Betty The Restauranteur

[eltf177]

I'm not surprised Betty's still doing a juggling act, the question is how long can she keep it up...

[Deserted]

At this rate, I vote "forever".

[eltf177]

I see Betty's house of cards come crashing down and in the not-to-distant future...

[Mental_Mouse]

I'm not surprised Betty's still doing a juggling act, the question is how long can she keep it up...

The problem is, she thinks it's a juggling act, where every time a plate or cup comes down she can send it into the air. The question is, is she actually capable of paying off her debts under the terms she has (or any terms, for that matter). From the story so far, I'm not sure she has the metal capacity to do so even if she potentially had the financial capacity.

Frankly, leaving forclosures this late was not necessarily a kindness -- she's surely going to lose the home and restaurant (and be dead broke), but I suspect that the longer this goes on, the deeper the hole she and her hubby will find themselves in.

[eltf177]

You are 100% right, Mental Mouse.

But if you read through the entire thread you'll see why Ghel's bank has resisted foreclosure up to this point. But rest assured, in the end that's exactly what's going to happen. There's too many people here hoping for a miracle, while the realistic realize there's no happy ending here for anyone - the bank's going to end up with a run-down restaurant and little else to show for it...

[eltf177]

Any recent shenanigans from Betty?

[Ghel]

Nothing new. The checking account is occasionally overdrawn, and the real estate taxes are past due for this year. But nothing bad enough that we have to do anything about it yet. I expect Betty's situation to slowly go downhill again, like it has in the past, but it will take a while to get there.

[eltf177]

Taxes are late again? Seems like a broken record with Betty. The late fees must be piling up...

[taxguykarl]

Taxes are late again? .... The late fees must be piling up

No kidding. By now the interest and penalties would probably be more than the back taxes.

[eltf177]

I wonder how much longer the Federal, State and local tax departments are going to wait. OTOH if they foreclose they get nothing. So maybe getting a little from time to time is a better deal, but they'd better not be counting on collecting any late fees and/or interest...

[Ghel]

Well, the real estate taxes are only past due on the restaurant for this year. And the real estate taxes are current for the house. So that part's actually not that bad.

Both loans are current, even though the checking account is frequently overdrawn. We make sure we get our loan payments as soon as the money's available, although that hasn't been bad, either, since there's enough money in the checking often enough to make the loan payments (which are still set up as automatic for the restaurant loan).

I don't know if Betty has done anything to take care of the federal and state tax liens that were on her credit last time we checked it. That's the biggest cause for concern right now.

[eltf177]

Hate to be a broken record but anything new here? I just see disaster in the future...

[Ghel]

No, nothing has changed since my last post. Betty continues to be intermittently overdrawn. She still hasn't paid the real estate taxes for the restaurant. It might go on like this for another year or more before we do anything.

[taxguykarl]

I checked the original thread about Betty.
OK Ghel, I give up: How much longer is the bank going to allow this nonsense to continue? What will it take to make the right people say ENOUGH?

[eltf177]

OK Ghel, I give up: How much longer is the bank going to allow this nonsense to continue? What will it take to make the right people say ENOUGH?

As Ghel has mentioned before you can't get blood from a turnip. As long as she's paying something no one's in a rush to seize property that might take forever to unload. It's a lose-lose situation to be sure.

And I doubt Goodhair is in any rush either, it would make his business decisions look bad...