[Coronita]

This is awesome. Gas prices are also floored. I’m wondering when refined motor oil is going to tank too.

Crude oil is like -$33/barrel now. Lol.

[Coronita]

oil just went negative….. wow. Can I just take delivery and store some barrels in my garage? lol

[Coronita]

The way I wish things would have been handled is make this more voluntary versus compulsory through all taxpayers.

For example, it would be good if the state setup a general slush fund to help unemployed people who are legal residence and another one for those that are illegal.

For every dollar you contribute to this slush fund, you get
$0.60 worth of state tax credit up to a ceiling. That way, people who are financially able to can participate, get some sort of benefit from it as an encouragement, and those that can’t can opt out.

I’m kinda indifferent to all this government spending since nothing surprises me. No biggie.

[Coronita]

[quote=svelte][quote=Coronita]except he doesn’t sound like he really needs the money now, and he could shoot himself in the foot of he needs access to more money beyond just 3 months. [/quote]

Using the numbers I roughed in above, it would take him 2.5 years just to get a single dollar ahead with your method.

Just a single dollar. And that’s if he gets to skip a payment when doing the refinance.[/quote]

He could get a slightly higher rate but still below his current and get a few thousand in rebate up front, what AN use to do. He could do a slight cash out refi give himself more than a 3 month cushion of he really needed the cash soon. None of which would make sense if he doesn’t actually need the cash up front now. And if he just want an emergency slush fund to tap, that’s what a HELOC is for. But again, he said it himself. He doesn’t really need the money he has plenty of emergency reserves, so this seems like it’s just an exercise to see if the system can be gamed for the sake of gaming it. So with that, like I said, go for it

[Coronita]

except he doesn’t sound like he really needs the money now, and he could shoot himself in the foot of he needs access to more money beyond just 3 months. Do lenders plan on keeping a record that you skipped 3 months of payments? And will that information be available and considered the next time you need to refinance or take out a HELOC? Can one even open a HELOC if one’s first loan isn’t paid to current? I guess he can find out. Or get the HELOC first and then ask for a forbearance? Then again that might look suspicious to the first lender determining if they will grant a forbearance if they check and a HELOC was open recently. Meh, too much work for me…

Its been awhile since I refinanced but the last.time I did it, I seem to remember they went though my existing loan and HELOC with a fine tooth comb to make sure I was current on both. Then again, it’s been awhile since I had a loan and maybe things are different now.

[Coronita]

The Epooch times lost its credibility the moment it leaned far right actually started to adopt some of the far right conspiracy theories associated with anti-vaxing and other science based things to score points with the Trump administration. For a bunch of asians, it’s an embarrassment and insult of intelligence. That far right alignment will come to roost once the pendulum swings back and lands somewhere in the middle and end up hurting any sort of Taiwan independence movement It was a terrible strategic decision that’s going to come back and bite folks in the ass. And this is from someone who has been pro-Taiwan independence. Sorry, no other way to sugarcoat it.

[Coronita]

Oh, and it’s erroneous to compare doing this to playing with $0 credit card balance transfer offers to push out a balanced owed on one credit by transferring to one or multiple cards.

Playing the $0 balance transfer offers with credit cards, you arent doing anything to misrepresent your finances in order to play the game, unless you lied on your credit application to get more credit cards. There’s no dishonesty involved in this game.

Trying to take advantage of this mortgage forbearance when you really don’t have a financial hardship is basically misrepresenting your finances IE dishonest. That’s like having a front line ER doctor, living in an area hard hit with a lot of job losses where the majority of the tenants are hourly workers in retail or entertainment who really can’t pay their rent now, telling his landlord he refuses to pay rent for the next 3-4 months because he was financially affected by the coronavirus like everyone else, but in reality he’s working and being paid everyday+overtime. Or someone that rents an AirBnb rental from a host, and on the last day, drops a bunch of bedbugs into the room, intentionally gets bitten, and wants a full refund for his/her stay…. I guess there’s nothing wrong with that too.

