Why would a mortgage company give an 86 year old woman a 30 year loan?

Starlite · 10-03-2008, 04:52 PM

Woman, 90, shoots self inside foreclosed home - CNN.com

OK, I feel sorry for this woman -- I really do. But why on earth would a mortgage company give a person that old a long loan? Did they really think she was going to live to be 116 and pay off this loan?

nvmommyx6 · 10-03-2008, 06:41 PM

And as I read further into the article I found your answer for you!!
Beacause it's Country Wide LMAO

Happymom · 10-03-2008, 07:31 PM

As long as she could make the payments, I see no reason to not give her the mortgage at age 87. Very few people actually pay off loans anyway. We are on our 3rd 30 year mortgage and have never paid one off. We sell before then, which is what I assume would happen with this house or the children would take over payments or payment would be made from the estate. Heck, we have no intention of ever paying off this house that we bought 2 years ago. We plan to stay for maybe 15 more years then buy another house that is smaller and one story for our older years.

rskmom · 10-03-2008, 07:36 PM

They gave my then 82 yo father a five year car loan.

taylyn · 10-03-2008, 08:55 PM

I am confused-

The article said She lived there for 38 Years

Yet

Quote:

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.

Is this One of Those Reverse Mortgages?

Josephina · 10-03-2008, 09:00 PM

Quote:

Originally Posted by Starlite

Woman, 90, shoots self inside foreclosed home - CNN.com

OK, I feel sorry for this woman -- I really do. But why on earth would a mortgage company give a person that old a long loan? Did they really think she was going to live to be 116 and pay off this loan?

it is illegal to turn somebody down for a mortgage because of age.

Jose'.

blessed_with_6 · 10-04-2008, 12:32 AM

No matter her age, she is still responsible for this bill. She took out that loan, and since the article said that she had missed payments over the years...enough that Fannie May assumed the mortgage a YEAR ago...she shouldn't be in the house. I think that they are sending the wrong message, too, giving her the house now. I think we will see some copycatting, sadly enough. If you shoot yourself over your house, they will forgive the loan? Why not?! You KNOW there are nuts out there who will do it, too!! I think it is very very sad that she was in this place, but her age doesn't exempt her from the same rules as the rest of us.

jen4 · 10-04-2008, 09:13 AM

Quote:

Originally Posted by blessed_with_6

I think that they are sending the wrong message, too, giving her the house now. I think we will see some copycatting, sadly enough. If you shoot yourself over your house, they will forgive the loan? Why not?! You KNOW there are nuts out there who will do it, too!! I think it is very very sad that she was in this place, but her age doesn't exempt her from the same rules as the rest of us.

I was afraid of the same thing. I can see fathers or mothers in
crisis doing this in hopes that their families will be given their
homes also.
If they wanted to give her the house, it should not have been
made public, because of the copycat possibility.

Mommy2Ryan · 10-04-2008, 10:11 AM

Quote:

Originally Posted by blessed_with_6

No matter her age, she is still responsible for this bill. She took out that loan, and since the article said that she had missed payments over the years...enough that Fannie May assumed the mortgage a YEAR ago...she shouldn't be in the house. I think that they are sending the wrong message, too, giving her the house now. I think we will see some copycatting, sadly enough. If you shoot yourself over your house, they will forgive the loan? Why not?! You KNOW there are nuts out there who will do it, too!! I think it is very very sad that she was in this place, but her age doesn't exempt her from the same rules as the rest of us.

I was thinking the same thing! I hope this doesn't have a lot of other crazy people attempting suicide so they can keep their homes w/no mortgage!