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https://finance.yahoo.com/news/senio...100319361.htmlThese elderly homeowners were wooed into borrowing money through the special program by attractive sales pitches or a dire need for cash – or both. When they missed a paperwork deadline or fell behind on taxes or insurance, lenders moved swiftly to foreclose on the home. Those foreclosures wiped out hard-earned generational wealth built in the decades since the Fair Housing Act of 1968.
Leroy Roebuck, 86, rode the bus his entire career to a nearby curtain manufacturer. When he needed to make home repairs, he turned to reverse mortgages after seeing an ad on television.
Ten years ago, he forgot to renew his homeowners insurance, which cost about $2,000 a year. Including fees and penalties, his loan servicer says he now owes more than $20,000.
Roebuck’s first foreclosure notice came in the mail six years ago, and he is still fighting to hold on to the brick walk-up he bought from his parents in 1970, living in it through a special health exemption to foreclosure.
“I told my son, ‘Never. They ain’t gonna take this house,’ ” Roebuck said. “I’ll go to the deep blue sea, they’re not going to take this house.”
It's just like niggers to think that something is free gibs, no strings attached. Want to bet after it dies, the fambly will say it's racist to make them sell the house?
If it's whites who got in trouble, I still don't care. Nobody had to take out a reverse mortgage, or a ballooning interest mortgage. Know what you're getting into, and if you have to, keep renting an apartment before buying a house, or sell the house and move into an apartment.
I also don't feel sorry for these lenders that give mortgages and reverse mortgages to niggers, then lose money trying to foreclose. The problem, though, is that they recoup the losses somehow by charging more to everyone else.
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