Stop Worrying About Your Bills - Let FHA PAY THEM!
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- Опубликовано: 14 окт 2024
- The FHA wants to pay your bills! They proposed a plan this week for mortgage borrowers who are behind on payments to get back on track by temporarily reducing their monthly bills by giving borrowers a 2nd mortgage on the property (additional debt) that can be repaid when the 1st lien is paid off or when the property is sold.
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Why Foreigners Will GLADLY OVERPAY For U.S. Real Estate ruclips.net/video/Hh49R0xnJeI/видео.html
The stupidest thing I’ve ever came across in a mortgage loan:
I was trying to help a friend buying a condo on the beach in Point Pleasant, NJ, but due to the credit score and his income, he didn’t qualify for a payment of a little over $1,500.00 a month. Bank said that he didn’t make enough to pay the $1,500.00. But then, they gave him a different loan plus an insurance, and that was a payment of over $1,800.00 a month. It’s been about 25 years and I’m still wondering where did that make any sense. That’s when I realized that banks want people to go bankrupt.
@@emmettkeyser1110same here... Very disappointed, guyzzz...
Whatever happened to "THEY CAN'T STOP INTERFERING, GUYZZZ"?
The stupidest thing I’ve ever came across in a mortgage loan:
I was trying to help a friend buying a condo on the beach in Point Pleasant, NJ, but due to the credit score and his income, he didn’t qualify for a payment of a little over $1,500.00 a month. Bank said that he didn’t make enough to pay the $1,500.00. But then, they gave him a different loan plus an insurance, and that was a payment of over $1,800.00 a month. It’s been about 25 years and I’m still wondering where did that make any sense. That’s when I realized that banks want people to go bankrupt.
How ridiculous
U escaped a nightmare.. be greatful
NJ has one of the highest property taxes last I heard.
Sure. By forcing the bankruptcy they force the sale on the property which generates fees. And there is probably a clause in the contract they get X amount 'damage fee' or 'breach of contract fee' if a person can't pay.
The way bank personnel get promoted is by producing revenue for the bank. The bank doesn't care if it's I'll gotten revenue or honest revenue, they just want revenue. Revenue comes from fees.. Generating fees makes an employee stand out for promotion.. The employee wants a promotion so they have more money to spend...it's a cycle of money.
most banks are using Fannie mae guidelines...ur friend didn't qualify so they switched him to a non-qualified mortgage probably at an expensive rate.
They are trying to kick the can down the road until after November, 2024.
Yes, it's the Biden re-election campaign
I can guarantee you we can’t make it that far away. The floor is already starting to crumble.
Yep, so they can hang it all around the neck of whichever conservative gets elected and blame them for it all.
Yup and turning this into Venezuela
Exactly!
A government that can't pay its' bills (36.4 trillion in debt) giving borrowed money to people who borrowed too much & can't pay their bills. What could possibly go wrong? 😭
The government can pay it's bills ...
What are they?
300 billion a year required?
You think the USA isn't worth $32T???
PREDATORY LENDING AT IT'S FINEST! His FHA mortgage was at 3% and paid off in 2040 and after the modification his new rate is 6.875%? Original payment of $1300 a month to %1900 a month? lol ... That is a textbook definition of predatory lending, and it is highly illegal in all 50 states and territories. This is who you have running the country folks. Communist who doesn't give a shit about the laws or the Constitution. I was in Mortgage Banking for 12 years with my own company and this example is one of the most egregious examples I've ever heard. The lender that funded that loan and everyone involved with it in between should all be arrested and thrown in jail. No questions asked.
This is the government we are stuck with 😵💫
Your are 100% accurate on all of it. I work for a big bank. I do testing for lines of businesses. I primarily handle bankruptcy and modification departments as well as Fannie,Freddie, FHA etc. Its wild out there🙃🙂
I appreciate you backing me up Jill
"Financial gymnastics" 😅😂🤣😂🤣💀
Remember when they were giving out free fries or $100 bucks to get people to get the jab?? This is kinda the same but in the real state market. Buy a house at any cost! We will pay your MCDONALD'S for 3 months! Don't worry about the monthly payment or the super inflated home prices, you won't even have to come up with a decent down payment. Buy a house (in the current market) and get owned for life!!
