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Most Ridiculous Excuses for Borrower Missing Payments,ents
#1 General Real Estate Investing Contributor
- Investor
- The Woodlands TX / Avon, CT
Most Ridiculous Excuses by Borrowers for Missing Payments
“I was out of town” - apparently, unbeknownst to myself, mail, telephone, text, email and bank transfer only work when borrower is in his home city.
“I thought I was going to be able to get a new loan” - I guess the act of thinking about refinancing relieves the debtor from the obligation of making contracted monthly payments on his existing loan
“My bank screwed up my account” - although bank screwups occur once in every 200,000 customers (and are almost always corrected within 24 hours), the percentage changes to 75% for those who are also debtors.
“I had the money in my account but you ACH’d the money on the wrong day and now the money is gone” - the inexplicable “disappearing” money
“I had to pay a large utility bill that came up unexpected like” - Hate it when monthly bills arrive unexpectedly every month.
- Don Konipol
Most Popular Reply
there was a post here on bp where the borrower was having his property manager pay the mortgage payment and when the loan got sold and switched servicers, they did not pick up on it and fell behind. i thought that was very unique as i don't know why anyone would ever rely on another party to handle their mortgage payment in today's world where it takes 30 seconds to set up an auto pay
some others we have seen where i got married and i was on my honeymoon in africa or europe for 3 weeks. i've never also met so many borrowers who have 5+ grandmothers and grandfathers. there also appears to bea correlation between those who have 6+ grandparents and life expectancy as it's amazing how many of them and how quickly they pass away.
- Chris Seveney
