Frustrated Owner Bulldozes Home Ahead Of Foreclosure

[uscitizen]

Geez. People are really starting to lose it. So sad

well, they have the constant din of loons in their head telling them that it's time to "take arms".

this is the progeny of that type of self-serving, ill-conceived propaganda.

I'm having a hard time hearing that din...

They're being drowned out by the loons telling us to relax because the economy is getting better and better every day and we really can afford that new healthcare plan...

Just a different group of loons teling us the economy is getting better.

 

[jillian]

I'm having a hard time hearing that din...

They're being drowned out by the loons telling us to relax because the economy is getting better and better every day and we really can afford that new healthcare plan...

if you're not hearing the din then you haven't been watching fauxnews, listening to talk radio or playing on this messageboard.

there are remedies for when people go broke. one can a) sell the property; b) re-negotiate with the bank; c) obtain private funding; or, in the event none of those are possible, d) file bankruptcy.

Of course, the bankruptcy laws were changed during the last admin to make filing almost impossible, but if all else fails, then if the guy was judgment-proof, it really didn't matter what happened because they aren't collecting from him, anyway.

and things are getting better. i suspect they'd have gotten better faster if the govt actually spent what they needed to to get people working.

and we can't afford to not have a healthcare plan. as it happens, i was at a town hall meeting with one of our congressmen last night. he spoke about healthcare (to a polite audience which had very pointed questions from him but was respectful).

healthcare costs in this country take up a percentage of our GDP which is almost double any other western nation. if we don't get those costs under control, there is going to come a point, not far in our future where half of every dollar spent by our government will be spent on healthcare.

 

[Dr.House]

I guess it's a matter of perspective...

Of the people I talk to, it's NOT getting better...

For my college age son trying to get a job to pay for his tuition/bills only to be turned away because nobody is hiring now or the positions are all filled by out of work engineers and CPAs...

Or my family members and church friends who've been laid off hoping to land something before the severance/unemployment runs out...

Not many of them agree with you that things are getting better...

 

[jillian]

I guess it's a matter of perspective...

Of the people I talk to, it's NOT getting better...

For my college age son trying to get a job to pay for his tuition/bills only to be turned away because nobody is hiring now or the positions are all filled by out of work engineers and CPAs...

Or my family members and church friends who've been laid off hoping to land something before the severance/unemployment runs out...

Not many of them agree with you that things are getting better...

I don't think anyone would disagree that jobs are the last thing to come back after a recession. It takes a while for businesses to have the confidence to make those kinds of expenditures.

So I understand why your family/church friends, etc., would feel frustrated... would feel things are pretty bleak. it's easy to say that economic predictors are doing much better when we're collecting a pay check.

What the congressman said last night, though, is that employers have been trying so hard to keep up with the cost of health care that they haven't been giving raises and haven't been hiring.... or instead of hiring 15 new workers, they'll hire 10 so they can insure them.

Hence the need to fix health care. It's why I think we can't afford not to address the issue.

 

[Dr.House]

I guess it's a matter of perspective...

Of the people I talk to, it's NOT getting better...

For my college age son trying to get a job to pay for his tuition/bills only to be turned away because nobody is hiring now or the positions are all filled by out of work engineers and CPAs...

Or my family members and church friends who've been laid off hoping to land something before the severance/unemployment runs out...

Not many of them agree with you that things are getting better...

I don't think anyone would disagree that jobs are the last thing to come back after a recession. It takes a while for businesses to have the confidence to make those kinds of expenditures.

So I understand why your family/church friends, etc., would feel frustrated... would feel things are pretty bleak. it's easy to say that economic predictors are doing much better when we're collecting a pay check.

What the congressman said last night, though, is that employers have been trying so hard to keep up with the cost of health care that they haven't been giving raises and haven't been hiring.... or instead of hiring 15 new workers, they'll hire 10 so they can insure them.

Hence the need to fix health care. It's why I think we can't afford not to address the issue.

Fix whatever can be fixed without increasing the tax burden to those already being taxed heavily...

We can't afford the new Cadillac Escalade so lets buy the Ford which will get us from point A to B just as easily...

 

[Againsheila]

POSTED: 10:42 am EST February 18, 2010
Man Says Actions Intended To Send Message To Banks

MOSCOW, Ohio --
Like many people, Terry Hoskins has had troubles with his bank. But his solution to foreclosure might be unique.

Hoskins said he's been in a struggle with RiverHills Bank over his Clermont County home for nearly a decade, a struggle that was coming to an end as the bank began foreclosure proceedings on his $350,000 home.

"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," Hoskins said.

Hoskins said the Internal Revenue Service placed liens on his carpet store and commercial property on state Route 125 after his brother, a one-time business partner, sued him.