That's a great analogy
😂😆
Reminds me of the negative amortizing loans in CA in the 90s. Those loans enabled buyers to get into properties that they could never afford
The biggest thing that the FHA is scared about and the bankers are scared about is a depression in the prices. This is what they've tried to prevent in the last two small recessions we had! We have to have a real depression to bring prices back down where people can afford it
Correct, and the rub is that those at the top need to take a haircut and that is the real issue they are trying to avoid.
I thought so! They cant bear for the housing to become affordable like it once was.
It’s worst than people think
We are already in the depression it’s just that it’s invisible in 2012 there were more than 500,000 homeless people in California...
They change the numbers everywhere; you go into California there’s homeless people and children in the millions I live on the West Coast and every day I see more and more people with their suitcases in their hand recently homeless walking the streets and no they’re not on drugs that is a false narrative that they use to make you look down on these people they were in apartments and homes the same as everybody else and they lost everything so the government officials are liars!
I’d say that it’s more than 20 million people who are homeless in the United States yet they bring in new migrant workers because they don’t have to pay them more than minimum wage; those migrants are here to take over the work of the few laborers they have left and all the low-paying jobs pretty slick right!
Most people have food bills over $1200 a month for a family of four; they have car notes that are $700+
a month House notes that are $2500 a month light bills that are $600+ a month and their salaries $2500 a month..
They and their families are priced out of their homes so many people are committing suicide and killing themselves and their families..👈🏼👁
We are in a hidden depression
Because the media tells you that we’re in a recession and we’re not and who controls the media? FCC
The government...
Hahahahaha
yeah have to agree we need a depression bad as that would be to correct the situation, short term it would be bad but long term its needed because if its not done we will have hyper inflation
@@FreshGrey-pm4vw But if housing became affordable, how would they coerce people to become debt slaves?
When the sheriff shows up to kick out the defaulter, the defaulter could claim "squatter" status and make it impossible to kick them out! 😂
It is sad and unfortunate people are in terrible financial situation. The government has no money. We need accountability here and allow consequences of bad decisions to play out.
You know you're kicking ass when a 23 minute video that's been up for 5 minutes already has 32 thumbs up. You do a great job of boiling it down for we mere mortals. There is no traffic on the extra mile. Thank you! BTW the plan is to set up HAMP 1 / HAMP 2 Balloons up front, cutting out the foreclosure middle man. Lotsa luck with that. Refinancing the predicted arrearages at loan origination is even more stupid than the loan "underwriting" practices of the 2000's - roughly the practices of a horse's ass. I'd rather rent than get involved with this madness.
Thank you Tom!
Thank you for your video, Michael! 🙌🏼
Why is the government allowed to engage in predatory lending?! This is exactly what happened in 2008. The American government encouraged banks to approve loans that would normally not have been approved. It’s preying on people who hope and who, because they don’t fully understand the consequences, are momentarily thrilled because they have been approved and accepted that all reasonable and cautious judgment goes out the window. Moral hazard. Our government is keeping it alive. Unreal.
Government is part of the 1-percenters or the rich
Its bc in order to get money out of our Govt trusts they need us to take loans. So they make it easy for those who cant afford it to qualify. They dont care whether you lose it bc their goal is to get that chunk of money. Buyers arent aware their homes are paid for bc the loan company then encumbers it & buyers agree to make those pmts. When we file BK, who pays those debts? Its deducted from Our Govt Trust. Per the Trust Act of 1933, our Govt sets up a trust for each of us at birth. They just hide it from us.
Google TRUST ACT OF 1933, Judge Anna Von Reitz
Moral hazard is exactly yet. I was thinking of doing a video on this because that's what's really going on here.
obama preached good !!!!
@@Userxyz-z2d sadly Judge Anna has been called out . She was close and well aware of the creature from Jekyll island , trusts , etc.
They give money to people, to give to the lenders. It's just a way to give tax dollars to the banks. Remember who's really in charge of the government.
Truth 💯
I thought the same thing when Canada gave out $2k per month during covid. It was 100% motivated by a desire to prevent RE and banks from collapsing.
I believe that is exactly the case.
So long as everyone keeps falling for the politicians tricks, it will not change. It’s all culture wars and “those” people.
We all need to simply stop voting for incumbents. That will get things moving in the right direction.
7:03 Is there some legal way someone could have paid him up to date on his loan, and then just waited to assume the house and mortgage when he could no longer pay due to death or other default? Seems like they would come out ahead, and he could have saved $600 a month.
Thanks!
