Out of work from the virus troubles?
Some people aren’t gonna be able to pay their rent…
For their home…
And/Or for their business…
THIS IS gonna be felt in the economy…
I’d think very landlord’s, banks or mortgage company are gonna just be ok with the lost revenue…
They ARE gonna want it paid back one way or another…
Governor’s may say they can’t go after someone…
But THAT ain’t the law….
And this is NOT gonna be good for anyone’s credit, which will also cut down people’s buying power…
As advertised ?
The American economy ain’t just gonna come roaring back anytime soon…
“It could be $8,000 to $10,000 by then. How do you come up with that if you’ve been out of work?” he said.
While aggressive federal and state intervention and temporary corporate measures have prevented a surge in evictions and foreclosures, the housing and rental market has fallen into a severe crisis that threatens the ability of millions of Americans to stay in their homes even if the coronavirus pandemic eases in the coming months.
The speed and broad reach of the disruption are likely to pit landlords and mortgage companies against homeowners and renters, with each side claiming it needs more assistance and fueling calls for billions in new aid for the housing sector.
The tension could explode this week as mortgage and rental payments come due for millions of Americans who have lost their jobs as the novel coronavirus has shuttered the U.S. economy. This is especially true in high-priced regions where stimulus payments of $1,200 per adult, for those making under $75,000 a year, are unlikely to cover more than a month of rent or mortgage payments, if that.
Already, at least 3.8 million homeowners have sought mortgage relief and were not making their payments by the end of April, a 2,400 percent increase from early March, according to Black Knight, a mortgage technology and data provider. That number is likely to increase drastically this week as the country’s unemployment rate hits levels unseen since the Great Recession, lenders and housing advocates say….