How to get your mortgage written off in two shots

[holyroller]

Two shots of a shot gun that is.

http://edition.cnn.com/2008/US/10/03/eviction.suicide.attempt/index.html

You have to ask why she was loaned the money in the first place, I guess the bank saw money in her house and assumed they couldn't lose.

But, surely she is also old enough to know better, unless she assumed she wouldn't be alive to face the music so to speak.

 

[GILSAN]

"In 2004, Polk took out a 30-year, 6.375 percent mortgage for $45,620 with a Countrywide Home Loan office in Cuyahoga Falls, Ohio. The same day, she also took out an $11,380 line of credit.

Over the next couple of years, Polk missed payments on the 101-year-old home that she and her late husband purchased in 1970. In 2007, Fannie Mae assumed the mortgage and later filed for foreclosure."

Quite amazing that they gave a 30 year loan loan to an 86 year old. This could easy get into the Guiness book. She would have paid it off at the ripe old age of 116! 8-X

What can I say. It's best I say nothing and just have a great big

 

[holyroller]

Quite amazing that they gave a 30 year loan loan to an 86 year old. This could easy get into the Guiness book. She would have paid it off at the ripe old age of 116! 8-X

What can I say. It's best I say nothing and just have a great big

This almost as sensible as 'The Death Bed mortgage' which basically you spend your whole life paying and then you pass it on to your kids. Much like renting, just from your bank instead.

 

[GILSAN]

As a matter of curiosity, what is the minimum and the maximum age that someone can apply for and get a loan in the US.

 

[holyroller]

As a matter of curiosity, what is the minimum and the maximum age that someone can apply for and get a loan in the US.

I don't know for US, but in the UK it use to be that the mortgage had to have ended by retirement age, So if you were 40, you could have a 25 year mortgage. But if you have a large deposit 30% or more, then most banks didn't really care, because if you default they will get there money back.

 

[Phoebe_]

Maybe that house where the old lady lives has a mine of gold lol... Otherwise, they won't give her loan? thoughts?