Biggest problem to me is too many people got into homes that realistically they couldn't afford in the first place and now paying the price and none of these home owners didn't take into account with interest rates unless locked in and now paying the price...you need a million dollar home why....look how good I'm doing I have this expensive house I really couldn't afford in the first place and sometimes it takes a recession like this for some to get a clue
They were saying remote work was a "race to the bottom" ten years ago, and it discouraged me for a while. But once I did go remote as a programmer I found I was making more than I ever made working in person jobs.
Passing the "its not my problem you cant pay your mortgage" buck from the lender to the borrower.
That is a great point. If it can be done from home it can be done from overseas.
You're just holding the house for the bank. They want you to go under later down the road. Then they take the house or the cash left in it.
that guy in forberance got screwed bad by his lender, his lender sucks,I skipped 18 months of payments by using forberance, although I did not needed it, and used all that money in a second house I was building, then I resumed making payments at the same rate and about the same monthly payments.
Honestly the BEST real estate channel on RUclips.
@@Mercedes1995 wow. Then why are you here?
Sad when the people who are supposed to have the financial know-how, are in positions of authority, and have the education in finance, do really stupid things, and people trust them. The first thought in my head hearing this, is that people who use this really bad idea, will never get their homes paid off. They won’t be building equity in their home, and will be financially worse off.
I agree on this one- helping people who should not be homeowners use government funds to pay portions of their mortgage is just not right. The market is at all time highs- people can sell.
We ( sw Florida) start seeing sellers withdraw listing and renting them ( vacation rentals)
People that don't have to sell - go into a waiting pattern.
Makes sense if you don't need to sell
How many vacation rentals can possibly work tho
I’m west of Tampa in pinellas county and I just don’t understand?
It looks like complete saturation but there are just more and more popping up to this day!! Who knows
They're TRYING to rent them. But look at the price they bought at in 2021 and 2022. That monthly rent rate is below the mortgage. They're in deep, deep trouble. Vacation rental vacancies have exploded.
Yes, they are kicking the can down the road. FHA is a joke! Setting people up for disaster. Happy Thursday Michael, Thank You!
It is a complete disaster. Happy Thursday Juliet!
Glad I bought in 2013. Things have gotten ridiculous. The home values to income ratio are so far from reality. This is 2007 again and the crash is going to be worse.
"the crash" when exactly is "the crash"?? Where Michael is from prices are still up over 7.5% year over year in April according to Redfin. All these crash bros have been crashing since 2016 but it is all based on feeling. They feel it is too expensive even when the data shows we have had 2 major major life events in the last 15 years that have slowed single family home building almost to a halt. They will get it right someday I suppose....meanwhile the people that realize these FACTS and who find deals are getting wealthy like crazy.
@@MidwestProperties It always takes longer than people think. Housing supply is relatively low but job layoffs will start accelerating in the fall and people will have to sell. I predict 2024-2026 will be the window to buy. I'm not going to guarantee that but record credit card debt tells me people are holding on by a thread and it's just a matter of time.
2023-2025 housing prices could be down to 2021 levels or 15 percent off from today is that really a crash. Housing might crash in 2035 when all these baby boomers start dying and then that inventory comes to the market so what wait for 12 years and keep paying higher rents every year people forget homes are not like cars people people need a roof over their heads. In inflation dollars in 2035 housing prices might be double from today and we will still be calling a crash.
Mike you have just opened thousands of eyes, just hope they take your advice. Thanks we appreciate your videos
I got a forbearance during covid. I wasn’t to worried about it cause I knew I was selling in 2021. My mortgage company stated early on the missed payments would be tacked on to the loan balance, not due when I started making payments again (never did). “Offering” to up the interest rate sounds really slimy.
No job that requires talking to people will go overseas. People are 1000% fed up with talking to representatives of American companies that can barely speak English. However, many companies seem to be making really stupid decisions lately that drive away customers, so who knows.
On remote work: countries outside the US and UK have very different views on copyrights, trademarks, and patents. If a business has patented products they are trying to protect, but they have an employee in a country that doesn’t respect patents and copyrights, then that company is putting itself at legal and market risk by outsourcing. Then there are also language and cultural barriers.
I want to thank you for your videos especially the one where you talked about Rocket Mortgage. I am applying to get all the goodies! Thanks for the tip. We needed a break like this. We rent and the slumlord is hostile.
I got into an FHA loan in 1989 it was 7.75% I got behind quite a few times they never offered me any help with the interest. I wasn't able to refi for a better rate until 2015 I repayed that loan and paid them almost 300k in interest over those yrs, raped me unapologetically for 25 yrs !