[Coronita]

Seems like you made up your mind even before posting this thread. since you got it all figured out, I’d say go for it then. Good luck. Hope you get whatever you’re trying to get out of arbitraging 3 months worth of mortgage.

I didn’t say you were a moron, it’s pretty obvious you aren’t. But since no one should be 100% invested all the time, I’d figure you would have some invested and some in cash for emergencies and you would adjust that percentage based on the prevailing economic climate as most rationale people would do, and those extra 3 months are almost like needles in a haystack.

But if you just sort of have sour grapes that some people are getting a bailout and you feel like somehow you are losing out if you don’t try to grab some of these forbearance bailout, as it sounds like in your last post, and you will be upset that other people got something and you didn’t, then maybe it’s worth it for you to do it since it seems like it would make you happy that you got some cheese.

I don’t know what you are really trying to accomplish here, since you don’t seem to need the 3 month of deferred money. But do what makes you happy.

[Coronita]

He doesn’t need to provide any of his financial information. I could care less. But I would hope at least he goes through the financial exercise and also thinks about opportunity cost he could be giving up.

If his current loan is .5% or higher than what he could get right now via refinancing, to me refinancing seems like a much better option because you can lower your monthly payment and also save on interest… After a refinance , he could still make the same monthly payment on his new loan so that more of it goes toward principle upfront, over time he could bring in the loan a few years….BUT if the shit hits the fan, he can revert back to the new lower monthly payment if there is a cash crunch. That’s how I essentially brought my 30 year into a 15 year and paid it off in 10. I was making roughly the same mortgage payments all along, and any extra windfall went directly to the principal. I didn’t like the opportunity cost of trading off safety for of no mortgage versus putting everything into a higher return investment back then. Well, funny how quickly that changes.

If you believe 3 months from now your financial situation would significantly change, and you can get into a lower rate loan now, I’d rush to get that done as soon as I could.

You can’t get a new loan or refinance once you are unemployed or significantly furlowed.

[Coronita]

imho if you can’t cover 2-3 months of your mortgage without your paycheck, that’s a pretty sorry state of affairs. You have no business being a homeowner. Don’t they say you should have about a year’s worth of emergency funds?

I sort of can understand if you own multiple homes in a area where the economy comes grinding to a halt and no one is paying your rent on time and you managed to spread yourself so thin that your cashflow is really bad and your cash reserves are non-existent
….but we are talking about 1 home, owner occupied, in a family with two incomes. So again, I’ll ask what’s remaining mortgage balance and what’s the monthly mortgage amount?

If we are talking about a measly $1000-2000/month, it’s almost not worth the time or effort to defer paying $3000-6000 total over 3 months. Even if you could put your money into something higher return, you aren’t going to really make that much money from arbitraging $3-6k over 3-4 months. Plus you need to waste your time arguing with the banks just to qualify. Time is money.

Time spent trying to defer 3 months of mortgage would probably be better spent trying to refinance an existing loan to the rock bottom rates we now have, so one can lower monthly payments or total interest paid or both over the remaining 15 year or ep year loan term …assuming you still have a household income.to qualify with….you could probably get that money back refinancing your existing loan to a lower rate, while you still have a job and income to qualify for a new loan… Pick where you want to spend your limited time…..since loan forbearance and refinancing are probably mutually exclusive….I’d like to see someone try to refinance into a lower rate loan right now and at the same time trying to ask for a 3 months loan forbearance…..lol.

And consider this. Let’s say you have a job and financially ok right now, but you decide to play this forbearance game… Bank gives you 3 months forbearance, so you think you are good. 3 months pass, you don’t bother to refinance your existing loan to a lower rate thinking you’ll do it after 3 months….but then the economy gets worse and you really do lose your job. Try refinancing to a lower rate after you are unemployed with no income……Good luck…. Congrats. you just blew your chance of refinancing to a lower rate, lower monthly, and lower total interest…and you are still stuck with your existing mortgage, which has now been extended by 3 months

[Coronita]

[quote=barnaby33]Obviously asking for forbearance is kicking the can down the road, but that is pretty much all our society does anymore.

