Woman buys a new home, seller refuses to leave, saying he has every right to stay there.

I used to work for Wells Fargo Home Mortgage, I can't tell you how many calls I got from renters asking about a foreclosure that is happening.
I couldn't tell them anything and I felt soooo bad for them. All I could do was repeat over and over was "renters have rights. Seek legal advice even if it's from your local legal aide."
More than a few times after a call from a homeowner or renter I had to take a break and go cry.
Honestly, it wasn't the larger companies that gave those fucked up loans, it was those fly by night companies you'd hear about on TV offer loans to good to be true. "Sub-prime"
The larger banks bought those sub-prime loans for servicing. The company that originated the loan didn't have the ability (manpower) to service those loans. So they sell/sold them to companies that do. (Wells Fargo, Citibank, Cities Financial, JC Morgan, etc..)

Here soon, if it hasn't already started, there will be another wave, smaller, then the one few years ago, will hit.
These people had/have a balloon loan. It gives 3, 5, 7, 10 (most common), 15 years at a certain rate after that time frame you HAVE to pay off or refinance or do a loan modification. If you can't, do any of those, all that money is lost because foreclosure will start after 3 months. A bank can't take a payment on a loan without a lein. I totally understand why and how these fucked up loans came about. The adjustable rate mortgage and balloon mortgages are for investors. Gives time to fox them up and flip them. They are NOT for the average homeowner.

This homeowner in the OP has gone beyond what I'd consider fair. If he was going this way I'd have let it go into foreclosure and deal with the bank. What he's done is nothing but a scam. His dept is gone any extra was sent to him and now he's rent free (living in that house if she excepts a payment from him it could start a lease which MAY make it harder to get him out).

I really feel sorry for her.
After having 3 kids and raising them pretty much on my own and working in the mortgage business I believe that people should have to take a class on what it in tails being a parent and/or being a homeowner.

Last Edited by SunshineRay on 06/20/2016 11:42 PM