Change.org petition to cancel mortgage payments gaining traction

Matthew McNeil · 2020-03-18T00:34:25-07:00

Several new petitions are being initiated state-by-state. Common wording being used; "This will allow citizens to stay home from work without the added concern of losing their housing and limit the spread of the virus. Our federal government should act in this situation." Petition in Utah states; "We also understand that landlords have debt obligations and would not be able to operate facilities for tenants without making payments. Therefore, we also ask that you urge banks and lenders to suspend debt obligations for landlords so they may continue to accommodate residents." https://www.change.org/p/salt-lake-county-mayor-jenny-wilson-salt-lake-city-mayor-erin-mendenhall-and-utah-governor-gary-herbert-rent-relief-for-residents-of-utah The petition is Canada is growing in response as well; 350,000 signatures within 3 days.https://www.change.org/p/feder...

Account Closed

San Jose, CA · Member since 2015 · 4k+ posts · 3k+ votes

6y

Where will all that money come from? Even though California has a large rainy day fund right now, that kind of promise could wipe that fund out and then some pretty quickly and then what?

I think it would make sense, though, for businesses and their workers that were mandated to close to receive tax dollars to help them out. But, not for any and every renter or any and every landlord, etc.

I think these mandates are not done properly. Instead of saying renters don't have to pay rent, it would make more sense to pay their rent with tax dollars. Here's money so you can pay your bills, not just you don't have to pay your bills.

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Evan Polaski

Cincinnati, OH · Member since 2020 · 4k+ posts · 3k+ votes

6y

@Matthew McNeil, in my limited experience change.org petitions often lead next to nowhere. I agree with @Account Closed that there should be some relief out there for people, but I am not one for broad swath handouts. I think there are some that are truly effected out of their control, i.e. Ohio, where I live, closed all gyms, movie theaters, restaurants and bars other than carry-out and delivery. A lot of people are struggling through these mandates, and there should be relief for them, but a lot of my friends work in various professional level positions and don't need to miss rent, so I don't need to miss my mortgage payment and cause harm to the bank employees if this is pushed onto them banks.

3 Reply

Nathan GesnerBusiness Member

Moderator

Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes

6y

The only way this works is if everyone is given a pass for X months. No rent payments, no mortgage payments, etc. Everything gets pushed 2-3 months for everyone.

Even then, I think it's a mistake. You can't just stop the world for two months and expect it to get back to normal. I think anything we try to do will have unintended consequences down the road.

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Account Closed

Real Estate Investor · Waldorf, MD · Member since 2014 · 592 posts · 320 votes

6y

@Nathan Gesner - Ditto! What's good for the goose is good for the Gander! There should be equality across the board, need I say more.

1 Reply

John Collins

Investor · Tx, GA · Member since 2019 · 313 posts · 337 votes

6y

Originally posted by @Nathan Gesner:

The only way this works is if everyone is given a pass for X months. No rent payments, no mortgage payments, etc. Everything gets pushed 2-3 months for everyone.

Even then, I think it's a mistake. You can't just stop the world for two months and expect it to get back to normal. I think anything we try to do will have unintended consequences down the road.

or we could just let the virus stop the world forever...

Yes, stop the country for 2 months and allow it to recover this year.

Don't just wave the white flag and give up due to arrogance over how many lives this can wipe out.

0 Reply

Theresa HarrisPro Member

Member since 2019 · 15k+ posts · 11k+ votes

6y

This isn't a realistic option. Should they allow people to apply for mortgage deferrals, yes. but as others have said you can't just tell everyone not to pay their mortgage. First not everyone has lost their job. For those who have or have lost some of their income, by all means there should be help for them. Second if you stop with mortgage payments, what happens to the banks? This is the equivalent of tenants not paying their rent and the impact on landlords. Then the government will have to bail out banks (and we know what happens then)...that in turn will either result in more debt or tax increases down the road.

1 Reply

Kenneth GarrettPro Member

Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes

6y

@Matthew McNeil

Any program like this needs thought put in to it. Help those that need help. Not just across the board. Where does everyone think that money is coming from. It’s not free. We will all pay for the bailout. This is one of the few times the bailout is being used for the right reason, but it needs to be thought out not politically driven. Wait till the political election train begins again and the garbage will fly and what was and wasn’t done. It will be horrible.

1 Reply

Change.org petition to cancel mortgage payments gaining traction

Change.org petition to cancel mortgage payments gaining traction

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