Suspend Mortgage and Rent until we can work!

We are on the verge of a crisis and major civil unrest if mortgage and Rent is not suspended by a government mandate until we can make money again.

I bartend and manage in Key West, Fl and I am out of work for at least a month, so are most of my peers many who can barely make rent with a full month of work. In Florida, it is looking more likely that we will be shut down completely(except for essential work I.e. medical, public safety, public works, ect..). Unemployment will not be enough for most of us, nor will the proposed stimulus.

We need our elected leaders to step in and suspend rent and mortgages until this blows over so the majority of is can deal with the quarantine without having the burden of knowing we can not afford to pay our rent or mortgage without a paycheck.

Come April 1st, without government intervention, there will a lot of angry, desperate and who knows what will happen. It will not be good.

I am calling for Governor Rick DeSantis of Florida, the Governor's of other states greatly affected by this quarantine and President Trump to step up and do something for the working class and mandate the banks to suspend mortgages and landlords to suspend rent until we get to back to work!

a reply to: jrod

The problem is; your asking government to solve a problem that government caused.

If government hadn't acted so dumbassery in the first place, you'd be making sloe-gin rickey's for the divorced lady crowd tonight.

a reply to: jrod

I was talking to someone about this the other day.

I think it's a better idea than handing out money.

I also think that it's importance is less to do with immediate payment relief but in preventing another foreclosure crisis in 6 months.

It actually could be the one thing that could really destroy the economic rebound coming out of this. You are going to have 10's to 100's of thousands of people that will be 3 to 6 months behind on mortgages. Even if 10 percent default, that would screw us hard.

a reply to: DBCowboy

Stop being smart and using common sense

The housing issue is going to get what it deserves, along with all those ass-o-nine auto loans and this time, feds will be too busy trying to make sure everyone else gets their cash to spend.

Because if the feds have to choose, millions of people spending money / buying, over large companies, it's the people who make the economy, not the companies.

I've said it before, an NOW you really see it, "If you wanted to protest, as a people, stay home and don't buy much"

well, why else you think everyone is going to get a stipend?

But that in itself will have repercussions, I'm very interested to see how this plays out.

I've bought me some btc, ether as well as some Tesla / nivida stock.
Closely watching and ready to pivot.

a reply to: jrod

The government should just pay the mortgage/rent directly to the banks/landlords.

That's how ObamaCare works.

Government pays up to 100% of the monthly premium directly to the health insurance companies.

Otherwise, you would end up owing 3+ months of back mortgage/rent when you go back to work.

dON'T WORRY, If Pelosi has her way everything will go to the banks.

a reply to: carewemust

I disagree with them paying, suspending would be better and by doing that you wouldn't necessarily be behind.

If they suspend 3 months, the payments will just come back after the suspension.

a reply to: jrod

We already did that here in Canada: deferral of mortgage payments. The rent part hasn't been worked out. That part is tricky.

The big six banks say they will allow customers to defer mortgage payments for up to six months among other changes.

www.ctvnews.ca...?autoPl ay=true

a reply to: ZapBrannigan3030

PS. In old times there was such a thing as "jubilee". Look up the term. It is not as if this is without any historic merit - that which you ask for.

I will go a step further, on the months you do not pay, you are credited as if you had. Not by the government, by the lenders.

originally posted by: DBCowboy
a reply to: jrod

The problem is; your asking government to solve a problem that government caused.

If government hadn't acted so dumbassery in the first place, you'd be making sloe-gin rickey's for the divorced lady crowd tonight.

Grow up. Trump isn't responsible for the virus. The exact same issues apply to nearly every nation on Earth. The US still has a fairly low number of cases and deaths compared to some other nations. Businesses are closed all around the world, everyone is suffering and all you can do is whine like a toddler how it's all the fault of government. If you want any government to blame it should be the Chinese government.

a reply to: jrod

From Capitol Hill to Wall Street to state offices, help for struggling homeowners affected by the novel coronavirus is coming quickly. Just a day after Ally Bank announced its 120-day mortgage payment moratorium, Bank of America said it would suspend mortgage payments for eligible borrowers, though no time limit is yet known.

The Federal Housing Finance Agency (FHFA), Housing and Urban Development (HUD), United States Department of Agriculture (USDA), Fannie Mae and Freddie Mac all have announced a freeze on foreclosures and evictions for at least 60 days as well as forbearance or disaster relief options for homeowners who can’t afford their mortgage payments.

www.bankrate.com...

a reply to: ChaoticOrder

I'm not blaming the virus on Trump, that I'll blame on the Chinese and democrats who wanted the flights to continue.

What I will blame is the reaction.

What I will say is that is was a lose-lose for Trump.

In this situation, he was screwed regardless.

It was his Kobayashi Maru.

a reply to: DBCowboy

What I will blame is the reaction.

What I will say is that is was a lose-lose for Trump.

Seems I misunderstood what you were saying, but you did say if the government had of acted differently then everything would be fine and dandy and everyone would still be working, which obviously isn't the case because the entire world is in quarantine.

The MSM has clearly reacted in a way that has panicked people but they're probably doing that because they know it's a bio-engineered virus, plus the media isn't the government, and they certainly don't represent the Trump admin. Trump is only reacting in way that doesn't make him look like a complete a-hole. He has to take it seriously or his prospects for re-election are up in smoke.

originally posted by: DBCowboy
a reply to: ChaoticOrder

It was his Kobayashi Maru.

But was he smart enough to "Kirk" this up a bit? There's your question ... now we wait ...

a reply to: jrod

We need our elected leaders to step in and suspend rent and mortgages until this blows over so the majority of is can deal with the quarantine without having the burden of knowing we can not afford to pay our rent or mortgage without a paycheck.

I agree with you 100 percent!

This is an act of God or the devil, take your pick. No American worker on any level should have to suffer for that.

a reply to: jrod

And when things get back to some sense of normality, place a ban on usury. There should be no interest rates on any loans that are larger than what the banks pays us for the money we place in their banks.

a reply to: jrod

A lot of mortgage/rent/electricity/water payments have been suspended where I live. They say they will shut off or evict.

Credit cards should do the same.

I have seen posts on social media asking landlords for leniency on rent. They can't be lenient if they have a mortgage to pay. Many others are greedy and while they can afford to be lenient will not unless required by law(and even then they will still expect rent).

Rent/mortgage is the biggest expense for most of us, especially in the lower Florida Keys, most of us work in the service industry and are out of work for at least a month and the vast majority can not afford missing 1 week of work, much less a month plus. It is also extremely expensive to just find a place. It cost me almost $7k to move in to my place a year ago which wiped me out financially while going through an ugly divorce. I have not recovered from that hit and can't afford to move again, and I am much more financially responsible than most of my peers.

Florida's economy is largely tourist based, with almost all service industry workers becoming unemployed this week, this is going to be a disaster come April 1st if something is not done about it.

With more and more closures and only a handful of people getting decent unemployment benefits, this will be a crisis. Now is the time for our leadership to act.

So far they have reacted after a crisis has happened with the virus, I just hope they will react before rent/mortgages becomes the next crisis.

All logical solutions for a impending problem. A solution will have to be formulated, but we have yet to see anything address all the issues and defer catastrophe.

It's abundantly clear we need a plan. Much input and planning needs to be examined, this is no simple 'throw money at it' issue. How about real ideas...