Friday, January 20, 2017
This is Where Coming From California Makes Me Miss Things
Included in his foreclosures were 35,000 cases of "Widow Foreclosures" or reverse mortgage foreclosures.
For those of you not familiar with a reverse mortgage, it is when you essentially mortgage your house and get payments back - and then when you die, the bank gets your house.
I am all too familiar with it from the AIDS crises when these (and reverse life insurance purchases) were created.
But as this goes on TV and the widows are kicked out of their houses, I say to Ed, I say "I don't get it. They are still alive - how can they foreclose?"
Ed explained that the houses were usually in the man's name in the old days. Once he died, Secretary Elect Dickhead Munchkin's company would kick grannie out.
"But," I said stupidly, "she is STILL alive, they can't do that."
And Ed explains, patiently, that California is a Community Property state, and no, they can't do it there. But most states are NOT community property states so it happens elsewhere.
And again I think, not for the first time and not for the last, California Rocks.