Quote:
Originally Posted by McLovin
Of course they would not.
They have no interest in what's going on between the bank and the owner. That is none of their business.
|
Thanks again, McLovin. That was my concern for her also when she told me she'd stopped paying the bank. However, she was saving, not spending, the rents, not knowing whether the bank would come after it when they started foreclosure proceedings.
I thought that was a good idea, but she told me that last month she Googled the question and found exactly what you post above to be true. This relieved her of quite a bit of anxiety, needless to say.
If I'm understanding her situation, the worst she will suffer is the severe hit to her credit rating, which consequence she readily accepts with no qualms or misgivings. She is a responsible lady who's carreer was in accounting and landing in her situation has been emotionally devastating.
When I learned she had a sizeable balance on her credit card, I added to my existing HELOC, paid it off for her and she's been making hefty payments to that rather than her CC.
Then, in a twist of fate, my stock broker for the last 20 years dropped dead from a massive heart attack on his way to lunch last Monday. Three days later I was meeting with my new broker at a different firm and he suggested I might refi my place and pay off the HELOC in the process.
So, last Friday, I nailed it down to refi through my credit union (it beat out Chase, BofA, Green Light and two mortgage brokers), added the HELOC and the $18k balance on her car, saving her a grand a month payments on her car and my HELOC, all the while, my mtg. payment is reduced by $180 mo. Turns out to be a win win for both of us.
Again, thanks to all who have offered advice. I think my lady friend will do just fine now.