal responsibility to make sane, rational choices and it is their obligation to pay back the loans or, sell the property before foreclosure to make sure the lender, who lent in good faith, is made whole.

No different that college loans.  Take out a loan to go to college to become an engineer and you will find a job that pays more than enough to pay back the loan.  Take out a loan to go to college to study medieval poetry and theatre and you will not find any jobs and likely will blame someone else for your bad choices.


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## peter120

That is shitty, of course! But you know the law is made to be respected, and banks have the absolute right to ask for money. I get these actions are inhuman in times of crisis and Covid deaths. I always consult a financial adviser to know what loan to take and how to pay for it. Even for expensive mortgages ... is a huge help. They are specialized in residential homes, and the fees we pay are acceptable. Moreover, I get information about changes in laws and tariffs for each weed. It's a relief to know for what you pay.


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## 300 H and H

New member?
No links allowed... . read the rules.
Spammers do not last long here.


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## KeeganVelasquez

That’s why, folks, we should strive for independent living. The only condition I take out loans on is to make $100 out of loaned $10, if you know what I mean. Independence is the new wealth.


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