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Betty The Restauranteur

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  • There's only so long you can keep juggling before everything starts falling.
    Experience is knowing how not to get your teeth kicked in - again. -- The Freethinker

    "And that... entitles you to no mercy at all, no matter what." -- from Going Postal by Terry Pratchett

    Comment


    • Supposedly, the insurance agent is back from vacation now. But I don't count that as an excuse. We've had force placed insurance on the house for years. Every year, or every time we've advanced on her home loan to pay the insurance premiums, we've sent her at least one letter (two with the new regulations) saying how much we were advancing on the loan, and in big bold print "this insurance will cover only the bank's interest in the property, and not yours." So she's actually had years to get insurance.

      But I doubt she reads the letters we send her anyway.
      "I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
      -Mira Furlan

      Comment


      • As my dad was in the insurance business--I find it hard to believe that any insurer will write a policy for them with their payment history.

        Keep us posted, Ghel.
        I'm trying to see things from your point of view, but I can't get my head that far up my keister!

        Who is John Galt?
        -Ayn Rand, Atlas Shrugged

        Comment


        • I think that the deal with force-placed insurance is that, since the risk is high (not so much from threat to property as the chance of foreclosure) the insurance premium is commensurately higher - and the bank gets the payout first if there is some form of disaster.

          I base this on my time with a company that handled flood insurance. In certain areas it is required in order to get Federally-backed loans for the property. The rate for force-placed insurance was about 5 times the normal rate. Ouch!
          Experience is knowing how not to get your teeth kicked in - again. -- The Freethinker

          "And that... entitles you to no mercy at all, no matter what." -- from Going Postal by Terry Pratchett

          Comment


          • Quoth taxguykarl View Post
            I find it hard to believe that any insurer will write a policy for them with their payment history.
            There's an insurance "company" called Minnesota FAIR Plan, which is a last-ditch service offered by Minnesota for people who can't otherwise get insurance. And even they will cancel policies if the payment bounces or homeowners don't return phone calls requesting a property inspection.

            Quoth Thud-n-Blunder View Post
            I think that the deal with force-placed insurance is that, since the risk is high (not so much from threat to property as the chance of foreclosure) the insurance premium is commensurately higher - and the bank gets the payout first if there is some form of disaster.
            Actually, the force-placed insurance we use only covers the amount of the loan, so the bank gets paid, but the homeowner gets nothing. Because of that and because it's only hazard insurance (no liability), the premium actually tends to be lower than what the borrower could get.
            "I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
            -Mira Furlan

            Comment


            • Well that does make sense..kind of like a credit life policy. The kind that only cover the balance.
              I'm trying to see things from your point of view, but I can't get my head that far up my keister!

              Who is John Galt?
              -Ayn Rand, Atlas Shrugged

              Comment


              • Force-place insurance is much better than it used to be. There was a scandal a few years ago where banks were taking large kickbacks from force-place providers, artificially driving up the cost of the policies to homeowners.

                Comment


                • I wonder if Betty's accountant was a drinker before taking her on as a client or if it's a result of that.
                  "Crazy may always be open for business, but on the full moon, it has buy one get one free specials." - WishfulSpirit

                  "Sometimes customers remind me of zombies, but I'm pretty sure that zombies are smarter." - MelindaJoy77

                  Comment


                  • Has Betty's house of cards collapsed yet?

                    Comment


                    • Not quite, but it's close. She finally got together with her insurance agent yesterday, and he verified that he sent in her application for insurance yesterday. He said it will be a week or so before he hears back whether it's been approved. So we're holding off on any action until we hear back on that.

                      If her insurance is approved, we'll do a short-term (probably one year) renewal on the house, so that loan comes off our past due list. We'll also insist that she does a confession of judgement with the county on the real estate taxes for the restaurant. If she is unwilling or unable (the county wants the current year's taxes paid plus a fee, which she might not be able to afford) to do that, we'll start foreclosure on the restaurant. IIRC, the foreclosure process on a commercial property takes less time than on residential, so we might be able to get it completed before November, when the county will take the property under tax forfeiture.

                      Goodhair described having a "come to Jesus" meeting with her. I don't think it's quite sunk in with Betty that she's in danger of losing her livelihood.
                      "I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
                      -Mira Furlan

                      Comment


                      • And I'll bet the husband is no help on that either...

                        Sounds like the end is near.

                        Comment


                        • You know shit is going down when even Goodhair gives up on your complacent ass...
                          My Guide to Oblivion

                          "I resent the implication that I've gone mad, Sprocket."

                          Comment


                          • I haven't had any more contact with Betty's husband. It still annoys me that he claimed (last November) that he could make some income, if he wanted to, but he doesn't want to show any profit on his tax returns.

                            Now that our new branch manager is here, Goodhair is taking a more hands-off approach to the loans. But he is advising us on how best to handle some of the loans, in his opinion. I always document who makes such decisions, in case it comes back to bite me.
                            "I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
                            -Mira Furlan

                            Comment


                            • Quoth Ghel View Post
                              It still annoys me that he claimed (last November) that he could make some income, if he wanted to, but he doesn't want to show any profit on his tax returns.
                              My first amended return showed the custy with a huge-ass profit on some business--amended to show a loss. As she explained, she needed to show that income level to qualify for an auto loan. I can only hope she paid on the loan with the thousands in new refunds.
                              Quoth Ghel View Post
                              I always document who makes such decisions, in casewhen it comes back to bite me.
                              Corrected for you. This sort of thing will sooner or later.
                              Last edited by taxguykarl; 05-01-2015, 06:18 PM.
                              I'm trying to see things from your point of view, but I can't get my head that far up my keister!

                              Who is John Galt?
                              -Ayn Rand, Atlas Shrugged

                              Comment


                              • Any new "fun"?
                                "Crazy may always be open for business, but on the full moon, it has buy one get one free specials." - WishfulSpirit

                                "Sometimes customers remind me of zombies, but I'm pretty sure that zombies are smarter." - MelindaJoy77

                                Comment

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