Mortgage holidays until Coronavirus is no longer a threat?

Thrugelmir

silvertooth said:

Jonbvn said:

Italy has just suspended mortgage payments according to a BBC article.
https://www.bbc.com/news/business-51814481
It sounds like they are proposing payment holidays.

Is there no interest applied during the holiday?

Holiday just postpones and extends the pain. 

silvertooth

Herzlos said:

Sounds like Italy is considering the same, but they've essentially shut the country down so people will likely not be getting paid.

This is coming to the rest of the world

the banking system will collapse 100% certain now

It’s not the pandemic that is the biggest problem it is the panic 

https://youtu.be/nhasaUDJSO8

Crashy_Time

Sailtheworld said:

I'd be triathlon said:

I am sure there is going to be a lot of financial distress for a great many people this year, how about a mortgage holiday this year for when things start getting really tough?

Might be a life lesson for those who say things like 'the government and banks are out of ammunition' as they rub their hands with glee. Plus HPC would detonate. Both good reasons for this proposal.

It is happening in Italy, but my bet is that Italy/EU detonates before anything else.

Getting_greyer

silvertooth said:

Herzlos said:

Sounds like Italy is considering the same, but they've essentially shut the country down so people will likely not be getting paid..

This is coming to the rest of the world

the banking system will collapse 100% certain now

Can you please explain why you believe this.  Preferably without youtube link.  What do you think could be done to stop this disaster?

silvertooth

Getting_greyer said:

silvertooth said:

Herzlos said:

Sounds like Italy is considering the same, but they've essentially shut the country down so people will likely not be getting paid..

This is coming to the rest of the world

the banking system will collapse 100% certain now

Can you please explain why you believe this.  Preferably without youtube link.  What do you think could be done to stop this disaster?

It was always inevitable anyway, since 1971 we were told that this new international monetary system would be temporary 

here we are 49 years later and the world is still using this temporary new international monetary system 

the pandemic is just the pin to pop the bubble 

Getting_greyer

I meant specifically why the banking system will 100% collapse? 

John_

triathlon said:

John_ said:

PasturesNew said:

Traditionally, one'd take out, or at least investigate/consider taking out, a death/illness insurance policy to cover mortgage payments.  Back then people were more thoughtful of such things because the old Dole/Mortgage payments used to not kick in for 9 months.  It was reduced during the 07/08 crisis to its current 3 months or so. 

It'd be unfortunate if one were to miss a mortgage payment due to the current climate, but it shouldn't be somebody else's responsibility all the time to go round 4rse-wiping. 

Indeed. A lot of people who normally preach self-sufficiency seem to change their tune when they themselves failed to make appropriate provisions.

OP, you need to take out insurance if you are worried that you can’t service your debts, and save up a good emergency fund. It’s not the state’s place to pay your mortgage for you.

This is not just some little blip, we are talking about millions of mortgaged homeowners having to take time off work, encouraged to take time off work. 

It’s still something that it’s your responsibility to deal with, either by using your insurance or your savings.

If you choose to run so lean that you can’t manage two weeks off work then you need to have a bit of a think about if you need to make some changes.

Sailtheworld

Crashy_Time said:

Sailtheworld said:

I am sure there is going to be a lot of financial distress for a great many people this year, how about a mortgage holiday this year for when things start getting really tough?

Might be a life lesson for those who say things like 'the government and banks are out of ammunition' as they rub their hands with glee. Plus HPC would detonate. Both good reasons for this proposal.

It is happening in Italy, but my bet is that Italy/EU detonates before anything else.

Do you think? Why not check out HPC today then after they hear anyone with a tracker (like me) has been handed a nice little mortgage holiday? Despite moaning none stop about how the World works they seem to be in a state of perpetual surprise.

I can't see the point of reducing interest rates TBH. The virus peak in the UK is going to come and go by mid April, the World's production unit (China) is pretty much back to work and nutters with more money than sense are panic buying to keep up demand. 

silvertooth

So all of Italy is not paying rents or mortgages?

we know the mortgage interest will still be building up and still need to be paid but what about tenants do they have to somehow back pay all the rents?

silvertooth

Things are starting to break down 

https://youtu.be/-_5BoLIUZB0