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Discussion in 'Off Topic' started by titsonritz, Nov 30, 2011.
over and out
I was not surprised to learn that Chase Bank was behind this eviction action attempt.
Poor lady, that has to be a difficult situation. There are a lot of kind people in GA. I would not be surprised to see the community step up and help somehow.
Well if they were so kind wouldnt they have helped already? The fact that the article says "this is the latest step in a legal matter that has gone on for years" should tell you that they have had alot of time to try and get help. My question would be is she a sucker to the reverse mortgage scam as she has been there 50 yrs. I would think she would have some equity to use. Really need some more info before feeling sorry for her.
The reverse mortgage is not a scam for a few select elderly people who it helps. It is the only mortgage you can get if you have little income and bad credit since the whole loan is based strictly on the value of the house. If nothing else, a RM can be used to refinance an existing mortgage, and stop mortgage payments for life. This often allows elderly people to stay in their house.
Yes, it is an expensive way to finance, and the heirs are almost assured of losing the house, but it can help the elderly and what do they care what happens after they die if it's the only way they can afford to live in their house?
Also, there are no payments on a reverse mortgage for life, and they couldn't be kicking her out for non-payment of a RM. They could foreclose if she didn't pay the taxes. I don't know if that area has a deal where low income senior citizens can defer property taxes until death, where they are then collected as a lien on the house. A property tax lien is always ahead of a mortgage.
I'd like to know more about that story.
Not necessarily. This families problems may not have been known to those most likely to help. I agree, need more info.
Has anyone found a link to the non emotional facts of the story they can post? I do applaud the police for not being the banks henchmen regardless of the facts though.