Quote:
Originally Posted by Yellow_Festiva
Come September when the loan deferrals expire there will be a bunch of home owners under severe mortgage stress if the economy doesn't return to near normal.
They are suggesting extending the deferral program.
For how long? The banks are in a bind - they may be left holding housing stock that's worth less than the loan against it.
Mind you the way I see it - the banks are not actually losing any money, any unpaid money will just be paid later on down the track at most probably a much higher interest rate.
I've deferred my repayments and am rushing through some minor fixes in the hope I can list my place for sale mid to late July.
Sell before the slump, buy at the end of the year when things may be a little cheaper.
See what happens I guess.
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Its all and good thinking planning ahead BUT highlighted above from your post is the $64M ???, deferral program or not extended whilst our Immigration is shot to pieces (that selfishly I'm glad its at a complete holt) and all other covid economy declines/disasters carrying on as IF the economy will be anywhere
near back to normal end of 2020 I expect.
Decline is occuring right now from what we see......
Sell July/Aug no matter you'll be selling for less, buying (less) similar later on.
Usual turn of events same circumstance buying during when prices are high.