Betty The Restauranteur

[Ghel]

Not really. I expect this to take a long time, like a slow leak that eventually swamps the boat. She continues making her loan payments. She's occasionally overdrawn. She still hasn't paid her 2015 real estate taxes on the restaurant.

If anything interesting happens, I'll post an update.

[eltf177]

Any update on the upcoming shipwreck?

[eltf177]

I agree with Tama, this behavior is only temporary. Ghel is probably right that she's using the inheritance money to keep this sinking ship afloat just a bit longer - once it's gone she'll be right back to her old habits...

[Tama]

Which is why I added the note about her having done this before.

This whole thing would be a great sitcom character. The neighbor always in debt because of stuff they created.

[taxguykarl]

...I hope her employees keep getting paid in full and on time...

and not out of the till and the withheld tax actually remitted to the revenue departments.
Wising up is nothing I'd bet the mortgage money on, Tama.

[Ghel]

I expect she's still got some of the inheritance money socked away somewhere - maybe at the credit union, maybe in her mattress. When that money runs out, she'll certainly be in the same situation as before.

[Tama]

I wonder what happened. Maybe she wised up? Haha no.

As I recall she behaved for a little while before then started right back up again.

[eltf177]

Let's see how long that lasts...

I have to go with this, I hope her employees keep getting paid in full and on time...

[taxguykarl]

Let's see how long that lasts...

[Ghel]

For the most part, yes. She is occasionally overdrawn, but she has been paying her loans without issues.

[eltf177]

Has Betty been behaving herself?

[greek_jester]

This is why if you're having trouble paying loans (and can prove that you're in genuine need, not just being greedy and/or stupid), many lenders will do their best to work with you.

Quoted for truth. My mum was a single parent during the Maggie Thatcher years, and the state thought £22 a week was plenty for a mother, 2 children and a dog in a 3 bedroom semi to pay for food, the bills, clothing and the mortgage despite the fact that the sperm donor wasn't paying the agreed-upon maintenance.

Mum was about £3,000 in arrears on the mortgage when the news came through that Halifax were becoming a limited company, as opposed to a building society. As such anyone with an account (even an empty account) would receive shares (yes, this dates me horribly).

The bank manager, who was on the point of starting foreclosure proceedings, was willing to wait for mum to receive then sell the shares to get the money. Once that had been done me and my sister were old enough to be left on our own for a few hours after school so mum was able to get a job which mostly covered food and bills. Mum repaid that generosity by sticking with that bank when re-mortgaging for a better deal until she had to retire for health reasons. She then paid it all off in one fell swoop when she sold the house and retired to the seaside.

[Seshat]

This is why if you're having trouble paying loans (and can prove that you're in genuine need, not just being greedy and/or stupid), many lenders will do their best to work with you.

Yes, their first offers will be highball offers; and yes, some of their reps have no idea what real hardship is and will make impossible demands. But if you are persistent and polite, you'll eventually get to a rep who can look at your situation and do the best they possibly can.

[eltf177]

Pity you can't pin this on Goodhair...

[otakuneko]

Right, banks don't really want to own real estate without someone already locked in to buy it from them (ie, the person getting the mortgage).