Wall St and the banks aren’t the cause of this crisis, they’re the cause of the LAST crisis from which we never emerged.

I’m asking the question I did, because I want to stimulate thought about how each and every one of us is going to get through this whole. There is a whole lot more financial pain coming, we’ve only just begun the process of getting over this virus and our govt has just printed 2 Trillion dollars.

At least this time, some of it is going to the man on the street (or he’ll soon be living there.)

Josh[/quote]

If you don’t mind me asking,

1. how much is left on your mortgage

2. how much is your monthly mortgage

that will give a much more accurate picture of how concerned you really need to be.

[Coronita]

[quote=sdduuuude][quote=Hatfield]Yes, I always turn to the Epoch Times for my well-reasoned and researched news.[/quote]

So, what is the deal with Epoch Times ? I see infomercials for them on Youtube and, of course, they seem very reasonable. But being the jaded person I am, I am sure some underlying motive compromises their journalistic integrity.[/quote]

Everyone knows about these guys. well, at least I thought people do. Think of it as an Asian version of Fox News.

https://en.wikipedia.org/wiki/The_Epoch_Times

The Epoch Times is a multi-language newspaper.[2] It was founded in 2000 by John Tang and a group of Chinese Americans associated with the Falun Gong spiritual movement.[3] Though the newspaper is known for general interest topics with a focus on news about China and its human rights issues, it has become known for its support of U.S. President Donald Trump and favorable coverage of far-right politicians in Europe; a 2019 report showed it to be the second-largest funder of pro-Trump Facebook advertising after the Trump campaign.[4][5][6][7][8][9][10][11] The newspaper is part of the Epoch Media Group, which also operates New Tang Dynasty Television (NTD).[7] The group’s news sites and YouTube channels have spread conspiracy theories such as QAnon and anti-vaccination propaganda.

[Coronita]

.

[Coronita]

[quote=scaredyclassic]Program does not give directly.

Gives to community leaders who dole it out.

Hmmm…[/quote]

Really? How do you become a “community leader”? Can I become the community leader representing undocumented asians? We’ll need this because I seriously doubt if it’s handed out to “community leaders” it would be fairly distributed to all undocumented ethicities. I promise to give out whatever is left after I pay myself a $200k+ non-profit CEO salary like so many non-profits do. “Administrative overhead” kinda like the CEO of The College Board. I’m not greedy, I don’t need $1million/year compensation like the CEO of the College Board. $200k/year is acceptable for me.

[Coronita]

[quote=sdduuuude][quote=Coronita]I would be undocumented….I didn’t bring any ID prior to picking up a check.[/quote]

I didn’t even think of that. Wow. How do you document that you are undocumented ?

Cali: What is your name:
Me: Vladmir Wang Rodriguez
Cali: Hm. We have no record of you. Here is your $500.

Maybe Barnaby should ask for Mortgage Forbearance and this![/quote]

*Ask for $500 EACH time until they run out of money.

*Then ask the accessor’s office for a deferral of tax payments saying you have no money.

*Then ask the banks for a mortgage forbearance.

*Don’t forget to call SDGE, San Diego Water, and your cell phone company, and say you can’t pay your next 3 months bill, and ask for a deferral.

*Top it off by buying a bunch of trees and shrubs at home depot. Plant the news ones, dig up your old ones and return your old ones as the new ones.

*Lunchtime: go to Costco and buy a pizza and free drink, and eat everything except the last slice. Then complain “this isn’t a pepperoni pizza, a pepperoni pizza has 5 pepperonis, not 4…” and get a refund on the entire pizza. Don’t forget finish the last piece (like last time some lady in front of me did). Don’t forget when you go back to costco, to bring back your cup and get a free drink refill.

Hey, maybe we are onto something. We can write a “Freeloading for Dummies” book, lol.

Hey man, not many people can top me when if it really comes down to working/abusing the system. It’s in my culture and blood!

[Author]

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