patrick.net

Shame, shame, shame on the banks.

Well, to be fair to the banks, she did miss her last payment. She probably faked an illness in order to be admitted to the hospital in order to blow off the bank. It's ingenious, but it backfired on her.

Of course, the Medicare part A hospital deductible was at least $900 at the time, and other ancillary fees in the hundreds. But the article never mentioned her intelligence level, so she was obviously scamming the system and it backfired...

banks are your friend!

anon says

banks are your friend!

How can one be critical of an institution that hands out free suckers to little kids. (a new sucker is born every day!)

elliemae:
"Well, to be fair to the banks, she did miss her last payment. She probably faked an illness in order to be admitted to the hospital in order to blow off the bank. It’s ingenious, but it backfired on her."

Yeah, right. 85 year lady, paid 29 years and 11 months of mortgage, and wanted to cheat one month of mortgage
... a $432 missed payment, on a house worth 112,000..

http://www.washingtonpost.com/wp-dyn/content/article/2011/01/14/AR2011011404612.html

>Allen is now in a nursing home, while a nephew serves as her advocate. The banks stopped foreclosure proceedings after she countersued, and she was able to sell the home in 2008 for $112,000, according to online records.

The banks whole idea was to foreclose, sell the house, and in the process charge thousands in bank fees, and a few more thousands in lawyers fees. Do a foreclosure and profit from fees.

>The banks, along with a law firm, outlined $5,797 in charges, including nearly $2,400 in legal fees.

And the lawyers? $2400 in fees for a debt of $432? Do they even know about an American named Abraham Lincoln?

"As a lawyer, Lincoln often discouraged people from bringing unnecessary lawsuits. Once, a man wanted him to bring a suit for $2.50 against a penniless man and could not be talked out of it. Lincoln charged him a retainer of $10.00, gave $5.00 to the defendant who promptly paid the $2.50. This completely satisfied the angry client, who felt he had won his justified revenge."

cranker - I was joking. I thought it would be obvious from my ludicrous post.

when I was FC'ed (in 92ish) it took about 6 months from last payment to 15 day notice from local marshal that said I should not be there after that. I was already moved out, called the number on the notice and met the lady on site to give her the key and show her the home, work I had done, and what I was doing next, stuff like that. No cash for keys for me.

But, I put down 20%.
I never took any money out and only lost it due to job loss.
I called them when I lost my job and asked for a 3 month holiday from payments. Nope. GMAC did it for my truck at that time though. Love GMAC.
I had to claim the forgiven amount as income on my taxes and pay the taxes on that amount. That alone trippled my income for that year (new job paid low), and the tax payments took almost three years.

So, when I personally know people that put $0 down, removed $100K plus in HELOC, then stopped making any payments, and have lived in the home for well over 2 years without any bank movement at all .... I just feel a little bit frustrated.

good point.

we are in the third extension and it ends on the 24th.

You are correct, there are TONS out there, setting with non-payers in them.

elliemae says

cranker - I was joking. I thought it would be obvious from my ludicrous post.

I have to admit that I didn't know you were joking. I had this thought about how I usually like your posts and often agree with you, but that clearly we had more disagreement than I thought.

I am glad you were joking and spelled that out. I was about to go back to read other things that you had posted to see if I had misunderstood your perspectrive. FWIW I am here reading before I have had my coffee. Maybe I am only half awake and misunderstood an obvious joke :-)