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Sad Mortgage Story

Cowpuncher

Well-known member
Several years ago, a couple moved onto one of the 40 acre parcels that our county has become.

They had an easement going through the property and soon developed problems with the neighbors. The husband was more forgiving and often clashed with the wife who was very hard on people who left gates open on the easement.

One day, he decided it wasn't worth it. He took a 12 guage shotgun and blew most of his head off.

The wife was determined not to let the neighbors bully her. She sued them in court - and lost. She used up quite a bit of her husband's insurance money paying legal fees - in fact most of it.

One day she approached me to meet her in town to discuss some business. Turned out she wanted to borrow some money since she finally decided to move away with her two girls.

I really didn't want to make a loan in the circumstances and suggested that she get a home equity loan since she had quite a bit of equity in her place. She thought it was a good idea.

A few months later, I found that she had done a complete refinancing for an interest only loan instead of a home equity loan.

At about the same time, she developed cervical cancer. When she refinanced her loan, the credit life insurance on the old loan was terminated. Due to the cancer, she couldn't get credit life on the new loan.

About a year or so later, she died. Her two daughters ended up with no money, no parents and not much of a future. One married a Marine. The other, who was a stubborn as her mother, moved in with sister to baby sit.
 
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