Betty The Restauranteur

[earl colby pottinger]

And

Smoothly? Hah. Given her record, ten to one she figures waving a payment plan will stall the process until the county realizes she's still not actually paying.

She will start wailing that the fact she made a payment plan should mean they should hold off months even after she misses payment dates.

You know, just because.

[morgana]

ten to one she figures waving a payment plan will stall the process until the county realizes she's still not actually paying.

No bet; sounds like a cast-iron certainty to me.

[Mental_Mouse]

Betty dropped off a payment plan document from the county this morning. It was in the night deposit, so I didn't get to talk to her about it when she dropped it off.

It's not the actual contract with the county, though. It's basically a worksheet.

...

And if that all goes smoothly, we'll have to check with the county at the end of the year to make sure Betty makes her annual payments. It's kind of a pain, but I suppose it's less paperwork and lawyer's fees than foreclosing.

Smoothly? Hah. Given her record, ten to one she figures waving a payment plan will stall the process until the county realizes she's still not actually paying.

[TheSHAD0W]

That reminded me: 160 Acres by Marty Robbins

...

I can't believe I bought 160 acres outside of El Paso without even knowing about that song.

[Ghel]

Betty dropped off a payment plan document from the county this morning. It was in the night deposit, so I didn't get to talk to her about it when she dropped it off.

It's not the actual contract with the county, though. It's basically a worksheet. It says that Betty and her husband need to sign the contract in front of a notary and return it with a down payment towards the delinquent taxes - 1/5 of the past due amount, about $1700. I expect she'll have trouble getting that down payment together. The worksheet also says she'll need to pay this year's taxes plus any penalty by Dec. 31. That's another $1200. The next 4 years, she'll need to pay another 1/5 of the past due amount, plus interest and fees, plus that year's taxes, to keep current.

Ted is on vacation this week, so I plan on going over this with him when he gets back Monday. We're definitely going to want a copy of the signed and notarized contract and the receipt for the down payment. Then we'll want to call the county and verify everything.

And if that all goes smoothly, we'll have to check with the county at the end of the year to make sure Betty makes her annual payments. It's kind of a pain, but I suppose it's less paperwork and lawyer's fees than foreclosing.

[Nunavut Pants]

I think Betty will soon find out that "The restaurant nachos any mo'".

[drunkenwildmage]

I'm amazed (not really) this is still going on. But to have an update right around the time I come back from the dead? Priceless.

I don't do popcorn, anyone for pretzels?

How about Nachos?

[otakuneko]

I'm amazed (not really) this is still going on. But to have an update right around the time I come back from the dead? Priceless.

I don't do popcorn, anyone for pretzels?

[Ironclad Alibi]

That reminded me: 160 Acres by Marty Robbins

[csquared]

After my last post, I got to thinking. They have 160 acres. If they sold off 30, they couple probably pay off everything.

[Ghel]

It's been over 20 years since she started having trouble paying the loan. Before that there was 4 or 5 years where she did ok. That was before I started working at the bank.

[taxguykarl]

This nonsense took long enough to come to an end--20 years was it?

[Ghel]

IIRC that was an SBA loan right? Sounds like a serious clusterf The house will be next and I have a sense that won't be long.

Yeah, the restaurant loan is an SBA loan. So ifwhen we foreclose, if we have a loss, the SBA should pay us back a portion of that.

With the house, I suspect Betty's husband will continue to pay the loan with sales of timber or cows. Unless they decide they "don't care" about that, either.

[taxguykarl]

So it sounds like we’re going to be foreclosing on Betty’s Family Restaurant ....

From the sound of this saga it sounded like a question of when not whether
IIRC that was an SBA loan right? Sounds like a serious clusterf The house will be next and I have a sense that won't be long.

[catcul]

Aren't they gamblers though? I recall hearing you mention they could claim gambling winnings as income. That could explain where all the money is going...

It looks like her life has finally come up craps.