Posted on 11/30/2011 1:08:13 PM PST by AnAmericanAbroad
“Damn yewww!”
Hush Hush Sweet Charlotte.....nice little bit of Southern Gothic.
****Vita Lee has shared her home on Penelope Road in Northwest Atlanta with her daughter for 53 years. *****
Paying on a loan for 53 years and still owe? What is wrong with this picture!
But then there is my worthless brother-in-law (If you know him he probably owes you money)who bought a house 12 years ago, refinanced several times, and spent the “gain”, then last year went bankrupt owing twice as much on his house as he originally owed.
But then, work was not his strong suit.
The CEOS of these banks should have been bankrupted and posting bail instead of bailed out. They and their agents have deliberately complicated the mortgage process 1. to make more money, and 2. so that borrowers don’t know who owns their deed /paper. 3. So they securitize mortgages and then play musical chairs with their peers with the paper.
Why didn’t the banksters keep it simple so the mortgagor does a face to face interview with the mortgagee at the institution that loans the money, and subsequently receives their payments and holds the deed. It was all about these financiers pyramiding the process and making an industry that makes gobs of money at every step which is all fine, until their malfeasance sucked in taxpayers to bail them out.
A big problem was created when they sold the securitized loans without having any stake in them. Their goal was making fees and loans instead of doing it right.
In my life I’ve made a very aggressive attempt to not borrow money from these thieves for anything whatsoever, if I can avoid it, and my home has been paid off for years. It means deferring instead of instant gratification and consuming. But in the end responsible savings allows one to consume if they wish without borrowing even with modest incomes.
I’m not aware of 50 odd year mortgages, so most likely (and I’m speculating) that maybe five or ten years ago, they took out a line of credit using the property as collateral. Given that at that time, both of the women in question would’ve been in advanced years, I speculate it could have been for paying medical issues, which elderly people have more of.
The story isn’t too in-depth, which is a shame. Hopefully, the intrepid reporter will talk with Deutsche Bank or Chase and find out the whole story.
I just thought it was interesting that the cops and movers refused to evict a centenarian.
I agree.
Here in the Czech Republic, if I want a mortgage, I can go to the Post Office! Seriously.
The Czech Post Office also runs a bank. They provide mortgages, too. I asked them about that in 2009.....they offer 10, 15, or 20 year mortgages, fixed rate, and you have to put down 20% of appraised value of the property. They don’t sell your mortgage, either. It stays with the Postal Bank.
I hear the USPS is going down the toilet, however. So, I doubt it would work there. The Post Office here is profitable, though, as people still receive lots and lots of good old fashioned snail mail. With your bills for instance, you have the option of auto-deduction, but for most companies here, it’s easier for them to just mail you the bill. Most companies I’ve dealt with really don’t trust the auto deduct or auto payment system, and they prefer to be paid in cash.
Can you say EQUITY? Happened to one of my people the other day. Two days late with a payment and they foreclosed. He was refinancing and told not to make the payment.
The banks won’t foreclose if they can’t make money in a sale because they don’t want to have to admit the write down of assets if there is no equity.
Not just dirty pool... filthy and worthy of a banker being drug out int he street and tarred and feathered.
Two days late and they foreclosed? Unreal. The First National Bank of Snidely Whiplash.
You’re most likely right about the equity thing.
Last year, I was in Berlin, and there were some anarchists protesting against the bankers and the whole capitalist system, and that’s pretty much a normal occurrence in Berlin. Any way, they were burning an effigy of a guy in suit with an attache case. I asked a young man who the effigy was supposed to represent, and he answered “The bankers and the banks.”
Things like this are why I’d never make it as a banker, to be honest. If this situation was taking place in my bank, I’d just have written it off. I mean, c’mon....it’s a 103 year old woman. The bad press an institution would suffer from throwing her into the street could potentially cause my depositors to close their accounts and take their business elsewhere. It’s not worth it....I’d rather blow off a house than kiss 200 or 300 depositors and their lines of business goodbye.
Just days before the young man was reflecting on why people in finance who couldn’t become engineers anyway made so much money for working so little. Whereupon I explained that their work often required that they check their scruples at the door.
You are right about the image but that too gets little thought now... MONEY at any cost is the current answer.
Bookmark
Hmmmm, there was once a nice little estate near Domazlice......... ;)
I have to back Chase! They have been very good to us as whole. Customer service is exceptional! We also had a mortgage through WaMu which Chase bought. No problems whatsoever! Also carry a chase credit card with Disney bucks. Love the card, love the service! I’ve even had to call them on a disputed claim and they took care of it and asked if I needed anything else. My son had someone hack his Xbox and place tons of fraudulent charges on my card - they placed a hold on these charges and remedied the situation without hesitation. No sweat on my part.
So...... I stand so far with Chase! Sorry, but only my experience. There must be way more to this story than Chase not accepting a payment if this has been in the courts for years.
I wonder what Andrew Jackson would had to say about this. This is what he said in 1832:
President Jackson’s honesty and anger at the bankers should resonate today, as bankers have again brought our country to its knees.
“Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the grace of the Eternal God, will rout you out.”
http://seekingalpha.com/article/125092-grand-illusion-the-federal-reserve-part-1
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