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randir14 05-25-2012 05:57 PM

38 Studios Employees Stuck With Second Mortgage
 

The Verge is reporting that some 38 Studios employees are stuck with a second mortgage, after being led to believe that the company had sold their previous homes when they moved to Rhode Island.

Quote:

Some of the hundreds of 38 Studios employees laid off yesterday were hit with a second round of bad news this week when they were told that homes they thought the company had sold for them hadn't been, and that they may be stuck with a second mortgage, Polygon has learned.

Several sources directly impacted by the mortgage issue confirmed the news today and a 38 Studios official, who asked to not be named, said the company is working to try and get to the bottom of the notifications and find a resolution.

One former employee said they discovered this week that their Massachusetts home, which they had been told was sold last year, actually hadn't been. The bank contacted them this week to ask why they mortgage wasn't being paid.

It is unclear how many of 38 Studio's 288 Rhode Island employees may be impacted, but it will likely only affect some of those who were part of the company's relocation program. The program, we were told, was used to help employees moving from Massachusetts to Rhode Island when the company relocated.

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Cygnus 05-25-2012 06:12 PM

Ouch that is ridiculous. I hope they got something in writing.

NickAragua 05-25-2012 06:15 PM

Yeah, that's just fucking awful. One of my friends was briefly considering going to work for those guys, I'm pretty glad he didn't get the job.

Darklurkr23 05-25-2012 06:25 PM

Sad to see a Game Studio Die.

But you gotta admit KOA was damn boring (>>)

Anenome 05-25-2012 06:44 PM

What the eff? Who trusts someone else to oversee the sale of a home? I wouldn't.

Orphiuchus 05-25-2012 06:49 PM

This has got to be one of the bigger clusterfucks in the history of gaming.

Chimpbot 05-25-2012 06:51 PM

Quote:

Originally Posted by Darklurkr23 (Post 2123625)
Sad to see a Game Studio Die.

But you gotta admit KOA was damn boring (>>)

Kingdoms of Amalur was the perfect meld of Fable and Elder Scrolls; I enjoyed every second of it.

ElektroDragon 05-25-2012 06:52 PM

This is complete crap of course, but how uninvolved with your financial life and responsibilities do you have to be to just take someone's word that your house was sold and not confirm it for yourself?! You normally need to sign off on sales papers, unless they gave the studio power of attorney to handle the sale for them which sounds unreal.

ElektroDragon 05-25-2012 06:53 PM

Quote:

Originally Posted by Anenome (Post 2123634)
What the eff? Who trusts someone else to oversee the sale of a home? I wouldn't.

Yep, my point exactly.

ElektroDragon 05-25-2012 06:55 PM

Quote:

Originally Posted by Darklurkr23 (Post 2123625)
Sad to see a Game Studio Die.

But you gotta admit KOA was damn boring (>>)

I didn't want to admit it at first, but now 60 hours in and feeling like I've barely scratched the surface at level 18... I have to say yes. It's a big yawnfest. The biggest problem are those damn fae. They bore me to tears.

Hellstorm 05-25-2012 06:58 PM

Quote:

Originally Posted by Orphiuchus (Post 2123635)
This has got to be one of the bigger clusterfucks in the history of gaming.

No kidding. I thought Ion Storm would never be topped, but lo and behold...

kwolf 05-25-2012 07:12 PM

Looks like we will be enjoying the news of 38 studios lawsuits for some time.

Emabulator 05-25-2012 07:31 PM

Curt Schilling found gulity of douchebaggery.

automaton 05-25-2012 07:36 PM

This should not make much to anyone who's ever had a mortgage. How in the fuck do you "not know" that you haven't been released from your mortgage? How do you leave business like that to someone else without following up on it a year later? I'm seriously doubting the veracity of this.

Azzy 05-25-2012 07:37 PM

Holy crap, how horrible. So 38 was just making their payments for them since their relocation, or what? If so, no wonder the dumbasses went under. And, if their homes were said to have been sold, did the owners get the $$ for it? If so, if they were smart with their money, they should be ok.
What a strange situation.

Also, KOA sucked. I put about twelve hours into it and was bored to tears after about hour 3. The best thing about it was the random shit NPCs did in the background, like pushups.

ElektroDragon 05-25-2012 08:02 PM

Quote:

Originally Posted by automaton (Post 2123647)
This should not make much to anyone who's ever had a mortgage. How in the fuck do you "not know" that you haven't been released from your mortgage? How do you leave business like that to someone else without following up on it a year later? I'm seriously doubting the veracity of this.

Agreed, but, with today's nanny state entitlement society, I'm not surprised.

OmegaVader 05-25-2012 08:16 PM

Quote:

Originally Posted by ElektroDragon (Post 2123653)
Agreed, but, with today's nanny state entitlement society, I'm not surprised.



