Betty The Restauranteur

[Marmalady]

I feel sorry for the employees - I wonder what she has been telling them to keep them working for her?

[notalwaysright]

This exactly. Then when everything collapses she'll start whining about how this "isn't fair" and "why is this happening to me?"

Add in a few "I wasn't given any notice!" and "the bank is forcing me out!" and the circle of self-centeredness is complete!

[eltf177]

Not me. I'm betting she ignores the whole thing, hoping it will go away.

Foreclosure proceedings can take awhile. I'll bet she'll hunker down and live for free in the house, and continue to run the business until, as someone else pointed out, the Sheriff comes to change the locks and put their property on the street.

This exactly. Then when everything collapses she'll start whining about how this "isn't fair" and "why is this happening to me?"

[Sapphire Silk]

Anybody care to bet that Betty will be breaking records trying to contact the bank now?

Not me. I'm betting she ignores the whole thing, hoping it will go away.

Foreclosure proceedings can take awhile. I'll bet she'll hunker down and live for free in the house, and continue to run the business until, as someone else pointed out, the Sheriff comes to change the locks and put their property on the street.

[taxguykarl]

She won't believe it's really happening until the sheriffs come and change the locks.

And then the fun really begins as MN Revenue, IRS, SBA, Ghel's bank and the remaining employees sort through the remaining assets to get what they have coming....or at least salvage something.

[TonyDonuts]

Betty seems to be operating under the, "If I ignore this, it'll go away."

Hey! It's worked for how many years now?

She won't believe it's really happening until the sheriffs come and change the locks.

[eltf177]

Glad to see someone is finally stopping that nonsense.
Expect all kinds of excuses soon

Assuming they don't just "disappear" first.

Seriously, this is getting out of hand and I'm glad the bank is finally doing what it needs to do to protect itself. The fallout from this isn't going to be pretty...

[taxguykarl]

we sent out a preforeclosure letter this week. If that doesn't get their attention, nothing will.

Glad to see someone is finally stopping that nonsense.
Expect all kinds of excuses soon

[Tama]

But not to pay, of course.

[eltf177]

Not much of an update. Betty hasn't been returning my calls. I doubt she ever contacted her insurance agent, since we haven't received proof of insurance for the house. I don't know if she ever received the check she was supposed to get in her lawsuit, but she hasn't paid the real estate taxes on the restaurant. Because Betty (or her husband) hasn't contacted us, despite numerous phone calls, we sent out a preforeclosure letter this week. If that doesn't get their attention, nothing will.

Anybody care to bet that Betty will be breaking records trying to contact the bank now?

[Ghel]

Not much of an update. Betty hasn't been returning my calls. I doubt she ever contacted her insurance agent, since we haven't received proof of insurance for the house. I don't know if she ever received the check she was supposed to get in her lawsuit, but she hasn't paid the real estate taxes on the restaurant. Because Betty (or her husband) hasn't contacted us, despite numerous phone calls, we sent out a preforeclosure letter this week. If that doesn't get their attention, nothing will.

[eltf177]

Any update?

[eltf177]

At this point, from everything that's been said, I'm positive that that word is not in her dictionary.

Agreed, but the term "avoiding responsibility" seems to be...

[Jetfire]

Even though we have force placed insurance on the house, we're still requiring them to get insurance before we renew their mortgage. Because that should be Betty and her husband's responsibility.

At this point, from everything that's been said, I'm positive that that word is not in her dictionary.

[TimmyHate]

As far as the insurance, we did "force place" insurance on Betty's house. It's a product we use that only covers up to the amount of the loan if the property sustains damage. Thus, there's no liability insurance (for example, if somebody falls through Betty's front steps) and it would only pay off the loan - the customer gets nothing if there's a claim.

Even though we have force placed insurance on the house, we're still requiring them to get insurance before we renew their mortgage. Because that should be Betty and her husband's responsibility.

Ah good old Force Place (or what we call, Bank Risk).