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July Mortgage Payments

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    July Mortgage Payments

    Did anyone catch the number of American that didn't pay their July mortgage. 32%! I thought people were getting $1100 a wk unemployment. I guess I'm missing something. Not having the money is one thing, but 32 percent seems really high. Scary number for the housing market

    #2
    And wait for all the shortages on escrow accounts and people not understanding why they owe money...

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      #3
      Originally posted by Budman68 View Post
      Did anyone catch the number of American that didn't pay their July mortgage. 32%! I thought people were getting $1100 a wk unemployment. I guess I'm missing something. Not having the money is one thing, but 32 percent seems really high. Scary number for the housing market
      That's crazy. My clients are still buying new homes like nothing is happening.

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        #4
        I wonder what percentage of those are rentals, tenants didn't pay, so owner couldn't pay?

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          #5
          My house is under contract now! I am so glad and blessed that it will be sold soon so my wife and I can start new future in another area.

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            #6
            Originally posted by CEO View Post
            I wonder what percentage of those are rentals, tenants didn't pay, so owner couldn't pay?
            I would bet a lot.

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              #7
              What is the normal July number to gain some perspective?

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                #8
                Looks like 19% didn't make a payment at all, the other percentage was for partial payments.

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                  #9
                  Originally posted by CEO View Post
                  I wonder what percentage of those are rentals, tenants didn't pay, so owner couldn't pay?
                  I bet this ^ is probably the bulk of the problem. I've read many articles about the the Airbnb & VRBO "Super Hosts" that have leveraged themselves to the tits to buy dozens of houses have not had much, if any, traffic and are defaulting on millions in mortgages.

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                    #10
                    Wow, I’m not shocked though. I’m curious to see what auto loan payments look like.


                    Sent from my iPhone using Tapatalk

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                      #11
                      .............humm, sounds like the new year will bring some great bargains in real estate! We are ready to help clean up the mess!

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                        #12
                        Originally posted by CEO View Post
                        I wonder what percentage of those are rentals, tenants didn't pay, so owner couldn't pay?
                        We have a few rentals and for the most part everyone has been paying except a few and they are making partial payments. Luckily all of ours are paid off so hasnt been a huge deal.

                        Like LR we will be keeping our eyes open for property coming available.

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                          #13
                          Originally posted by Landrover View Post
                          .............humm, sounds like the new year will bring some great bargains in real estate! We are ready to help clean up the mess!
                          Im focused on commercial buildings. Im in the process of buying another one now and anticipate much more buying opportunity the remainder of this year and into 2021. Storage units are a good play also. Im fortunate enough to be invited to participate in a group buy on one of those as well. Anyone with capital can make a killing over the next 6-9 months, imo.

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                            #14
                            Originally posted by Landrover View Post
                            .............humm, sounds like the new year will bring some great bargains in real estate! We are ready to help clean up the mess!
                            Amazing rates too, I'm closing on my refi on 7/20, 25 year @ 2.75%

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                              #15
                              Originally posted by bloodtrailer28 View Post
                              We have a few rentals and for the most part everyone has been paying except a few and they are making partial payments. Luckily all of ours are paid off so hasnt been a huge deal.

                              Like LR we will be keeping our eyes open for property coming available.
                              yep, our's are paying also. I would love 2 more single family homes in that neighborhood however.
                              Originally posted by rtp View Post
                              Im focused on commercial buildings. Im in the process of buying another one now and anticipate much more buying opportunity the remainder of this year and into 2021. Storage units are a good play also. Im fortunate enough to be invited to participate in a group buy on one of those as well. Anyone with capital can make a killing over the next 6-9 months, imo.
                              I am also. I have gotten my investment back at least 3 times since the build.
                              Originally posted by Reaper View Post
                              Amazing rates too, I'm closing on my refi on 7/20, 25 year @ 2.75%
                              Wow!!! We have been getting all types of calls/emails to do a refi on our home. We owe less than 25% of the value so not sure if it is worth the change.......but I need to crunch the numbers based off that type of rate!

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