All Forum Posts by: Kevin Boyd

There is unfortunately a lot of misinformation by supposed experts here on this thread. I strongly urge you all to look at the text of the new CARES act.

Bottom line - if you have a federally backed mortgage (Fannie/Freddie) - you will get forbearance guaranteed with no documentation needed, no penalty, no interest and not affect on your credit.

Here is the relevant text:

Forbearances:

Borrowers with a “Federally backed mortgage loan” experiencing financial hardship due to COVID-19 may request forbearance, regardless of delinquency status. To request a forbearance, the borrower must submit a request to his or her loan servicer and affirm that he or she is experiencing financial hardship during the COVID-19 emergency. No documentation other than the borrower’s attestation of financial hardship due to COVID-19 is required.

The borrower is entitled to a forbearance for up to 180 days, and this period shall be extended an additional period of 180 days at the request of the borrower. The borrower’s initial or extended forbearance period may be shortened at the borrower’s request. During the potential 360-day forbearance period, no fees, penalties, or interest beyond the amounts scheduled or calculated as if the borrower made timely contractual payments shall accrue on the borrower’s account.

Reciprocally, servicers may not collect any such fees, penalties, or interest during this forbearance period. The only caveats allowing servicers to collect fees, penalties, or interest are that any forbearance request must be made by the borrower and within the covered period.

Just had resident ask if she still needs to pay rent, her employer is still open, but she is worried her company may shut down?

Normally I wouldn’t think twice and would tell her yes, but do not want to be insensitive. She always pays on time and is a great resident.

How would you respond?

Well, in the short term, yeah, they did! The "We must discuss this with our mother-in-law" crew did indeed miss out in the short term. They didn't take their LO's calls, they didn't respond to that text, they mucked about, they "needed to think about it," the bottom line is that they screwed up!

The "then" is when your gal or guy called you a week ago. You didn't respond. You missed out.

Or did you? 

Things might turn. Processing refinance loan applications has hit capacity. Industry wide, no one started staffing up a year ago for #coronavirus. How could they?

But... that'll turn.

The S&P is still in the toilet. Trump did not cure coronavirus. The King of Saudi Arabia did not come out and say "hey guys I'm just joking about that oil price war, nevermind." None of those things happened. So rates should - in the medium term - still be rock bottom.

What you SHOULD be doing, if you missed out because you needed to "think about it," is apply for a refinance with your favorite in-state loan originator (I'm California only, sorry folks in Nebraska!), FLOAT the interest rate, get all paperwork in, appraisal ordered, bla bla bla.... and just sit there like a sniper.

So that as soon as the mortgage industry capacity issues are solved, boom, you're ready to fire that bullet and lock your rate. Boom!

Cheers, and good luck. :)

Were you just born? You won't be able to collect by filing in your local small claims court, as a person said above you're going to have to file where they lived to have any hope.

Have you read ANYTHING people said above? Have you ever been to small claims court? I have been at least 5 times. None of the defendants acted in fear like you anticipate

This thread needs popcorn and movie seating.

The Naive Show

Sheesh.

Hey @Kevin Boyd - if something like that ever happens again, the best thing to do is have the guest cancel the reservation rather than you just sending a refund. If the reservation is cancelled then they will not be able to leave a review. I've had a similar situation where the guest refused to stay for an unwarranted reason so I called Airbnb explaining the situation and they suggested I go that route. When the guest cancels it'll give you an option to give a full refund and then there will be no way for them to review.

The case will go something like this:

So Mr. Boyd, You made the trip all the way out to Boston?

...

what are your out-of-pocket losses? Well your honor, I feel what his person said will cost me future bookings. I'm sorry, but I can only award actual proven losses. Judgement to the plaintiff (maybe) in the amount of $0.00.

or possibly, judgment for defendant in the amount of his legal bills.

Well your honor, can you make him remove the review? No, I cannot. Good day, sir.