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Re: Life in These United States 

By: Beldin in POPE 5 | Recommend this post (3)
Thu, 14 May 20 8:38 PM | 49 view(s)
Boardmark this board | Pope 5 		Msg. 61688 of 62138
(This msg. is a reply to 61686 by Decomposed)
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"If any of you have mortgages, I STRONGLY recommend that you stop paying them for the time being."

Be very careful, there. I do NOT believe such a fortuitous outcome is in the offing for ALL mortgages. 




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The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted. ~ D.H. Lawrence


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The above is a reply to the following message:
Life in These United States
By: Decomposed in POPE 5
Thu, 14 May 20 8:13 PM 		Msg. 61686 of 62138

My brother decided it would be a good idea to get out of debt by paying off his mortgages. He contacted Wells Fargo, from whom he had taken out the loan on his factory, but found that his loan had been sold to another company. He tried contacting the other company but found that it was out of business. He spent the next 10 hours making phone calls, getting recordings and disconnected numbers, and was eventually directed to the Small Business Administration. They routed him to one of their district offices. At that point, he finally spoke with a person who could pull up his loan number.

When he broached the subject of paying the loan off, the loan officer told him what would be involved but recommended against it. It seems that ever since he stopped making payments in March, the federal government has been making the payments for him. My brother's jaw had to have hit the floor.

"The interest?" he asked.

"No, the principal as well," was the answer.

"And will I have to pay it back later?"

"No, sir."

LOL. It's $4500/month. The payments will continue at least through September.

Now, it's tempting to think that this is being done to help small businesses. The truth is that it's being done to help the banks. These days, saving the banks and deferring the collapse of the monetary system (which is on its last legs) is the government's main concern. Businesses that don't have existing bank loans are not receiving a penny.

Unbelievable.

If any of you have mortgages, I STRONGLY recommend that you stop paying them for them time being.

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