Non-sequitur

Rommel 05-25-2012 09:13 PM

Quote:

Originally Posted by Anenome (Post 2123634)
What the eff? Who trusts someone else to oversee the sale of a home? I wouldn't.

Yeah I ... I have never heard of such a thing.

Rommel 05-25-2012 09:16 PM

No I cannot leave it at that. Where did the funds go for the last year? Did none of those relocated employees expect to have turned a profit from their sale, and on the opposite end of the spectrum, did anyone with no equity in their home (Entry-level programmers being young, and all) think how lucky they were to break exactly even on the sale?

Okay, yeah--never heard of anyone like this and I have been relocated for work three times. If anyone knows if this is standard or common or even an on-occasion business practice, please fill me in.

LoTECH 05-25-2012 09:31 PM

Pretty sad for a game that reviewed fairly well (a steady 80% on metacritic).

I am still enjoying the game, but it's not on par with Elder Scrolls. It IS a shit-ton better than Fable 3, though. And it's epic in scale.

TUT 05-25-2012 09:50 PM

This is actually old school. Companies used to handle your mortgage on a move, most don't even think of it now. For example my company use to, if we went out of business during that period, I wonder if the same fate would have happened? The company is paying the mortgage until it sells. They go out of business they stop paying and now you know exactly what the score is, if they don't it just all magically happens. Oh this sucks no doubt, but I wonder if it is all that different then what a lot of companies used to do with relo's? Could also have cost them a pretty penny and bit part of their collapse.

kwolf 05-25-2012 09:56 PM

Quote:

Originally Posted by Chimpbot (Post 2123636)
Kingdoms of Amalur was the perfect meld of Fable and Elder Scrolls; I enjoyed every second of it.

Like that time I got to the 3rd or 4th area and had about a million gold and then some guy gives me a quest to polish his silver and sell it for 50g if I do? w00t! Or that time I took down that boss and got an item that was worse than the one I crafted 20 levels ago? Like that time I had to turn my controller upside-down just to get the smallest amount of challenge out of combat? The guy from My Left Foot could rock Amalur on Hard for fucks sake.

sai tyrus 05-25-2012 11:16 PM

This is unfortunate. As many have said, I wouldn't be so aloof with my finances.

Anenome 05-25-2012 11:52 PM

Quote:

Originally Posted by TUT (Post 2123669)
This is actually old school. Companies used to handle your mortgage on a move, most don't even think of it now. For example my company use to, if we went out of business during that period, I wonder if the same fate would have happened? The company is paying the mortgage until it sells. They go out of business they stop paying and now you know exactly what the score is, if they don't it just all magically happens. Oh this sucks no doubt, but I wonder if it is all that different then what a lot of companies used to do with relo's? Could also have cost them a pretty penny and bit part of their collapse.

Well, with $100 million from the taxpayers, who's counting cost? I'm sure the taxpayers are happy the governor's been investing their money for them... and losing all of it.

MasterKwan 05-26-2012 04:32 AM

Quote:

What the eff? Who trusts someone else to oversee the sale of a home? I wouldn't.
Agreed. I'm having a hard time being sympathetic. What about all the employees who weren't stupid? We don't hear about them.

Metal Khaos 05-26-2012 05:38 AM

Quote:

Originally Posted by Anenome (Post 2123634)
What the eff? Who trusts someone else to oversee the sale of a home? I wouldn't.

Totally agree. I mean it's shitty situation, but I would never trust something like that to my employer. No matter who it was. That's just asking for trouble.

EL CABONG 05-26-2012 07:45 AM

Quote:

Originally Posted by ElektroDragon (Post 2123639)
I didn't want to admit it at first, but now 60 hours in and feeling like I've barely scratched the surface at level 18... I have to say yes. It's a big yawnfest. The biggest problem are those damn fae. They bore me to tears.

Yup. The gameplay was good if a bit easy. The story was boring and after awhile I just skipped the all the talkly bits.

lalarka 05-26-2012 07:50 AM

What bloody idiot would let their employer sell their home!?! If you aren't at the close yourself, you deserve to get whatever happens to you. Besides, I'm sure some of these people got a cash out (or conversely had to pay cash in). If you didn't get a check or had to deliver one to the agent acting on your behalf, I'd sure as hell be asking some questions.

gobius 05-26-2012 02:48 PM

I liked KoA. It was too easy, though. I want a really hard mode.

Anenome 05-26-2012 03:24 PM

I'd do it only if the employer bought the house from me! Haha. Let them sell it on their own liability.

Windsong 05-27-2012 02:24 PM

Christ, one mortgage is bad enough in Obama's shitty economy. I can't even begin to imagine the hell of having two to pay for.


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