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Discussion in 'Bad Dog Cafe' started by teleman1, Jun 29, 2020.
If that's a reference to that picture, then I'll bet he played the greased pig. Oink!
I cut my landline even though at my house my cell occasionally hangs up. Every call on the landline was trying to sell something.
My in-laws fell prey to this reverse mortgage scam.
They are both in their late 70s with an adult daughter living with them. My MIL mentioned looking at it one day as they needed some cash. What I found out later was my sister in laws internet boyfriend who works in Africa was needing $10K to get his passport back from the government or they were going to put him in jail. Yeah, I know, my MIL did not tell me that part.
So I tell my MIL that she can do a home equity line of credit if they need cash for unexpected repairs and such instead of the reverse mortgage, but if the cost of the home repairs and upkeep are getting too high for their SS benefits then they may want to downsize and get something cheaper. She tells me she will take that under advisement, which apparently she did not as they got a reverse mortgage.
A few months later they are flush with cash, new car for the MIL, new appliances in the kitchen, new furniture and they are going to take a trip to go see some relatives. I had a feeling I knew what happened.
Fast forward 16 months later and a friend of ours from the area sends a screen shot showing a newspaper article showing my in-laws house will be auctioned off on the steps of the courthouse in two weeks. My wife calls and sure enough, they are being foreclosed on and there is nothing we can do.
I find out later that they actually got a pretty good deal out of the reverse mortgage company. Apparently the company appraised their house by the SF and used the larger metropolitan an hour south to figure market value. They pretty much got what their house was worth without the closing cost and real estate commissions.
They are now living in a small apartment that is government assisted housing and their SS incomes covers all their expenses. I hate that they lost their house but if you make poor choices that is what happens.
My land line phone is not plugged in.
My cell rarely gets a selling call like that. Maybe once a month.
People actually answer unsolicited calls? Answering calls with no recognized number? Is this a thing? This is a thing, isn't it?
Negative amortization isn't always a bad thing, depends on the situation. So sorry about loosing that house. Sounds like the Whole loan and people connected were a scam. Now if the home was upside down, in total disrepair, some mold, with a termite & tick infestestation. They got out alive.
I cut the landline once I realized that the ATT WiFi calling works really well. I use my iPhone 8 on speaker, and people tell me it sounds great. And now I have only one phone number.
I would, and I would turn the ringer off.
My phones are my old office phones, kept two as cell phones in case the battery on one died. Just cheap flip phones, no features or apps.
And I cannot join the Registry because technically these are business phones. And because it is my choice to answer the phone a good bit because my old clients (I'm not taking cases anymore) still need help and I try to steer them to someone that they could hire, or an agency or nonprofit that could help them. Once upon a time, I made money serving them and I haven't forgotten. Sometimes we just visit; sometimes I can solve their problems with a quick call or whatever.
In 2009, it was still 50% real people. Now, it could be 8%. I answer "Law Offices" and usually the line goes dead right there.
So, for some, it is a thing.
I disconnected my land line when I realized it hadn't been connected for at least 3 years.
99% of all reverse mortgages are HUD-insured, and you can't get one without a clear understanding of what you're signing. You have to receive certification from an independent advisor that you've received their counseling and understand the negative amortization and understand your obligations (live in the house, pay your property taxes, and maintain insurance). You can't sign closing papers without acknowledging all this again.
There's no scam involved. Every case I've heard about where someone claims they've been taken, it turns out that they didn't meet their obligations.
As for those "we buy houses" firms, nobody's forcing you to sell to them.
Too good to be true, usually is...
We've kept our landline for emergencies...call 911, yell help, and they can quickly locate the address even if we are forced to drop the phone while rendering medical aid or returning fire. Ours is a local only line. We keep all ringers off and it goes directly to a machine eliminating most callers immediately. Cheap insurance.
Depending on how many calls you get a day, and the time you spend answering and weeding them, I would guess 92% non-human and unsolicited calls is worth paying for some type of answering service - live, automated, or both.
For my personal phone, my answering service is my eyes. If I don't recognize the number, I don't answer it. Period. They are welcome to leave a message. My work phone is nicely buried in bureaucracy (sometimes that's a good thing), and the phones are networked with caller ID and message service. For several reasons, it would not be productive for me to just pick up the phone any old time it rings. I can't think I'm alone in this.
The bubble is so enormous and the millennials so willing to buy anything at any price in the burg where I live, that we don’t see a lot of it .
Folks I know who thought they’d be here forever are thinking seriously of taking the money and running. We would too if we were smart, as other locations in the state are down as much as 40%.
WE BUY HOUSES ! CASH ! 1 (313) BUY-YOURS
(Yep, too many numbers . Many , many signs on many, many poles though...)