If you read Yahoo finance on a semi frequent basis, you may have noticed yesterday’s article “The 25 year old foreclosure from hell.” You should read this article because it’s A) worth your time and B) really really REALLY frustrating. Here’s a blurb from it…
The 71-year-old retired insurance saleswoman has been living in her house, a two-story on a half acre in a tidy middle-class neighborhood here in central Florida, since 1978. The last time she made a mortgage payment was October 1985.
[…] Ms. Campbell, who is handling her case these days without a lawyer, has learned how to work the ropes of the legal system so well that she has met every attempt by a lender to repossess her home with multiple appeals and counteractions, burying the plaintiffs facing her under piles of paperwork.
That’s right. This lady sucks. The article explains that she stopped paying on her mortgage in 1985 after an illness forced her to lose income. Not paying your bills because you lack the financial means (or health) to do so is a legitimate reason to default in my opinion. After all, there are no laws that says you have to pay your bills.
I’m not pissed at Ms. Campbell for going in to foreclosure, but because she is gaming the system. Here’s how…
The briefs presented dozens of reasons why Ms. Campbell thought the bank didn’t have the right to her house: Paul Campbell’s signature was forged on the original mortgage, she said, and the original sellers never received money from the bank. At other times, she said the mortgage was never properly conveyed between banks and federal agencies, and she demanded paperwork that they were unable to immediately produce.
Attorneys’ fees and court costs from previous cases hadn’t been paid, or the amounts were wrong, she argued. One brief said that “Defendant Campbell specifically denies the existence of any ‘debt.'”
So it’s official. The lady is a liar and she sucks bad. She refuses to make payments towards her mortgage and she refuses to turn the house over to the bank. I don’t care where you stand on the ethical/moral obligation of forecelosures, whichever way you slice it, this lady is a leech.
It’s times like this, I wish our judicial system wasn’t so darn judicious. It shouldn’t take 25+ years to foreclose on a house. If the hag didn’t pay, take her house away (hey, that rhymed). Do you know anyone that has abused the system? Filed bankruptcy on debt they intentionally racked up? Gone in to foreclosure when they could easily afford their mortgage payments? How do you keep a system that’s designed to help those in need from being abused by jerk-faces like this?
p.s. on a semi-related note. I had another rant about something that pisses me off over at the Lending Tree blog. Check out my thoughts on the rise and fall of the Kardashian MasterCard. Final verdict: The thing sucked from the very beginning.