BANKS ADVISES ELDERLY LADY TO OBTAIN ROOMMATES TO AVOID FORECLOSURE
I hosted my weekly live real estate talk radio show here in Phoenix, Arizona. I allow people to call in to make live comments or to ask questions related to real estate and mortgages. I have been doing this for the past four years. I am always amazed of who calls into the show. I had an elderly lady call into my show asking for assistance in finding roommates. She explained she is in a trial loan modification and missed some payments. However, she is current. She continued to say it is getting tougher to make her monthly mortgage payment. She called her bank who holds the mortgage note to explain her situation.
The bank informed her that she might want to think about renting out her other rooms to keep the mortgage current or she will lose her home. How can you tell grandma to get roommates? Are banks really telling people to rent out the other rooms to keep the mortgage current. Have other people heard of such advice from banks?
Love to hear some feedback on this one.
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Two points for "creativity" and a minus 10 for no common sense...will u be at CDPE...we are coming your way....Grandma isn't really into starting a rooming house...hmmmm ?
It is amazing to me. Stick with being a mortgage professional and not a Realtor
In this economy- people need to do what is necessary to keep their possessions. They is so much more information needed to correctly respond to this... but I do know that I would rent a room out rather than lose my home... In fact- if needed I would rent out my entire house and rent a cheap apartment if I had to for survival- and to keep the house... Thank goodness I am nowhere near that...
Harry, shame on the bank. They were willing to loan Grandma the money she can't afford to pay back but when push comes to shove, offer such sage advice. Grandma get roommates? Come on bank... even you can do better than this.
It is amazing that banks are willing to loose tons more money through a Foreclosure than by reducing the rate and/or principle so that an elderly person who has worked hard their entire life keep their home and which eventually would go through an estate sale. Speaking of estate...where is her family in this scenerio?
The reason put simply is the banks have nothing to loose because the Government has already used Grandma's live long tax dollars to make up the difference and BOOT her to the curb.
...that this nation, under God, shall have a new birth of freedom -- and that government of the people, by the people, for the people, shall not perish from the earth.
All great view points this morning on this situation
Grandma is in need of a reverse mortgage so she can enjoy her final stretch of life....forget about the roommates....grandma will appreciate her privacy and shouldn't be forced to bunk in with others at her age....that's nonsense....reverse mortgages are expensive but in some cases, they are the answer.
Barbara there is no equity in the house. First question I asked her
time for a short sale and put grandma in subsidized senior housing in your area....
I agree with you calling her Monday to assist her
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Wow!! Is all I can say on this one!! The banks are becoming 'personal' advisers now?? Unbelievable!
it gets better and better