July Mortgage Payments

[DFWPI]

That's crazy. My clients are still buying new homes like nothing is happening.

It hasn’t really slowed down in DFW. My investors have slowed down some, but I’ve had about 15 showings this week so far, have ten today, a couple tomorrow and five on Saturday. Four different buyers, got a couple more on the fence and a listing next week.


From my Make Believe World

[TeamAmerica]

TV, internet, etc.

Fake news?

[wellingtontx]

Available houses on the market the last 30-45 days seems low. New inventory is virtually non-existent right now. I have actually seen some builders raise prices on their current inventory vs. where pricing was in April and May - and they are still selling.

[4Christ]

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

I worked mortgage during the housing crisis in 08'/10', and you would be shocked at how many people didn't understand their escrow accounts. You'd also be surprised at how often the banks would screw up the payment to the state/insurance.

[Budman68]

Fake news?

Bury your head brother. For investors, you look for signs of opportunity. You can either bury your head or pay attention. It's not a sky falling kind of thread, just wondering why people are not paying.

I traveled the country during the pre 08 period and you could see things weren't right. Everyone was having a big party, buying pricey cars, multiple houses, etc on admin type wages. It was going to catch up with them. This market is different and mortgages are a harder to qualify for, so I just want to understand why we are seeing a difference between buying and default. Usually the fall hand in hand.

[Pineywoods]

Available houses on the market the last 30-45 days seems low. New inventory is virtually non-existent right now. I have actually seen some builders raise prices on their current inventory vs. where pricing was in April and May - and they are still selling.

I think it is definitely a sellers market right now. New inventory is really low around us which causes the good deals to fly off market. Usually this time of year the new inventory is steadily being added to. Not sure what's up with that.

[johnpaul]

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

I bet over 25%. I have a friend with 20ish rent houses. A lot of them are rented by college kids and he hasn't hardly made a dime on rent the last few months. Even some kids whose parents pay for their rent quit paying because they "don't have to".

[Radar]

I bet over 25%. I have a friend with 20ish rent houses. A lot of them are rented by college kids and he hasn't hardly made a dime on rent the last few months. Even some kids whose parents pay for their rent quit paying because they "don't have to".

My friend has quite a few rent houses and said in San Antonio there is nothing you can do but wait it out. This would be the downside of rentals right now especially if you have to make mortgage payments on them.

[Budman68]

Even some kids whose parents pay for their rent quit paying because they "don't have to".

I was in Vegas a few weeks ago and the rental associations are ****** and warned the courts they would be seeing an influx of eviction notices because of this. A couple of bad apples will make it bad for the folks that are really looking for payment relief.

[kyle1974]

but the government sent out stimulus checks! how can this happen, just because the government screwed millions of people out of their jobs?

[Throwin Darts]

Its hard to be a landlord these days when the gov't keeps changing the rules to the game.

[ATI]

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

if I could have a Red Penny for every time I explained that to angry, irate and ignorant customers I'd have a fat bank account right now......

[chrisgunguy]

Made my last mortgage payment in May. Feels so good.

[whitetailtrail]

if I could have a Red Penny for every time I explained that to angry, irate and ignorant customers I'd have a fat bank account right now......

I assume you’re in the mortgage business, is the issue that they don’t understand the tax liability portion? Seems super easy to figure your total PITI, see how much is pulled in escrow and payment and then save the rest for when tax season rolls around..


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[ATI]

I assume you’re in the mortgage business, is the issue that they don’t understand the tax liability portion? Seems super easy to figure your total PITI, see how much is pulled in escrow and payment and then save the rest for when tax season rolls around..
Sent from my iPhone using Tapatalk

I was in Foreclosure department and sometimes took customer service calls for 14 years. I admit, at first when I started I didn't understand it either. What you say makes perfect sense, but not everyone thinks like you either. Also that the taxes are an estimate based on last year's amount and when this year taxes goes up it causes a shortage, the same with Insurance premiums going up,,, then finally the fact that we needed a 3 month cushion for escrow.... I don't miss it at all. I'm still in the mortgage but doing something different now.