90-year-old shot herself
 

Mortgage forgiven for woman, 90, who shot herself - BusinessWeek

This and another thread on bank robbery got me thinking wonder how many more things like this we're going to see as foreclosures? I was also thinking who writes a mortgage on someone in their 90's? Even if it was a 15yr loan she'd be at least 105 when it's paid off. With property values dropping this doesn't sound like a smart thing to do. Who owns this loan now? The US tax payers?

Do you think it's right they forgave her mortgage? If I shoot myself will they forgive my mortgage? I'm not willing to take one to the chest but maybe the shoulder or something.

What do you think should happen to her property when she passes away? I mean if the US tax payers now own major stakes in this mortgage should it be sold and the note paid off, if possible?

I have a Fannie Mae loan and guns. Maybe if I use snakeshot, I can get a convincing surface wound without deep tissue damage and get out of it.

See? What a middle class person in this country has to do, to get a bail-out!

;)

I think it's more interesting that a mortgage finance company is called "Fannie Mae"! How do you say this with a straight face?

There's also a Sally Mae, but I think Fannie Mae is funnier. In the US, fannie (or fanny) is a slang term for your butt. A friend in England told me that in her country, it is a very rude/derogatory slang term for a woman's ... uh ... twat (for serious lack of a better word, sorry).

To the OP, it will probably go to her relatives when she passes away. I think that postponing foreclosure as long as she is alive might have been a better idea.

Sallies a student loan thing, right?


Seriously to get out of a mortgage, free and clear? I'd take bullet (hand gun .38) to the shoulder, outside thigh, calf. forearm, hand or foot. Hell, if it's over 300K I'm willing to discuss other options. make me an offer, we'll talk.

Why do I see this becoming a radio contest?

FYI

Fannie Mae - Federal National Mortgage Association
Freddie Mac - Federal Home Mortgage Corporation
Sally Mae - Student Loan Marketing Association (SLMA)

/thread

It's Sallie Mae, and they're no longer a government-sponsored enterprise (like Fannie or Freddie); they're a publicly-traded company called SLM Corporation. They still service federal student loans, though.

It's happening more and more. Two months or so ago, a woman shot herself as the sheriffs came to evict her. This is in today's news:
http://www.twincities.com/national/ci_10657554

A bit too radical for me.....

Wow, just WOW! His family? Holy hell. I can't even fathom taking the life of another person, nor myself for that matter, over financial situation.

Worst case scenario head to Wally world get some camping gear and head for the hills. I might end up killing a deer or two out of season but never a family member. Or any other person.

Wow, now that's just getting bad- people killing themselves and others because of what is going on with the economy. I just read an article in our local paper yesterday about private loan companies such as Sallie Mae (student loans), where they are hiking up so much interest in the loans, that students and such are paying more than originally planned- and their payments are outrageous. I am thankful that I have no one to help me on the small chunk that I could have financed by a private student loan by Sallie Mae, cuz it sounds like I would be screwed. But then, most private loan companies are being very very selective on who can get loans now, too. And a news story on Countrywide helping out homeowners who have been paying way more than they should have so that they could keep their homes and avoid foreclosure. My brother and his family have their house up for sale that they bought 5 years ago just because they just can't afford the payments anymore. It's so sad. He's been unemployed for over a year until just recently he finally got a job he loves, but is only making as much as their mortgage payment. They came so close to foreclosure as well.

I am honestly scared myself- I've come to a point in my life where I am depressed because I've been doing the same thing for over 10 years now, sitting in front of a computer, doing people favors that I just don't care about, and not getting anywhere. Same goes for my boyfriend, who is a bartender. Well, my goal was to begin Massage School come Jan. 09 but I just got laid off. This is the 2nd time this has happened to me in the past couple of years, and though i have so much admin/clerical experience, the job hunt is exhausting and it has taken me months before to get a job. So I just decided- hell with it, I'm going to college now so I can start making good money in a high-demand job and have many different opportunities with my career knowledge to expand and do what I love and support my son. So I've filed for Unemployment and let them know I'm going to college FT (8am-12:30pm M-F) and have to pick up my son by 6pm everyday. So I thought- and calculated- and if I were to even FIND an employer that could accept my availability of only 4 hrs/day, 5 days/wk, I would make the same (if not less) than being on Unemployment, plus going to school and having a job, I would have little time to study AND spend time with my son. So I am jumping through that hoop. They have a Commissioner Approved Training benefits program, which would allow me to keep getting Unemployment Benefits if I am attending FT school. BUT- I have to wait probably 4-5 weeks before I hear anything from them or get any benefits. I will fight this if they don't accept my situation, though. But they should, i just think it sucks that I have to wait.
On top of all of this, my boyfriend just recently got laid off at one of his jobs, so now is down to 2 shifts at his other job. He also just enrolled back into Medical School- this all happened at the same time for the both of us. And I wouldn't recommend him getting anything else unless he could find somewhere that would allow him to work 1 extra day/week- because he's dealing with an ulcer and I don't want him to get overstressed.
So we're in a tough position- I am taking a voluntary step, and I know it's a risk, but I feel that I would be more content with less money, more time for my son, and reaching my goal. I'll be done in a year, and pretty much, so will my boyfriend. So I think- ya, we can do it, we can make ends meet- we've done it before....but not like this. I am just scared that one of us will break down, or one if not both of us will get depressed and we will fight. But I've told him- and I will keep reminding us both, that we've gotten through tough times before- we can do this. And we need to be there for each other and not let the financial struggle get to us. It's about working together and supporting each other. I would never let it get as far as hurting myself or others. I care about my son and the ones I love too much.

This silly woman, in her nineties, took out a 30 year morgage. The bank is insane for allowing her to do this, knowing she would die before she paid it off. Polk herself is a dill because she kept missing repayments, then she shoots herself. What for? She failed to make payments, shoots herself and likely now expects sympathy. I don't think so. Don't take out a loan if you can't pay it back.

I agree, Makedde- to an extent. Sure, it's no reason to shoot yourself- and, ya, you got yourself in the hole. But she possibly was gullable to take up on 'such a great offer' and was possibly told something else. Which, is true. Fannie Mae screwed homeowners over. Not just her. She definately didn't sound mentally stable- but she was probably severely depressed and feeling utterly hopeless because she didn't know what to do and got screwed over but by that point it was out of her control.

If they didn't forgive her loan, she probably would have shot herself again...

I go back to my original comment- who writes this notes? The woman's 90. I think someone talked an elderly lady into something she could no way afford. What I'd like to know is it sounds like she took out the note to get money out of the house. It's not like she bought this house, she was already there, right? Did she use the cash as living expenses? On her kids? Down at the local casino?

Where'd the money go? Where's the beef grandma?

If the bank forgave her loan, rightfully the banks should forgive every loan that cannot be paid back.
People could say 'I can't pay my loan, it's too much' and the bank should forgive it. Why forgive Polk's loan when it is only fair to forgive every other loan?