Quoth eltf177
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Betty The Restauranteur
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Understand, what I meant was foreclose when the insurance goes unpaid. And given Betty's track record you KNOW it will eventually go unpaid again and get cancelled. At this point Betty and her husband deserve no more chances, end this farce now...
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Despite what most media sources suggest, banks don't actually like to foreclose, so we'll work with a customer as much as possible before we go that route. And, as sstabeler mentioned, we have to follow the law for foreclosures. We have to send a certified letter stating why the customer isn't keeping up with the terms of their loan, what they can do to fix it, and how long they have (usually 30 days).
Foreclosure is expensive, so it usually pays for the bank to go through a lot of collection efforts before foreclosing. Also, in Minnesota, when the bank forecloses on someone's home, the borrower has a 6 month redemption period to (effectively) buy back their house. A lot of foreclosed houses get trashed during that redemption period.
Betty's restaurant isn't worth anything. The bank wouldn't get much if we had to foreclose and try to sell the building. The house isn't worth much more. In fact, the land is worth more than the house. But if we had to foreclose and the house was trashed, we would have to pay to demolish the house before we could sell it."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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This is why if you're having trouble paying loans (and can prove that you're in genuine need, not just being greedy and/or stupid), many lenders will do their best to work with you.
Yes, their first offers will be highball offers; and yes, some of their reps have no idea what real hardship is and will make impossible demands. But if you are persistent and polite, you'll eventually get to a rep who can look at your situation and do the best they possibly can.Seshat's self-help guide:
1. Would you rather be right, or get the result you want?
2. If you're consistently getting results you don't want, change what you do.
3. Deal with the situation you have now, however it occurred.
4. Accept the consequences of your decisions.
"All I want is a pretty girl, a decent meal, and the right to shoot lightning at fools." - Anders, Dragon Age.
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Quoth Seshat View PostThis is why if you're having trouble paying loans (and can prove that you're in genuine need, not just being greedy and/or stupid), many lenders will do their best to work with you.
Mum was about £3,000 in arrears on the mortgage when the news came through that Halifax were becoming a limited company, as opposed to a building society. As such anyone with an account (even an empty account) would receive shares (yes, this dates me horribly).
The bank manager, who was on the point of starting foreclosure proceedings, was willing to wait for mum to receive then sell the shares to get the money. Once that had been done me and my sister were old enough to be left on our own for a few hours after school so mum was able to get a job which mostly covered food and bills. Mum repaid that generosity by sticking with that bank when re-mortgaging for a better deal until she had to retire for health reasons. She then paid it all off in one fell swoop when she sold the house and retired to the seaside."It is traditional when asking for help or advice to listen to the answers you receive" - RealUnimportant
Rev that Engine Louder, I Can't Hear How Small Your Dick Is - Jay 2K Winger
The Darwin Awards The best site to visit to restore your faith in instant karma.
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For the most part, yes. She is occasionally overdrawn, but she has been paying her loans without issues."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 what happened. Maybe she wised up? Haha no.
As I recall she behaved for a little while before then started right back up again.
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I expect she's still got some of the inheritance money socked away somewhere - maybe at the credit union, maybe in her mattress. When that money runs out, she'll certainly be in the same situation as before."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 eltf177 View Post...I hope her employees keep getting paid in full and on time...
Wising up is nothing I'd bet the mortgage money on, Tama.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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