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#1) Why on earth does any company give a 30 year mortgage to an 86 year old woman?
#2) Deputies tried to serve eviction notice THIRTY times, since 2007. This isn't a little old lady who didn't realize what was going on.
#3) We always hear about agencies that work with the elderly, checking in on their well-being, etc. Where were those agencies? Where were the deputies in between eviction notices? Did noone realize a pretty decent chance that this 90 year old lady might be in some trouble?
So, now, however much she still owes on her 50K mortage from 4 years ago (so, what $48K??) Fannie Mae is going to just forgive. Guess what, Fannie Mae, nobody ever forgave ME a $48K loan. And, they shouldn't!!! Old people shouldn't get away with swindling money, any easier than young people!!
I'm sure it's not a very popular opinion I have - but that story just ticked me off!!!
Well, she is 90 and has owned the home a looong time. I say thumbs up to Fannie for helping. I do also see a trend of people maiming themselves to get help...maybe.
Well on one hand at that age her house should have been paid off. On the other hand, older people get swindled a lot out of their money. People take advantage of their condition. Being in my 20s only, I don't know what it's like to be 90 years old, so I could only imagine. Physically you are deteriorating, mentally you are as well. She might have been in a position where she had no money and didn't know what to do. It's really sad. It's also sad that she had no family or anyone to trust to help her.
So not only does Grannie get her $50,000 debt forgiven, I'll bet someone helps her apply for a reverse mortgage getting another $50000-$75000. Is this a great country or what.
#1) Why on earth does any company give a 30 year mortgage to an 86 year old woman?
Because it would be discrimination to do otherwise. What age would you cut it off? 50, 60, 70, 80?
Any age you set would tick someone off. Would you say that a 65 year old can get a 30 year mortgage but a 70 year old a 15 year? What about an 80 year old... only a 5 year mortgage?
The Equal Credit Opportunity Act makes it clear that we can not discriminate on applications based on age. If the person has the income, credit, assets and other qualifications you can not deny them based on age.
Besides, how many 20, 30 or 40 year olds pay off a 30 year loan anyways? Chances are they will sell, refinance or die without having paid the mortgage and then its up to their heirs to sell the home and pay it off or keep making the payments.
What would be a reasonable age cut off for a 100 year mortgage?
Quote:
Originally Posted by rcarrillo
Because it would be discrimination to do otherwise. What age would you cut it off? 50, 60, 70, 80?
Any age you set would tick someone off. Would you say that a 65 year old can get a 30 year mortgage but a 70 year old a 15 year? What about an 80 year old... only a 5 year mortgage?
The Equal Credit Opportunity Act makes it clear that we can not discriminate on applications based on age. If the person has the income, credit, assets and other qualifications you can not deny them based on age.
Besides, how many 20, 30 or 40 year olds pay off a 30 year loan anyways? Chances are they will sell, refinance or die without having paid the mortgage and then its up to their heirs to sell the home and pay it off or keep making the payments.
No one has even mentioned the jerk that gave her this loan. What about this pond scum. He or she made money on this poor lady knowing what they were doing to her. I'm glad she was bailed out. Now go find the jerk that gave her the loan and put his butt in jail. And don't say she should have known what she was signing when half of congress didn't understand the crap that was signed last week.
No one has even mentioned the jerk that gave her this loan. What about this pond scum.
And there are a whole lot of those scums. I personally know of a mortgage lender who would rob his own mother if it meant giving himself a dime.
But the other thing to keep in mind is that the older generation is used to doing everything on a wink and a handshake. If they're told it's good, it's got to be good. I've seen this with many, many older people. Very few understand that the times have changed and we can't trust anymore. They fall victim to phone scams all the time!
There is one old lady, now deceased, who used to give to every charity under the sun, including the non-existent charities. She was senile and very trusting. The combination was dangerous for her. A "friend" of hers talked her into giving $xxxx.xx per week to the "Alzheimer's Association". She faithfully wrote the check every week. When her family discovered what was going on, obviously they took over her finances. But what about those who don't have family close by? Or, maybe families who aren't so concerned? Or maybe, no family at all?
I guess I wouldn't be so quick to judge given that we don't know the circumstances.
Somehow considering what the CEO's af the failed banks earned and were allowed to keep, this pales in comparison.
Knowing how I am pursued by people wanting to loan me money, I wonder if she was not the victim of predatory lending.
I really do think putting an age limits on loans IS discriminatory. My father is in his 80s and taking a loan to buy a house right now because he does not want to "cash out" of investments all at once and a home in Florida is not at a good time to sell.
Excellent credit rating. Saved every other paycheck too and bought things like cars with cash - and kept them for 15 years or so. What makes him more of a risk than some young up and coming person who is in debt up to their ears and may loose his job tomorrow?
What *would* have made sense to me though was to put a lien on the house and collect it from her estate when she died. That would be easy enough to do.
#1) Why on earth does any company give a 30 year mortgage to an 86 year old woman?
Because when she is 116 years old she will have her house paid off and can retire?
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Lady shoots herself on losing home
