• 01
  • December
    2011

Earlier this week, it was announced that a 103-year-old Atlanta woman and her 83-year-old daughter would be allowed to stay in their home even though they had not kept up with their mortgage payments as they had agreed they would do. Allowing the women to stay in their home instead of sending it through foreclosure proceedings was a generous act on the part of Chase Bank, which provides the mortgage, but it does raise some concern about a dangerous precedent developing.

The woman's grandson was supposed to be making payments on her behalf. He has admitted that he did not make several payments and has said that he bears full responsibility. He has not said why he did not make the payments.

The woman was due to be evicted and her home foreclosed upon when her plight caught the attention of the media and, hence, the sympathy of many viewers and readers. Chase has now said it is trying to find a solution that will allow the woman to stay in her home permanently.

Once again, that is a very generous thing for the bank to do. But let's not forget that, ultimately, the family involved in this story was not making the payments it was supposed to. Banks are like any business in that they deserve to receive the money they are owed. Furthermore, they can actually be good for communities because they provide the loans, savings accounts and other financial services that businesses and individual consumers need to grow and prosper. If we continue to let people ignore their obligations because we feel sorry for them, where will that leave us?

Source: WSB-TV Channel 2, "103-year-old gets to stay in home after Ch. 2 story airs over possible eviction," Ryan Young, Nov. 30, 2011