There's only so long you can keep juggling before everything starts falling.
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Betty The Restauranteur
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Supposedly, the insurance agent is back from vacation now. But I don't count that as an excuse. We've had force placed insurance on the house for years. Every year, or every time we've advanced on her home loan to pay the insurance premiums, we've sent her at least one letter (two with the new regulations) saying how much we were advancing on the loan, and in big bold print "this insurance will cover only the bank's interest in the property, and not yours." So she's actually had years to get insurance.
But I doubt she reads the letters we send her anyway."I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
-Mira Furlan
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As my dad was in the insurance business--I find it hard to believe that any insurer will write a policy for them with their payment history.
Keep us posted, Ghel.I'm trying to see things from your point of view, but I can't get my head that far up my keister!
Who is John Galt?
-Ayn Rand, Atlas Shrugged
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I think that the deal with force-placed insurance is that, since the risk is high (not so much from threat to property as the chance of foreclosure) the insurance premium is commensurately higher - and the bank gets the payout first if there is some form of disaster.
I base this on my time with a company that handled flood insurance. In certain areas it is required in order to get Federally-backed loans for the property. The rate for force-placed insurance was about 5 times the normal rate. Ouch!Experience is knowing how not to get your teeth kicked in - again. -- The Freethinker
"And that... entitles you to no mercy at all, no matter what." -- from Going Postal by Terry Pratchett
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Quoth taxguykarl View PostI find it hard to believe that any insurer will write a policy for them with their payment history.
Quoth Thud-n-Blunder View PostI think that the deal with force-placed insurance is that, since the risk is high (not so much from threat to property as the chance of foreclosure) the insurance premium is commensurately higher - and the bank gets the payout first if there is some form of disaster."I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
-Mira Furlan
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I wonder if Betty's accountant was a drinker before taking her on as a client or if it's a result of that."Crazy may always be open for business, but on the full moon, it has buy one get one free specials." - WishfulSpirit
"Sometimes customers remind me of zombies, but I'm pretty sure that zombies are smarter." - MelindaJoy77
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Not quite, but it's close. She finally got together with her insurance agent yesterday, and he verified that he sent in her application for insurance yesterday. He said it will be a week or so before he hears back whether it's been approved. So we're holding off on any action until we hear back on that.
If her insurance is approved, we'll do a short-term (probably one year) renewal on the house, so that loan comes off our past due list. We'll also insist that she does a confession of judgement with the county on the real estate taxes for the restaurant. If she is unwilling or unable (the county wants the current year's taxes paid plus a fee, which she might not be able to afford) to do that, we'll start foreclosure on the restaurant. IIRC, the foreclosure process on a commercial property takes less time than on residential, so we might be able to get it completed before November, when the county will take the property under tax forfeiture.
Goodhair described having a "come to Jesus" meeting with her. I don't think it's quite sunk in with Betty that she's in danger of losing her livelihood."I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
-Mira Furlan
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You know shit is going down when even Goodhair gives up on your complacent ass...
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I haven't had any more contact with Betty's husband. It still annoys me that he claimed (last November) that he could make some income, if he wanted to, but he doesn't want to show any profit on his tax returns.
Now that our new branch manager is here, Goodhair is taking a more hands-off approach to the loans. But he is advising us on how best to handle some of the loans, in his opinion. I always document who makes such decisions, in case it comes back to bite me."I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
-Mira Furlan
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Quoth Ghel View PostIt still annoys me that he claimed (last November) that he could make some income, if he wanted to, but he doesn't want to show any profit on his tax returns.
Quoth Ghel View PostI always document who makes such decisions,in casewhen it comes back to bite me.Last edited by taxguykarl; 05-01-2015, 06:18 PM.I'm trying to see things from your point of view, but I can't get my head that far up my keister!
Who is John Galt?
-Ayn Rand, Atlas Shrugged
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