The least states:"Tenant shall pay a "late charge" not in excess of five (5%) percent of the amount in arrears for each month the arrears remain unpaid if any Rent is paid more than ten (10) days after the due date thereof, to cover the extra expense involved in handling delinquent payments.

That is I think it is more aligned with the fact that above average (in price) houses don't make good rentals--so these folks primary hold houses which are below the average price in the areas they operate.What do y'all think?

So if I understand, you would get a loan the normal way and then the bank trust is an extra fee that comes along with owning the property in Mexico?

.- 95% of folks in pre or post NOD want to stay in their house, keep their house inspite of them 100% will loose the house at the auction. 

You said, "I'll have to put in extra of my own money for reserves..."

For 95-99% of folks, right now nothing is happening.

Hi folks, As the topic states I'm looking to learn everything I can about New York City nd its real-estate market.

That would be a helpful addition to your plan as you would further reduce your cost of living.Also don’t forget from that $600 you are planning on getting in cash flow you have taxes, insurance, maintenance, capex, and vacancy to consider.With two homes, you may want to keep that extra $20k as an emergency fund rather than spending it on a third property and then be left with no emergency funds.

Our current mortgage terms include a late fee after 5 days, so they’re already paying extra each month and have to split the total monthly payment up between 2-3 payments when they get their pay check.

There were comments by 2-3 of the 7 planning board folks commenting on the speed of pushing this through and not understanding the relative priority or urgency of this specific topic.