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Old 06-19-2020, 10:13 PM
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Default Bankers and loan payment....

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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Old 06-19-2020, 10:21 PM
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Default Re: Bankers and loan payment....

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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Old 06-19-2020, 10:24 PM
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Default Re: Bankers and loan payment....

Quote:
Originally Posted by FrancSevin View Post
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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Old 06-19-2020, 10:39 PM
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Default Re: Bankers and loan payment....

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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