350K home, 160K mortgage - bank wants to foreclose, he decides to bulldoze

[N.Bailey]

I just saw this on CNN. I certainly don't condone this man's actions, but IMO, we're going to see a lot of these types of situations if this economy doesn't pick up.

I've no doubt his legal troubles are just starting, but I can sympathize a bit. He has never missed a single payment, nor has he ever made a single payment late (allegedly anyway).

http://www.wlwt.com/video/22616004/index.html

 

[klj27]

I can't believe that happened locally and this is the first I have heard of it. It looked like a lovely home and I don't understand how he could think this was a good idea. Now he has no home and is still going to owe the $160,000.

 

[Stumpy]

I can't believe that happened locally and this is the first I have heard of it. It looked like a lovely home and I don't understand how he could think this was a good idea. Now he has no home and is still going to owe the $160,000.

Don't forget the legal fees that will come along with his actions. I didn't listen to the story (I'm on my laptop next to my wife, who is taking a test online), but my guess is that there are some other details to his story that he may be leaving out, such as never missing a payment or being behind. I'm sure they would have to go through a legal process before foreclosing, and with all the negative publicity banks have gotten in the last couple of years they would probably have worked with him to try and keep him in his home.

He destroyed $190k of his own wealth, cost the bank $160k of theirs (which ultimately passes down to consumers), just bought himself a whole heap of legal trouble and pretty much assured himself that home ownership will never happen again.

 

[LuvCuteBoys]

Bonehead. Getting rid of the home doesn't get rid of the debt.

The story doesn't even make sense. He's going to be in a world of hurt and I can't say that I feel any sympathy.

 

[klj27]

You could definately tell from listening to him that he wasn't sharing the whole story. Very much a poor me attitude.

 

[LuvCuteBoys]

So I'm trying to find a written article about this... what I'm seeing is that the IRS placed a lien on his home and his business. Someone sued him.

So now the bank is taking the house as collateral? Collateral for what? The lien is from the IRS, not the bank. He owes $160,000. Says someone offered to give him $170,000 to pay off his mortgage and the bank refused it.

Weird, weird story.

Probably figures he'll get his own reality show and make bundles?

 

[klj27]

He doesn't talk about any of that he just said something about them raising his interest rate. Crazy!

 

[LuvCuteBoys]

And if he had an adjustable rate mortgage and signed the paperwork, then that's what happens... the rate goes up.

But there is NO WAY that he's current on his payments and the bank is foreclosing.

 

[JessicaR]

The man said he was sruggling to pay his morgage and the bank raised his interest rate. He felt they were setting him up to take his house away.

Banks are looking to work with people I'm wondering what the whole story is. What a shame that this seemed like a good idea to him.

 

[DisneyBamaFan]

Too much information unknown for me to even have an opinion...

 

[klj27]

According the county website he is at least 32000 behind in property taxes.

 

[auntie]

One of the cable news stations..(I think it was CNN) had a story about this guy the day the guy in Texas flew his plane into the IRS offices.
I don't remember exactly..only caught the end of it....but this guy's issue was with the IRS as well.

 

[DisneyBamaFan]

I read that he and his brother were business partners and his brother sued him and won. As a result, the IRS attached a lien and the bank decided to sieze his home as collateral (did not say for what). No other details offered. So there is clearly more to this.

Still too many unknowns...

 

[allison443]

Too much information unknown for me to even have an opinion...

I agree....that was a news report? Something vague about the bank raising his interest rate?
It really didn't explain anything

 

[plyeng2ff]

Wow

 

[bumbershoot]

Offtopic:

One of the cable news stations..(I think it was CNN) had a story about this guy the day the guy in Texas flew his plane into the IRS offices.
I don't remember exactly..only caught the end of it....but this guy's issue was with the IRS as well.

Mm. I read that entire manifesto, and that dude's problems were with his own head. He lost his first business for a tax debt of 1100 dollars. Second business was lost too, for about the same reason. Dude didn't know how to run a business, sounded like he was trying to start a church at some point but was caught, etc etc. I knew people who feel they don't have to pay taxes, and whether or not I agree with their points, I'm more realistic than that, and we file. Also, he liquidated his retirement money (I assume 401k) and an IRA, then didn't file taxes b/c he hadn't earned any money that year...aughhhhhhh.

Anyway, somewhere in his head he felt it was the IRS, but I knew more at 18 about taxes than he did his whole life.

DH was in pain as I read him stuff...the guy was a software engineer in the early 80s. He could have been a millionaire...could have been at m'soft, pixar, could have written his own ticket...gah.



Ontopic:

Found this article: http://www.wlwt.com/news/22600154/detail.html

Still doesn't make much sense, except it seems he had a mortgage on business property as well, his house was collateral for that, lien by the IRS on the business property...seems like it all went together.

So I'm not sure it mattered at all that someone was willing to pay off his home for him, since there was that commercial property problem, along with a lawsuit.

 

[kydisneyfans]

I hate to say this, but people are desparate out there right now. We're going to hear more and more of planes flying into the IRS and people destroying their own property to keep someone else from repossessing it. All we hear from elected officials is that it would have been worse without the hard work they have done to save jobs, instead of hearing what they are going to do to get things back on track.

 

[Mad4Mickey]

based on this info only , it makes no sense . The banks cant just raise your intrest for no reason . That is why you have a contract , so there is more here then we are seeing in that video. Either way he is a NUTJOB ! Who does stuff like this .

As for the man who caught his own house on fire then got in his private plane and flew it into the IRS building .....CRAZY ! Just CRAZY

 

[LuvOrlando]

A few months ago, when things appeared to be leveling out regarding job losses, there was an article about how we needed to brace ourselves for the second wave of fallout. I seem to recall this wave was gong to be made up of those who were able to hold on by a string after the initial losses of Jobs, savings & property values. The catalysts were anticipated to be, #1, credit running out, #2, variable rate mortgages coming due when the low rate arm ended and the homeowners being unable to qualify for new mortgages, #3, taxes coming due.

I feel so deeply horribly sad for all the people being hurt by this mess. No-one seems to be helping them at all, it's 2 years later and the only one's still getting money are big businesses either in the form of municipalities or reg big businesses. There hasn't been a new job I've seen, every business has hiring freezes on and people are still losing their homes

Ever notice how, when people are evaluated in court the judges consider a person's ties to a community when evaluating the person's risk? Once the person's ties to a community are eliminated their risk seems to skyrocket... that seems to be exactly what is happening right now.

When people are desperate they are dangerous, and there are a whole lot of desperate people out there.

 

[LuvCuteBoys]

Finding more articles on this finally.

This guy is a whack job and I'm amazed at the people who think he did the right thing (not on here, but in the comments sections of the articles I've read).

And if you're trying to make yourself look sympathetic, it helps if you give all the facts. He put his home up as collateral on his business. Whether he was current on his mortgage or not, at that point it doesn't matter. That's what collateral means. He could have owed NOTHING on the mortgage and it wouldn't have mattered. The mortgage has nothing to do with it. This is assuming, of course, that the more recent reports I'm reading are accurate. The bank isn't gonna just take your house because they feel like it.

Sure, people are getting desperate and things aren't all rosy for everyone right now. But not ALL of the blame lies with the government and the businesses and the banks, etc.