Foreclosures--only in Florida, I hope

**SaintLouieWoman** · 09-09-2011, 08:29 PM

Faced with foreclosure – for paying her mortgage early - Boston Real Estate - Boston.com

OK – this one really is over the top ….

**lacarnut** · 09-09-2011, 08:42 PM

Having a mortgage at 70 years of age is pathetic. She should do a reverse mortgage providing she has any equity in the house. However, BOA is a scum bag outfit, and this employee who wrote this letter reflects that. .

**Hawkgirl** · 09-09-2011, 09:26 PM

Originally Posted by lacarnut

Having a mortgage at 70 years of age is pathetic. . .

I agree, my boss still has one at 68.

**lacarnut** · 09-09-2011, 09:33 PM

Originally Posted by Hawkgirl

I agree, my boss still has one at 68.

No wonder the dummie is still working.

**Novaheart** · 09-09-2011, 10:48 PM

Originally Posted by lacarnut

Having a mortgage at 70 years of age is pathetic. She should do a reverse mortgage providing she has any equity in the house. However, BOA is a scum bag outfit, and this employee who wrote this letter reflects that. .

Originally Posted by Hawkgirl

I agree, my boss still has one at 68.

Lots of senior citizens are still financially viable and get mortgages on retirement homes rather than have "dead equity".

There are also a great many people , even educated ones, who grossly misunderstand the rent-vs-buy analysis (which is also the pay cash versus finance analysis). My own cousin, a corporate CEO thinks its alway better to mortgage because of the interest tax deduction. They all seem to forget that you are still paying interest.

But having a mortgage at 70 in not inherently "pathetic" .

In any event, a reverse mortgage is foolish and expensive money, every time. I'm surprised it's even legal.

**lacarnut** · 09-10-2011, 12:03 AM

Originally Posted by Novaheart

Lots of senior citizens are still financially viable and get mortgages on retirement homes rather than have "dead equity".

There are also a great many people , even educated ones, who grossly misunderstand the rent-vs-buy analysis (which is also the pay cash versus finance analysis). My own cousin, a corporate CEO thinks its alway better to mortgage because of the interest tax deduction. They all seem to forget that you are still paying interest.

But having a mortgage at 70 in not inherently "pathetic" .

In any event, a reverse mortgage is foolish and expensive money, every time. I'm surprised it's even legal.

This poor old lady is getting ready to get kicked out of her home because of a foreclosure and you are talking about a retirement second home. FYI, lots of seniors who have bought retirement homes in FL have fled the state cause they had financial or medical problems. Having a mortgage when you are a senior is the dumbest idea I have ever heard.

Your cousin is as stupid as you. Being debt free is way better than having a mortgage. The interest you pay on a house at 6% winds up costing you two to two and a half times the amount of a loan. On a $150k house, you have just pissed away over $150k in interest payments over a 30 year period.

Another one of your ignorant statements is about a reverse mortgage. Depending on the circumstances of the homeowner, a reverse mortgage can be a good deal especially if he/she is having trouble with living expenses and high property taxes. This rids them of a mortgage payment and provides cash. The mortgage does not have to be paid back, and if either spouse dies it does not effect the conditions set forth in the reverse mortgage. Additionally, if the homeowner does not have any children and needs cash, it is obviously a no brainier. The only thing you have right is that the reverse mortgage is expensive. About twice as much as a regular mortgage. However, it is costly for a regular mortgage also. In other words, if you decide to sell and buy another house that 6% sales commission is going to kick you in the ass also.

You really should not comment on financial matters cause you are way out of your league.

**Starbuck** · 09-10-2011, 12:14 AM

Doing business with BofA is absolutely out of the question for us. We were doing business with another bank and BofA bought them. So we lost our higher interest rate............OK

So when we tried to move the money BofA would only allow us to move it 25K a month.:mad:

Yeah. We had to write checks for 25K a month until we cleared it all out. OK, it didn't take all that many months, but still, the nerve of those assholes! (I do not call many people assholes, and I do not apologize for this time)

**Novaheart** · 09-11-2011, 09:52 AM

Originally Posted by lacarnut

You really should not comment on financial matters cause you are way out of your league.

Yeah, I probably should have sold millions of dollars worth of real estate in residential resales and new development.

**SaintLouieWoman** · 09-09-2011, 09:28 PM

Originally Posted by lacarnut

Having a mortgage at 70 years of age is pathetic. She should do a reverse mortgage providing she has any equity in the house. However, BOA is a scum bag outfit, and this employee who wrote this letter reflects that. .

I hate BOA and won't do business with them, but SR for some ungodly reason likes them. I have my checking with Chase, but they're no saints either.

**RobJohnson** · 09-11-2011, 07:08 AM

Originally Posted by lacarnut

Having a mortgage at 70 years of age is pathetic. She should do a reverse mortgage providing she has any equity in the house. However, BOA is a scum bag outfit, and this employee who wrote this letter reflects that. .

BOA has foreclosed on people that never even had a mortgage!

They even started to foreclose on the location of one of their own branches!

http://blogs.wsj.com/deals/2011/05/2...ses-on-itself/