Saturday, October 4, 2008

How To Get Out Of Paying Your Mortgage

A 90 year old woman in Ohio shot herself after the sheriff's office tried to evict her from her foreclosed home. In response, Fannie Mae decided to forgive her outstanding mortgage and give her full title of the house. The woman is currently recuperating in the hospital, but when she is released, she will be able to return to her now mortgage-free home.
Poor woman. I know she must have been scared and desperate, but damn if that isn't a good idea!

6 comments:

Child Ish Behavior said...

That is so funny. It's no wonder we are in a financial crisis. The people giving loans are pushovers. "You give me this house or I'll hurt myself."
"No. No. Don't hurt yourself, we'll give you the house. Just don't hurt yourself."

ProfK said...

My question is why a ninety year old woman had a mortgage on her home to begin with. If it was a recent mortgage, then who in their right mind gives a mortgage to someone that old, when the chances of repayment are edging towards nil?

SuperRaizy said...

childish-
I wonder if this would work with the tuition committees at my kids' schools?
PROFK-
Yes, I wondered about that as well. Maybe it wasn't a recent mortgage. But assuming that it was, isn't that the cause of the mortgage crisis? Mortgages were freely given out to people who couldn't properly repay them. The "American Dream" of owning your own house is presumed to be within everyone's reach, when really it isn't.

The Babysitter said...

That's crazy that she had to shoot herself, at first I thought that implied that she killed herself, but at least she's living, that makes more sense.

It is strange that a 90 year old would have a mortgage on a house. But that's what Fannie May is all about, they give mortgages to people who have bad credit, and a bad chance of repaying.

Baila said...

Hmmm. Where exactly did she shoot herself?

Lady-Light said...

This is ridiculous. I don't understand why she still had a mortgage on her house, but institute a little humanity here, please: Fannie Mae should have written this loan off and just given her full title, before she shot herself.
A little tzedakah would have earned them a place in Olam Habah, don't you think?