People are wondering where their next paycheck is coming from. Ordered to stay home by the government. I’ve heard a lot of rumors about what banks are doing to help. However, when I check into it, I’m finding that banks are doing very little at this point. Mortgages are setup, so banks get the interest first. Even if you have a reasonable interest rate, you will pay more than double the value of your home throughout the loan. And that’s only if they don’t convince you to refinance. They tell you to refinance to save money. While you do save money every month, whenever you refinance, the process starts over. It’s back to paying interest for the first several years. This happens over and over. This is another way banks and mortgage lenders deceive the clients they serve. I’ve heard that foreclosures can’t be done. That sounds good, but all that means is the banks can’t initiate the foreclosure process during this pandemic. But they’re gonna want 3-4 mortgage payments when things go back to normal. The interest rate has dropped, they say we can refinance. I’m more than 15 years into my mortgage and not interested in refinancing at this point.
If they genuinely want people to stay home, they need to freeze all loans effective immediately. They should have done this a couple of weeks ago. The politicians are completely out of touch with the American that works paycheck to paycheck. The politicians are doing nothing but fight, and they still get paid the entire time. So that tells me that politics and money mean more than the lives of the actual people involved. I read that banks are willing to help if they get bailout money. REALLY? These loans banks get young people to sign should be illegal with how much interest they charge. They charge me service and account fees every month. They get all this interest on these loans, and now they’re crying for money. The banks are truly disgusting here. They should have been on top of this already, but they’d rather see people stress over it. They’d rather people be afraid and unsure of what to do. I’ve also read that banks are waiving interest on credit cards…yet I just had an interest charge on one of my cards. They say a lot to look good, but they should be doing so much more. Banks have gotten rich off the people, and its time for them to step up and start supporting the people who made them rich. Do the right thing and freeze the loans!