Posted on 02/20/2010 7:53:25 PM PST by Talkradio03
"When I see I owe $160,000 on a home valued at $350,000, and someone decides they want to take it – no, I wasn't going to stand for that, so I took it down," ..."Hopefully from this people will stand up and call their bank and tell them -hey listen, I'm not gonna let you do this to me" (Before and After photos)
(Excerpt) Read more at hotairpundit.blogspot.com ...
I would have done the same thing.
I don’t approve, but under the currant ecomomic depress and the press people are already under and the banks taking a beat on their end too what happens if only 4 or 5 percent of the people start doing this?
Bulldozing the house does not eliminate his mortgage, only his collateral. He will be even angrier now that he still owes the bank $160K, his butt is in jail and his family is homeless. Senseless stupidity.
One good idea.
Don’t borrow hundreds of thousands of dollars in the first place.
The bank saw a chance to stick it to him and make some dishonest money.
Well with the pond and the land could it be that maybe someone at the bank wanted a secure BOL for the coming pitchfork, tar, feather, and noose parties?
Yeah cause ya never know when a communist will take the White House and work to destroy America and our economy.
The bank doesn’t just “decide” to take your home. The spoiled little crybaby borrowed too much for his Barbie Dream House and now doesn’t want to pay his bills.
Looks like a nice place. Bankers are not our friends.
Well I would say they can’t just take you home, seems I have been reading about a lot cases where banks are foreclosing on the wrong homes, but basically you are right. Its the government that can come and take your home and pay you what they want for it.
When was that before or after he decided he was going to default on his loan? Is no one responsible for their own actions or decisions anymore?
“When was that before or after he decided he was going to default on his loan? “
Well it was after the banks accepted a bailout with tax dollars. It was also after he found someone who would pay this mortgage off in full. They declined because they thought they could make some money.
“Is no one responsible for their own actions or decisions anymore?”
Doesn’t seem like the bankers have taken any responsibility for the mess they made.
Bankers are worse than lawyers. That is as bad of a recommendation as I can give.
He owed 160K on a 350K house. Where he got in trouble was that it sounds like he used the house as collateral on his business. He never missed a payment on the house.
Did you see the source video. The reporters say he never missed a payment. The bank wanted the house back because he had IRS liens against his business. The bank was afraid the house would be placed under a lien, as well.
What prevents him from reorganizing unter Chaper 11 or 9? People go bankrupt all of the time and they do not go to jail.
“Bankers are worse than lawyers. “
hmmm thats a tough one
Ummm, somehow the colors of the house (especially it’s roof)just don’t look the same in those pics.
Sorry, but until I see an overhead after shot I gotta call BS on this one.
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