[quote=esmith]
They have been living in that house for free since last June and the bank has just gotten around to evicting them.
Also, is it really possible to sink 364k of cash into a few years of payments for a nursing home, drug bills, and a hospital bill for a broken ankle? IMHO, if the bank wants to track down the rest of that money, they should check with local casinos.
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Exactly. They started out with no mortgage payment, which is an ideal situation even if you’re unemployed, and a few minor medical bumps (and those are definitely minor) should not have derailed that. Even living on some kind of assistance they could have easily made it and had the mother-in-law live with them until they saw better times.
Instead, they saw a big payday and couldn’t resist. People with no real experience with money will spend whatever you give them, which they did. I’m guessing the house was previously owned by the mother-in-law, because I can’t see that couple having the discipline to pay off a house on their own. They got her to transfer it to their names and then booted her.
That said, I agree that sometimes you have to protect people from themselves (and other taxpayers from them). They shouldn’t have been able to get the loan.
