$49,825 didn't satisfy lender

  • Article by: PAT PHEIFER , Star Tribune
  • Updated: August 7, 2011 - 8:50 AM

Homeowner emptied bank account for her house, but it wasn't enough to stop Chase from foreclosing.

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  • Comments

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mnmaggiemnAug. 6, 11 6:50 PM

Isnt there a law that states if a company refuses payment, that the company is saying the amount is paid...look into it!!! A company cannot refuse payment if they feel as though they are still owed any money. This is a sad sad story. I really feel for her, she did her best, tried and has done every demand...But the bank will try to help her now that it may look bad!!! BAHHUMBUG!!!

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mrnjcookAug. 6, 11 6:51 PM

How typical. Being in a similar situation, my lender also said we didn't get our paperwork in on time, therefore losing a potential buyer. They keep coming up with excuses, so I am giving up. I feel for this woman.

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robert48Aug. 6, 11 6:56 PM

"I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." — Thomas Jefferson

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rwinn1592Aug. 6, 11 7:16 PM

The only time a bank needs you is when you don't need them!! Stay out if at all possible. It's unfortunate but these type of things go on all too often. They don't give a rats a-- about you no matter what they advertise!!

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reader2580Aug. 6, 11 7:21 PM

$1,800 mortgage payment on a $40,000 salary? Granted, that may include taxes and insurance, but still. Could this be part of the problem?

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DUSTYBAug. 6, 11 7:26 PM

It's a tough thing to lose your house because you can't pay for it. You guys that feel bad for her should put your money where your mouth is and help her out. I've been unemployed for sometime now and have been lucky not to lose mine.

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northbordersAug. 6, 11 7:31 PM

No sympathy here, and not for probably 90% of these so-called homeowners. Nearly $40K in gross income (nearly folks) which would be about $3000/month and I only counted total taxes at 10%. And, a mortgage over $1700. Most of these "homeowners" should never have had the mortgage or the home from the get go. I look forward to the time - and it's coming again - that you need a 20% down payment in cash, and quite a bit in income to have a house. One can do quite a bit with 48K in the bank, and it goes toward a lot of rent, especially when one is already 68 years old.

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lmjz69Aug. 6, 11 7:32 PM

A fraud was committed on the American homeowner, and further fraud was committed on the entire world banking system, when these fraudulent mortgage securities were bundled and sold by Wall Street banks. We should demand the arrests of the "board of director's" and CEO's of each bank involved, and see to the subsequent jailing of the same. All mortgage securities should be reset to 30% below current market value. The federal government will take over the assets of any bank that fails under the stress. Plenty of wealth around the world to repurchase these assets. "To Big to Fail," is another fraudulent term.

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jimerooskiAug. 6, 11 7:34 PM

Sounds like another case where the loan never should have been provided in the first place. Hopefully the bank will take a loss on this deal--loan industry has no soul.

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potmetalAug. 6, 11 7:34 PM

When I first read this story it said somewhere she'd been in that house for 15 - 16 years. Tell me, how could she have a payment of 1700 + $ and still owe over 200000$? Something is strange in this story and BTW, I've got no use for our banking system but so many many many people who should not have purchased homes....purchased homes and they should have had more sense and now I'm supposed to feel sorry about it and besides, why does a 68 year old have a 1700$ house payment and still owe 200000$ on their home? This story has way more to it than we're seeing here...!!!

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