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Ahh anyone has ever heard of the principle of Force Majeure or cancellation of an obligation due to an Act of God? This applies to landlords, creditors and all sorts of parties you contracted to. It would help in making your case showing that your income was drastically decreased, keep income statements, layoff notices and anything else that will prove the desperate state you are in. Also the courts may not be functioning at this time and there been orders including one from the President himself about starting any collection procedures. This is not as one-sided as you think and if your lawyer says that somehow you can’t use this, FIRE HIM!
P.S. The one from the President I think is for a limited time, May 15 I believe but please do your research on that and Force Majeure to confirm what I told you and how to use it.
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Good post.
My question is as long as this goes on, do they keep deferring the rent/mortgage payments? I have seen some articles say the banks will just add the unpaid house payments to the end of the term of the home loan.
Dont know if that is legal or not.
Or, does the government keep writting checks to the banks to cover those losses?
Or just tell the banks they have to eat it?
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AnonymousThe banks may have to eat it for a while. But when they go insolvent they can now “bail in” the money their depositors have in the bank (steal it) to make themselves whole again. Thank Obama for that. This was actually done a few years ago in Greece.
This seems a two step plan to me. 1. Make the banks lose a lot of money. 2. Let the banks recoup those loses by stealing from their customers. So who gets screwed, the middle class!
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