The corruption is disgusting. Once again, responsible people get f#@ked.
How can a country with 20 trillion dollars in debt be considered the wealthiest country in the world.???
Good words. Going further into debt rarely works out to the borrower's advantage unless rates are really dropping. That will not happen for a while. The low rates from the 2004 and later were an anomaly.
If a debtor cannot pay the first mortgage, how are they going to make a first and second mortgage? The idiots running this administrstion...
Love the videos. Very informative. No fear mongering. Feel like it is just a casual talk with someone. But you are bringing good insight and facts.
When there are only few home purchases, price fluctuations will be high. In these conditions you never know if the price is fair.
Loan modifications are actually very interesting to me. When Covid was in full swing, in mid-late 2020, we were offered a, "break" from paying our mortgage for 6 months. We were in no financial, "need" to skip payments but decided to do it, anyway, and use the money to fund some side businesses during the 6 month period (both of which have grown by ~1000% since 2020). Our interest rate, prior to the, "break", was 4.75% on a 30 year. After 6 months...the, "6 month break" ended and the bank restructured our loan...at no additional cost...and reduced the interest rate to 2.75% on a 40 year term lol! The 40 year term didn't/doesn't matter to us, as we pay much more than the required payment each month and will have the house paid off in 5 years, making the interest rate sub-1%. In any event, Covid turned out to be VERY good for us, financially. Still boggles our minds to this day because, for so many, loan modifications are TERRIBLE.
There won't be a crash for this very reason. No one wants foreclosures, including the banks. So they will modify, restructure, extend, pause payments etc to avoid foreclosures.
I know someone who did the same thing and got a lower interest rate. You just have to have the timing right.
@trainsandlocomotives Everyone got a low rate in 2020-22...ish. Thats why there is no inventory and no crash and will not be one. If anything, most homeowners are in a better financial position than before.
@@eddieunlocked2201 yup, it’s definitely not going to crash anytime soon. That was the time to get in.
@@eddieunlocked2201 you got it right😂
My sons house he bought thru fha. !! Today fails inspections…. From fha.. he bought it 14 months ago …. Now it won’t go fha.. what’s wrong with a rock basement.. siding and gutters falling off. !! Fha …. Stay away from that loan …
There was a guy who bought a house on my street in around 2008 managed to get 5 mortgages on his house. Guess what, when the housing crash hit he decided to take a walk LOL.
Thanks Mitch
Thank you for the daily Uploads Michael!
You added so much more to my knowledge about the Housing Market and the Economy.
Thank you Michael 😊
My pleasure, Thanks for always being here!
Thank you
Spot on Michael! They are not holding back now…hope you are doing great! Enjoy your day 😊
I did a forbearance a year ago. I saved about 500 a month. My interest rate went from 4 1/2 to 3. Depends on your situation, age, finances, etc.
spot on
Thanks Michael! Love hearing the analytics and opinions.
Thank you, your channel is so informative. If it wasn't for your channel, I wouldn't have got my mortgage paid after forbearance. The government paid all my missed payments.
OMGoodness... those homes in the background must sell for what? 25, 50, 75 mil? What chance do any of us have????We're screwed.
Bought my first home in 94 with an FHA loan. We paid the mortgage come hell or high water. It wasn’t easy.
I think there was a reasonable expectation of upper mobility that existed back then. And a completely different set of values.
In order for this program to somewhat possibly work would mean these borrowers will have to stay in their homes for many many years to make enough in the sale to pay both mortgages. It’s not impossible
But what worries me is forget about home improvements. The maintenance alone could be costly enough to deteriorate the properties. Values go down.
Michael, I love when you "take shots"😂 tell it like it is brother 👍
Banks are like casinos. The house always wins.
This is so sad for people who have waited 2-ish years. I’ve personally waited and I can’t wait but a few more months (3-4 ish). This is so unfortunate.
This is bad for everyone in the end.
Don’t forget that rent check , it’s the 1st.😂
Keep holding your breath because it’s going to be a while.
@@MrRhinosilver 😂
There exists a huge misconception that subprime mortgage lending was regulated out of existence after the GFC. Subprime is alive and well folks. These loans just migrated from the private label market to Ginnie Mae. What’s worse is these securities full of risky low FICO/high LTV loans are backed by the full faith and credit of the federal govt (you and me taxpayers) .
