Posted on 06/08/2011 8:01:42 PM PDT by Jim 726
See what real estate does over the next 30 years, as we Baby Boomers croak in a thunderous avalanche of rottenness heard across the universe. It’s going to get interesting.
Hmmmm. The previous article reads just like this one and was written in March of 2010. Something weird here. Ages and properties not adding up. Will do more hunting in the AM.
I think you are correct. It was probably an interest only loan. My dad went that route about the same time. He now has to pay the catch up rate. He is 84 and he thought he would be dead before the piper came due. He had initially asked me about it and I told him NOT to take an interest only loan.
My wife and I are trying to sell his house. We pray we get what is owed on the loan.
>> but why should people who refrained from such foolishness be required to bail her out?
We’re in bigger trouble when we point our fingers at the gullible and give a pass to those that scammed them. Furthermore, bailouts have already been given to the scammers.
I pity those who thought they were working within a viable, trustworthy system. I condemn the scum Congressmen and opportunists that seized on the unwitting prey.
Stinking cataclysm tag line test. ;-)
Granted, a 30-year old adult should have the mental acuity not to get caught in such a trap. But they do, anyway. But when someone 64+ trusts a loan officer to find a loan that stays within her SS payment, and that trust is broken by making an ARM with big points for the officer, that is elder abuse.
Likely the loan officer didn’t inform her there was an empty MBS trust he needed to fill up because they had already sold the certificates to the investors. As a result, her loan went in late, if at all, and so the trust never acquired the beneficiary interest and collected her payments anyway. When the loan defaulted, Fannie Mae paid it off at the original loan amount, then sold it back to OneWest, who is collecting on it a second time through foreclosure.
If you don’t believe or understand what I just wrote, then you don’t deserve to own a home, either.
I know what OneWest got from the FDIC in that deal, but, the loan officer probably had no idea at all the workings of the MBS side of things.
That's right. And We the People have no obligation to help you.
What the hell are talking about.
She got a teaser rate for awhile and now the rate went up as stipulated in the loan agreement.
The bank is following the conditions of the loan. She’s not. She’s trying to weasel out of the agreement SHE made. Obviously she thought the teaser rate would last forever... Duh...
She signed the papers to get $200k. She had every opportunity to read them...and chances are at least 99% she knew the risk she was taking. The other 1% could be pure delusion.
but we can bail out the banks with trillions tax payers dollars. All seems fair to me /sarc
Well...
Either they’re idiots or brilliant...
“Brilliant” as in getting all the goodies and then walking away from the debt and letting someone else pay for it all...
The sad truth about those with paid off homes, is that they take out equity loans to update their worn out homes, or just to try to make it between social security checks. Now THERE’S a subject to talk about... Social Security - a nearly bankrupt program that was run into the ground over 15 years ago when money was taken out of that fund and never put back. Now seniors and the now aging baby boomer generation are going to suffer in the near future as that program will collapse in on itself. What does this have to do with the subject at hand? Simple - they cannot keep up with payments with dwindling incomes so these loans go into default and their now paid off home is going into foreclosure. A 70 year old woman is going to lose her home she bought in 1970!!! Paid for it through years of work, now will have nothing to show for it. THAT IS PITIFUL! OUR GOVT SHOULD BE ASHAMED OF ITSELF! Instead, they are not looking too concerned about the rise in foreclosures, the shrinkage good available jobs and a failing social security system. THIS IS SAD! Grandma’s and grandpa’s all over are living in homeless shelters that are already over capacity. At no time in U.S. history since the Great Depression has our economy been in tatters like this.
No sympathy.
Next.
Sounds like a “reverse mortgage” might be the only option left to her at this point. Her family won’t get the nice beach house, but at least this way no one will be buried by a bad mortgage later on. Yes, it’s another loan on top of a bad one, but in the end, this might be a way to stick the bank, since they’ll be left holding a much-devalued property in the end.
So what was the 200k for, where did that money go?
Yup. There are plenty that will live large and stiff the creditor when they die.
Welcome to FreeRepublic, troll!
This lady should ask for the lien documents applying to the note. I’m sure no legal documents exist since her loan/mortgage was sold to wall street. Then she should just stop paying on the loan. Then go to court and ask for a quiet claim of title in her name.
Yep. Obviously a NegAm loan.
And you are quite right about mods. HAMP Trials are nothing but a another fee churning scam.
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