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lady kills self to pay off mortgage
- Thread starter Keebler
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Knowing your financial limits is important.
Yes, and no.
No one was forcing the buyers to purchase properties above their ability to pay.
Sounds like this is what happened.
Sad indeed.
Right MASS has no redemption period so she was toast regardless. The foreclosure time frame for MA is not 42 months, clearly the foreclosure proceedings were stopped and re-started over that time at least 3 times. Whether it was due to her entering into a repayment plan or filing BK it is hard to tell. The husband not knowing is total BS.
I'm sorry but we don't know the facts of this exact mortgage transaction. What we don't know is how they qualified. Subprime borrowers aren't just borrowers with bad credit, they can also carry higher risk. If their income isn't quite enough and their debt to income ratio needs to be slightly higher then they'll be put into a subprime loan. Additionally ALL lenders qualify people on their gross income, not net. This is something that makes life very hard for everyone, even prime borrowers.
I agree with you though, everyone is to blame, we're all in this together. For future reference to anyone buying a house if a lender says that your total debt is 50% of your income walk away because it is in fact not totally accurate. It is 50% of your gross income, now take away 20-35% (maybe more) for taxes because that comes out of your check and what are you left with?
I've seen so many folks purchase more home than they can afford.
With variable rate loans, many times this can come back to haunt them.
Suicide or murder? Could the husband have staged it?
Husband: "I didn't know we were going to be foreclosed?"
I am suspicious that is all.
Husband: "I didn't know we were going to be foreclosed?"
I am suspicious that is all.
I think the bank is to blame but when it really comes down to it, the people are the ones that makes the final decision and they should make sure they can afford what they are buying.
Why? All they did was enter into a business contract with somebody and keep their side of the agreement, as far as I can tell from the available information they don't seem to have done anything wrong.
To answer the unfortunate question of whether life insurance companies will pay out in the event of suicide:
My understanding (I am not by any means an expert on this subject) is that yes, generally, they will ...
- Most life insurance policies take one to two years to "kick in". If you take out a life insurance policy on Thursday, you can't collect on it unless you die more than a year (or two) from Thursday.
- Some companies have provisions that will not pay out in the event of a suicide within two years.
That all said, it is very sad that this woman went to these lengths.
My understanding (I am not by any means an expert on this subject) is that yes, generally, they will ...
- Most life insurance policies take one to two years to "kick in". If you take out a life insurance policy on Thursday, you can't collect on it unless you die more than a year (or two) from Thursday.
- Some companies have provisions that will not pay out in the event of a suicide within two years.
That all said, it is very sad that this woman went to these lengths.
Yeah I read the whole post, he like you went on to say how the decesion was the borrowers, but somehow the lender was still to blame??
The concept of your home being at risk if you take on a mortgage isn't exactly hidden in the fine print though is it?
The lenders need to make info more clear and give the risks and not give money to people that cannot afford to pay it back.
The borrows need read the fine print and have understanding of what exactly they are doing with the bank and their risks. They also need the self control to buy something they potentially cannot afford.
I am sure the fine print says that if you do not pay your payments they will take your house. I bet they also say that since its a variable rate mortgage the interest rate can go up, or maybe you can just infer that from the type of mortgage.
The way I see it, every day people believe more and more that they are responsible for nothing. It's always somebody else's fault. AKA suing McDonalds for making people fat, having the government increase laws on teenage drivers because their parents can't discipline their children and their children cannot control themselves, etc etc etc. Ultimately you decide who you deal with, what actions you make, and what you agree to. Simple as that. IF you don't have the common sense, or easily acquired knowledge of what you're doing then its your own fault. Obviously fried hamburgers and French fries are not healthy for you. If you eat them everyday you are going to become unhealthy. Obviously if you kid has 2 speeding tickets and a previous accident and then kills himself by loosing control and driving into a tree, the parents should not have been letting the kid drive and the kid should have realized the consequences of reckless driving earlier. If you buy a variable rate mortgage, and because it is "variable" the rate can go up enough that you cannot afford it... then why would you take out the loan??????????? The bank may say x but its not fact and you always have to be scrupulous of business deals since one side is always trying to save money and the other is trying to make money. Furthermore who knows what the future holds and how it will affect interest rates.
Ok thats the end of my rant. I am just frustrated with our society's seemingly increasing shirking of self-responsibility.
Can you please show some respect here, somebody losing their life through suicide is not a joking matter in any way.
ErikCLDR said:
Such a shame you weren't able to tell her that sooner. Perhaps with the benefit from your insight she would have seen the error of her ways in time. Perhaps you could have saved her life. Perhaps you would have been given a medal in "pointing-out-the-bleedin'-obvious-to-people-who-are well-aware-through-personal-experience-of-the-problem-they-have-caused-for-themselves-thank-you very-much".
How refreshing it is to see so many perfect peters here with it all figured out for themselves. I'm sure you'll sail through a perfectly blissful life with no problems whatsoever.
So unfortunate that people like this must live in the same world as you and cause you so much annoyance. It must be almost on the same level as having to read through my grammatical errors your dying to pick me up on. Tough life eh?
Erm excuse me. How exactly has anyone missed out on blame. The woman obviously blamed herself very very much and has paid a very high price for no longer being able to cope with that blame.
I take it then that you are not a person who has had somebody close to you that lost their life through suicide. So yes, technically she threw it away, but suicide is not (as the other user responded) a "black and white" issue. There are so many sides to what happens that you can never actually know what was going through their mind. As much as people might view as what I am about to say as a negative thing, I am truly trying to say it in a good manner: But at least this woman's family had some assurance of knowing what the true reason behind her actions were in her leaving a suicide note. When my friend killed himself, he left no note and was not the kind of kid that you would even suspect of contemplating suicide. It has been a little over a year and nobody (friends nor family) have a clue as to why he killed himself. There are often many sides to why somebody would take their life, and there usually is so much pressure that suicide seems to them as being the easiest and best way out.
Once again, I know that I am probably in the minority here in means of showing respect, but when you have somebody who is dead (regardless of what means), it is not exactly the respectful thing to do to make jokes about their death, or even make comments like that user did. Her and her family seem to have had issues, and people don't need to be making jokes about them.
Now I will try to sit the rest of this thread out if possible, because suicide is a very serious and personal issue to me and I do not find it a joking matter whatsoever, and it seems that some users here do. I have already received my first infraction point ever here at MR in this thread for one of my responses to somebody's joke, so I will try to avoid receiving any more, so if you don't get a response from me, then don't be surprised.
I am not making a joke about it, just pointing out the difference. And yes, I have known people who have killed themselves. And no, I do not believe that is a choice which deserves respect, except in the case of euthanasia where the alternative is meaningless existence and excruciating pain.
We don't know that. The guy down the block from me had the bank take his house a few years back but while living there he (a single guy) bought a high end SUV and a Chevy Corvette, Some realy nice industrial quaity wood working machines (not Chinese knock offs but the hyper-expensive American made stuff). He had over $100K worth of stuff on his driveway and garage, expensive electronics inside and did a total kitchen "gut and remodle" job in his brand new house but defaulted on a $500K loan. Many people have a spending problem rather then an income problem.