I agree CMBS tumble, which takes out the bond market which takes out the pensions, Better have precious metal as a hedge
Watching from Costa Rica.🏖 I enjoy your walk-arounds! Especially, the areas that have boat, after boat after boat. I'm waiting on the sidelines, to fly back to the U.S., to buy one of those bank repossessed boats.
I agree. I think we are simply seeing the storm clouds on the horizon but I think late summer/early fall is when the storm is going to hit for real
My understanding of the 40 year mortgage was that ANYONE that can qualify can now get a 40 year house loan. ANYTIME there is an extension of terms, the prices for the goods received goes up.
For example car loan used to be a maximum of 4 years.. Car prices stayed affordable. Then they extended the term to 5 years... then to 6 years...then 6 years+, car prices have risen EVERY time the terms were extended. I am guessing housing prices will do the same. The problem is most people can't buy a house until 30's....40 year mortgage dangerously close to retirement age.
So the end result is you can't retire and you need to work to pay for the mortgage.
Yep! They want us working until we die. No more retirement for us “useless eaters”!
If you have a 40 year mortgage you're just renting.
The greatest con is making people believe they own anything like a home. There is a sucker commenting every video- PT Barnum
“Kicking the Can down the Road”
you Nailed it with that phrase. You always have the BEST up to date information.
Thank you Sir for another great video.
, Carlos ✝️🙏❤️😊❗️
And yet you can’t get an FHA loan on a condo anywhere in miami because the owner occupancy rate is 30% not 35% and they can’t subject their insurance fund to this type of “risk.” Even for borrowers who intend to live in those condos as their primary residence. If you live and work in Miami and pay federal income taxes on those wages, the FHA is of no help to you.
Oh, great point! Work from home incomes lost, due to huge competition from overseas work at home populations. Oh wow, it all seems so by design! And I guess hoards of US work at home folks will expatriate overseas.
Great thinking Michael!
FHA deals are to keep high risk borrowers in their homes. Kind of like 2008 problems but their job seems to prevent another 2008, and the result is an artificially tight seller’s market, keeping home prices high.
Leave it up to Marcia Fudge who is innumerate. Worst HUD Secretary in history.
I worked in mortgage servicing during the last foreclosure crisis, and this is exactly what services did then too, works great! You pay PMI on these FHA loans, so what’s the problem with using it? They’re doing their best to prevent an asset crash, and a foreclosure crisis. What’s the issue? It worked before, and with still historically low unemployment, it’s not a bad idea to keep people in homes.
The problem is, they're using the insurance prematurely. Trying to prevent a default. Rather than using it in the event of a default like it's intended which is going to be inevitable anyhow.
Jmacomber86 I don't see anything wrong with it
@@MichaelBordenaro it’s not inevitable that they will go into foreclosure, most of this isn’t coming from the FHA, it’s coming from investors…everyone believes investors want a foreclosure, but I can tell you after my time working at a law firm processing foreclosures, investors don’t want a FC explosion, like anything else in government it’s lobbyist. I even saw some investors not push for a FC back then, because they didn’t want their remaining assets to lose value by putting multiple FC in a certain area. FHA is bought and paid for by large mortgage companies, come on now Michael! 😉
I was in the middle of this from 09-12…worked for the law firms that processed foreclosures, then turned around and worked for the government in the OCC to review illegal foreclosure practices, it was a mess, servicers, and law firms got sued for 100s of millions when it was all said and done. PMI will be depleted if a FC crisis happens again, recent regulation has made it even more difficult to push a quick FC process…Florida it could take years to actually remove someone. Default is 2 months late, then often a loan mod is attempted, then begins the FC process, a person can tie it up for a very long time. For everyone’s sake, we need to avoid a mass FC event.
Can you post a link to the comments section for the FHA proposal?
Thanks for covering this!
As long as the market is flooded with international investors, housing prices will remain elevated.
I pay my for my own goods and services. Why do I have to pay for my neighbors?
Another great vid. Thanks!
Did anyone notice the jumping fish in the background during the first 5 seconds of this video 😂😂
I owe, I owe, so in slow motion
to foreclosure, I go.
Wow, nice views of canals and that was a beautiful large tree with the orange blossoms you went under.
