Ohio shooting puts face on foreclosure crisis »
Posted By ameliog 1 year ago in FamilyBy the time deputies came to escort Addie Polk out of her home of 38 years, the 90-year-old had taken out her life insurance policy and placed it next to her pocketbook and keys in the neatly kept house.
She shot herself in the chest Oct. 1 before she could be taken away from the foreclosed house, which was worth less than its mortgage from the day she took out the loan.
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ameliog
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rwrnae1 year ago
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Sad story but why on earth do people borrow money that they have no possible way to pay back? Yes, the rules should be tightened up, 20% cash down payment and no loan for more than two years income (let's here the community organizers howl about that one) but it's difficult to protect people from their own stupidity and greed. If you're a 90 year old woman on social security and live in a $31,000 house, taking out a $45,000 loan is the same as stealing.
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amazed1 year ago
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Yeah, I think a better "face of the real estate crisis" is someone who did NOT continually refinance and refinance their house until they had negative equity after 38 years.
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Her situation is a shame, but not unpredictable or even really tragic. I know it sounds cold, but if you borrow more than you can afford, you're most likely to get into trouble.
I guess then, if you're elderly and make a big, dramatic gesture, you get your loan forgive --otherwise known as something for nothing.
So, is she really tragic or is she gaming the system?
Someone who had a mortgage that they could originally afford the terms of, and who lost their jobs because of outsourcing, medical problems, declining fortunes of the company -- now THOSE people I have enormous amounts of sympathy for.-
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rwrnae1 year ago
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Yes and I even have some sympathy for the poor smucks who got in over their heads because they didn't understand all the fine print or were flat out lied to by crooked loan officers trying to pump up their production. I have known a lot of otherwise fairly intelligent people whose eyes just glaze over whenever someone starts talking numbers, percentages, etc. There is no way anyone should have been granted a loan for 100% or even worse 100+% of the value of their property or with a payment that any rational individual would recognize as being more than they could possibly afford. Plenty of blame to go around, greedy bankers, greedy individuals, greedy investors. Grandma always said if it sounds too good to be true, it probably is.
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