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

[chisnpeke]

This happened in the county that I live in. I get why he did it but it doesn't make sense. He's going to owe the money no matter what.

 

[chisnpeke]

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

This news channel (WLWT) isn't exactly the best in Cincinnati.

 

[Lisa loves Pooh]

I heard this man's story on my drive home from Tampa last night. He was being interviewed on some call in show.

I have to say--if EVERYTHING he said on that show is 100% accurate...I do condone his actions.

He has the legal right and the bank would not allow him to pay his note. (I'm a bit confuzzled, but it sounds like he had an out to stop foreclosure and pay his note and the bank got greedy).

He claims he consulted an attorney--and if he broke no laws...good for him.


Of course I am taking his story as he told it. There could be additional facts that would make me change my mind.

****

There was a story of another couple whose family was foreclosed on. Locks changed, home boarded up and they were denied entry.

The only problem: The bank had the wrong address and refused to follow up on claims of the homeowner and a realtor who attempted to prove that the homeowners not only were not in default..but there was no mortgage. The home was 100% paid for (in cash). It was later realized the back had the wrong address.

So while the guy's story is whacky--banks are not always 100% correct in their actions. And sometimes-stories smell funny b/c the bank is the one that stinks.

 

[Lisa loves Pooh]

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.

Not really.

All a foreclosure does is ruin your credit. As homeowner, you are free to care for the home as you wish.

Destruction of personal private property does not appear on a credit report.

 

[DisneyBamaFan]

This story reminded me of another interesting choice made by a man who has become a legend in Italy: link...

 

[Purseval]

Unfortunately vandalism by people getting foreclosed on (not as extreme as this case) is so common that banks will actually pay people thousand of dollars in bonuses if the house is left behind in good condition when they move out.

 

[Disney Doll]

I'm thinking there's a lot more to this story than initially meets the eye....

 

[LuvCuteBoys]

I believe there is a point where a creditor can refuse payment if the loan is far enough in arrears. I may be wrong about that, but I do think that's true.

But even so, the problem isn't the mortgage. It's the fact that he used his house as collateral.

Yes, banks make mistakes. But this a very fishy story and none of it makes sense at face value.

 

[LuvOrlando]

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.

I understand what you are saying but I have to be honest, there isn't a single thing anyone can possibly do to a bank or big business right here and now that WOULDN'T make me sympathetic for the regular guy. These 'big guys' have used up all my goodwill, there is none left.

Now I do tend to feel bad for the human beings that work for these organizations, the poor people who happened to be in that building in Austin when the plane hit were innocent victims. Also, I feel bad for the little people who get garbage raises ect while the big shots get to pay for their Caribbean summer homes and private jets. BUT, and it's a big but, I have absolutely no interest at all in the well being of these organizations that sent our jobs & money offshore with one hand while accepting MY tax money (as aid!) that should have gone to my neighbors with the other one. The big shots are writing all the rules and stole my tax dollars as far as I'm concerned and there isn't person on this planet that can convince me otherwise.

Whether the guy is off his rocker, unstable or whatever, his plight is just like that of too many people to count and it's somebody's fault, but not his. He bought the story so many other bought, calling him ignorant now after so many were counting on his ignorance to line their pockets is just plain not ok in my opinion.

I'm not saying you are wrong in your opinion. I think everyone is entitled to one and that they should all be respected. Just saying there are different ways to look at it and all are valid, mine included.