Wow Michael. Just wow! I never even thought of that. How jobs that are done remotely can be done a lot cheaper overseas😳 Profit margins will absolutely influence the locations of the lion's share of remote work. I work in an office, but would be happy to work remotely unless doing that put my job in jeopardy. Excellent video as always. You are so valuable to us💙
Hey there Lisi🤗💜
I bought a condo back in 1984, a 30-year loan fixed rate. 12 years later, I got laid off from a good paying job. I had a hard time making my mortgage payments. So, I decided to get two jobs in order to pay it off early, which took me ten years to accomplish that. Now, I am back to only one job.
How much was your condo back in '84?
@My Other Car Is A DeLorean $45,000. They were built in 1983 here in North Dallas. So I bought it brand new. Our HOA dues back then were $55. Today, I pay $231.68.
If you can’t pay today you can’t pay tomorrow. If you are stretched with a mortgage and you need a major repair the home owner is in big trouble. They are better off selling or doing a short sale stat.
Our government sure does a poor job of setting a good example for fiscal responsibility. The lesson they give is borrow as much as you can as long as you make enough to eek out the interest payments. Nothing about it'll take you forever to pay it off or you may never pay it off during your lifetime depriving yourself of financial security.
14:20 exactly. Boomers need their comfort, screw the younger generations
Aren't there laws against predatory lending?
in the end you are responsible for your own finances
2063 loan payoff -yeah! Better yet lets get these people on 50 year mortgages and give him an extension for 10 years until 2073!
I don't want to be forced to work in retirement. A 40-year mortgage sounds so depressing...😢
thankfully my work from home job requires a US IP so Im good. However I may end up moving because FL is just to expensive. WV sounds nice due to how most dont want to live there. Low demand means cheap prices! Im pretty introverted so dont need to socialize to be happy. FL is fun but fun is too expensive now.
Why did the guy agree to it?
Doesn't make any sense.
Scummy for the mortgage company to even offer it.
But at the end of the day, the consumer has to sign on the dotted line....
I have no idea why. Very foolish.
People dont need more space as a result of remote work, they just make it work in a spare bedroom from what I've seen across the board. Even people I work with that make above average salaries do this.
Hi Michael. It's Terri from Hesperia. My Father got behind on his house payment in 2006. Ended with a fraudulent hard money loan, which in turn was a fraudulent loan foreclosure (bad check pd to father). The crook is Mark Alan Helsing Sea View Investments, Orange County, Ca. He went to prison in 2010 for his 6 million dollar ponzi scheme, to many victims. Dad worked 59 full time years in Grocery. Ended up in Hospital. Past from Heart Failure from this whole house mess. It was 2414 N. Campus Ave. Upland, Ca. So crook got slapped on his hand and is now released from Prison. Beware.
Pretium just purchased 4000 homes from DR Horton and is looking for thousands more. Home prices are not going down thanks to strong investors demand.
Pension funds are tied to commercial property. When commercial property values go down and vacancies increase it will aggravate pensions.
The question is who underwriter for the loan???
This is getting so … I don’t even have a word anymore to describe. SNL needs to get busy doing a skit on this.
Thank for the informative video Michael. 🔥👍🏿
You're welcome!
If you dont outsource work, how do you expect them to pay our debt?
Do you propose americas pay for it? I dont think so!!!
It's called 'vote buying'.
My brain hurts.
Love your videos Michael. Your speech is so clear and easy to listen (I compare you to Joel Osteen) when I have my earphones while at the gym. Yes, when everybody is listening to music I am gobbling info that will help me in the future
That's awesome thank you very much!!
Definite downside of push for on-site work is if/when the company doesn’t renew its commercial asset loans/leases due to limits in cashflow, they will be releasing many unemployed people into the local economy, meaning more home price crashes in those localities.
I believe most residential developers will be converting commercial real estate into residential of all types, which solves most of these issues, including creating jobs.
That is not a bad idea. Adding a shower and toilets is all that is needed.
That retired guy with the higher mortgage payment? He’s just paying rent via his mortgage until he dies.
Has no one said anything about the fish jumping at the very beginning of the video!!?? lol
This guy in St. John's County has a new mortgage that won't be paid off until 2063?? And he's on Social Security?? Will he even be ALIVE by the time the mortgage is paid off??
FHA has huge incomes the last few years with increased prices and interest. They can afford to kick and subsidize with those profits. The alternative is they receive keys and a cratered house market. It's just economical to forgive or subsidize. Plenty of things are subsidized in America.
The lesson, default a little and threaten to turn in the keys. They may flinch.
If not, have piece of mind and subsidize everyone else...