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Started By
Message
Jackson MS Mayor's Mortgage Miracle
Posted on 5/22/16 at 7:03 am
Posted on 5/22/16 at 7:03 am
This is the current mayor of Jackson. Sad thing is, the next one will probably be worse.
LINK
LINK
quote:
A few weeks after being elected Jackson mayor in 2014, Tony Yarber stood in his pulpit at Relevant Empowerment Church and spoke of his blessings — the bank “washing away” his nearly $100,000 mortgage. “Election is over. We trusted God. Y’all talked all that noise,” Yarber said in his sermon. “And while they was running their mouth, a letter came in the mail from Wells Fargo. The letter said, ‘Dear Mr. Yarber, concerning loan number whatever it was, at 1605 whatever street you stay on, we have no more interest in that property. Consider the $92,000 that you owe us washed away.’”
quote:
Sure enough, records in Hinds Chancery Court show the release of his mortgage, which typically indicates the remaining lien has been satisfied. But at the time Yarber was in financial straits, having not paid his house note in several months.
quote:
Yarber took out a 40-year, $92,872.48 mortgage on his south Jackson home. On May 16, 2014, 22 days after taking office, the lien release was recorded in Chancery Court.
quote:
By the time his mortgage “washed away,” he hadn’t paid his house note in five months, since November the previous year, he told his church congregation. Bank records show a pattern of late or non-payment on Yarber's mortgage. He hadn’t paid against the principle of the loan since 2012. “That was our Wells Fargo protest,” Yarber said. "My family and I was part of the very unfortunate real estate swindle of the early 2000's that millions of Americans fell to prey to," Yarber said to explain the genesis of his financial problems.
20
Posted on 5/22/16 at 7:05 am to DingLeeBerry
Still waiting on my letter.
Posted on 5/22/16 at 7:06 am to DingLeeBerry
So someone paid off his mortgage?
ETA:
frick this guy. There is no real estate swindle when you buy a house you can afford. The fact that the people of Jackson voted for this parasite shows what a shithole that place is.
ETA:
frick this guy. There is no real estate swindle when you buy a house you can afford. The fact that the people of Jackson voted for this parasite shows what a shithole that place is.
This post was edited on 5/22/16 at 7:10 am
Posted on 5/22/16 at 7:07 am to DingLeeBerry
If Wells Fargo wants to give this black mayor his money to avoid media shannagans , then that is their business decision .
Posted on 5/22/16 at 7:08 am to DingLeeBerry
Jackson mafia doing work
Posted on 5/22/16 at 7:11 am to Finch
quote:
So someone paid off his mortgage?
Looks like it, some company's gonna be getting fat govt contracts soon
Posted on 5/22/16 at 7:12 am to DingLeeBerry
quote:
a letter came in the mail from Wells Fargo.
quote:
Consider the $92,000 that you owe us washed away.’”
I manage repo properties in Jackson and WF is one of my clients and this isn't at all how they work. It doesn't matter if you owe them $100 on the mortgage they aren't forgiving a thing.
Jackson is a shithole and they foreclose on some houses that end up costing more to foreclose on than the house is worth but I promise nothing is forgiven.
Posted on 5/22/16 at 7:14 am to stout
Some business interest(s) just purchashed millions in city contracts for $92,000.
Posted on 5/22/16 at 7:15 am to DingLeeBerry
Praise gawd!!!!!!
Posted on 5/22/16 at 7:16 am to DingLeeBerry
It makes sense that a man who is so financially irresponsible is the Mayor of a city that can't afford to repair their horrible roads and water system.
Posted on 5/22/16 at 7:23 am to stout
(no message)
This post was edited on 5/30/16 at 7:31 pm
Posted on 5/22/16 at 7:27 am to DingLeeBerry
quote:
washed away
I've never heard of such a thing.
Posted on 5/22/16 at 7:33 am to DingLeeBerry
quote:
He hadn’t paid against the principle
Figures that the paper in Jacksonville doesn't understand principal vs. principle.
Posted on 5/22/16 at 7:50 am to bigblake
quote:
I'm guessing someone else paid it and he received the payoff notice from WF. (or he claimed it was WF that forgave it so it wouldn't draw attention to who really paid).
WF said as much
quote:
According to a statement from Wells Fargo, Yarber’s lien was released “in the normal course of business. It was not connected with any request or settlement.”
quote:
How should I have the reno costs estimated prior to settling on a price?
Find a few reputable licensed contractors and let them bid the entire project but I guess it's really going to depend on what sort of loan you are doing and their guidelines for releasing the money on draws as the rehab is completed. Some want a licensed guy with stamped plans and others aren't as strict and will let you do the work yourself as long as they inspect the process to see where the money is being spent.
Posted on 5/22/16 at 7:52 am to DingLeeBerry
A 40 year loan on 92k? My god...
Posted on 5/22/16 at 7:52 am to DingLeeBerry
Jesus how much would a note be on 92k @ 40 years, like $500/month?
Must have been bad off to not be able to pay that.
Must have been bad off to not be able to pay that.
Posted on 5/22/16 at 7:56 am to TexasTiger89
A $100k mortgage is like $400 a month. That's just not even making an effort to pay. Swindled, yeah people getting swindled alright, but it ain't you Mayor.
Posted on 5/22/16 at 8:06 am to ULSU
quote:
A $100k mortgage is like $400 a month.
I doubt that dude got prime rates and even more doubtful on a 40 year term. His PMI alone had to be up there because it looks like he maxed the hell out of the LTV. He was probably paying close to double what you are estimating.
Posted on 5/22/16 at 8:11 am to stout
Thinking about it like that, you are probably right. Probably a 40 year mortgage at 6.8% with zero down, meaning g PMI is paid until he has 20% paid. Sounds like he hasn't paid any principle, so the PMI will never go away.
He is still to blame for getting in way over his head (on a freaking $92k loan).
He is still to blame for getting in way over his head (on a freaking $92k loan).
Posted on 5/22/16 at 9:19 am to MadDoggyStyle
quote:
It makes sense that a man who is so financially irresponsible is the Mayor of a city that can't afford to repair their horrible roads and water system.
Very similar to the Baton Rouge situation..hmmmm
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