The bank claimed his home as collateral, Hoskins said, and went after both his residential and commercial properties.

Hoskins said he'd gotten a $170,000 offer from someone to pay off the house, but the bank refused, saying they could get more from selling it in foreclosure.

Full story Frustrated Owner Bulldozes Home Ahead Of Foreclosure - Cincinnati News Story - WLWT Cincinnati

bulldozed home photos Bulldozed Home Photos - Photos - WLWT Cincinnati

This is why we bought an "assumable" mortgage. We can sell our house and someone else can "assume" the mortgage anytime we want. I couldn't believe the restrictions put on Freddie May and Franny Mack....no way would I have gotten a mortgage from either of those businesses.

 

[Againsheila]

Jillian or Crimson white will be by later to correct this, but the house is the security for a loan. the bank owns the house till the loan is paid off. It is the same as he had grabbed his boombox out of the pawnbrokers and smashed it on the pavement. He is still liable for the loan, and he is liable for the damage he causes the bank's house.

And yet, when it comes to property tax time, he has to pay the full amount the bank "owner" doesn't pay a dime.

 

[jillian]

Jillian or Crimson white will be by later to correct this, but the house is the security for a loan. the bank owns the house till the loan is paid off. It is the same as he had grabbed his boombox out of the pawnbrokers and smashed it on the pavement. He is still liable for the loan, and he is liable for the damage he causes the bank's house.

And yet, when it comes to property tax time, he has to pay the full amount the bank "owner" doesn't pay a dime.

most of the time the real property taxes are included in the mortgage, i believe.

 

[Againsheila]

42?

Now that is THE answer.

.
Yeah, but we still don't know the question. OH, and it's the "ultimate" answer.

 

[PLYMCO_PILGRIM]

It was still HIS property. It wasn't foreclosed. He still owned it.

When you own a home, you can bulldoze it if you want. That's not against the law.

Um... Actually if he had a loan, the bank also owns it.
And he just made things a lot worse for himself.

yup now the bank will get less money for his property and he will end up owing more in the forclosure

A for effort, F for foresight.

 

[Annie]

The problem is that the bank denied him a potential sale of the house that he had lined up, which would have fulfilled the remaining liability on the debt.

I'd probably fucking bulldoze the house TOO.

FUCK that shit.

Your obligation is to pay the loan off. He had that lined up, and the bank just said "no".

Considering the state of mind some people are in these days over the economy, and the actions of banks, the bank ought to consider themselves damn LUCKY that's ALL he did.

Yeah, I love what this guy did, but the fact remains that since the bank owns the deed, they get to make the determination. I would imagine the mortgage contract reflects this. Most do.

That is the only part that struck me strange, that the bank turned down a sale of $10k over what was owed. Something wrong with that, it's not a short sale.

 

[uscitizen]

I guess it's a matter of perspective...

Of the people I talk to, it's NOT getting better...

For my college age son trying to get a job to pay for his tuition/bills only to be turned away because nobody is hiring now or the positions are all filled by out of work engineers and CPAs...

Or my family members and church friends who've been laid off hoping to land something before the severance/unemployment runs out...

Not many of them agree with you that things are getting better...

Yep old farts like me working at the fast food joints around here.

And It may not get much better for quite a while.

 

[jillian]

The problem is that the bank denied him a potential sale of the house that he had lined up, which would have fulfilled the remaining liability on the debt.

I'd probably fucking bulldoze the house TOO.

FUCK that shit.

Your obligation is to pay the loan off. He had that lined up, and the bank just said "no".

Considering the state of mind some people are in these days over the economy, and the actions of banks, the bank ought to consider themselves damn LUCKY that's ALL he did.

Yeah, I love what this guy did, but the fact remains that since the bank owns the deed, they get to make the determination. I would imagine the mortgage contract reflects this. Most do.

That is the only part that struck me strange, that the bank turned down a sale of $10k over what was owed. Something wrong with that, it's not a short sale.

that's why i think something is missing from the story. that doesn't make sense.

 

[uscitizen]

Yeah, I love what this guy did, but the fact remains that since the bank owns the deed, they get to make the determination. I would imagine the mortgage contract reflects this. Most do.

That is the only part that struck me strange, that the bank turned down a sale of $10k over what was owed. Something wrong with that, it's not a short sale.

that's why i think something is missing from the story. that doesn't make sense.

Well about all we have so far is from an obviously deranged person.

 

[Paulie]

I've never heard of a bank telling someone they can't sell their house, when it would mean complete repayment of the loan.

That's just flat out fucking the homeowner over, and I see zero reason for doing such a thing.

The guy had half the loan already repaid. He was a GOOD CUSTOMER!

Like I said, they ought to consider themselves lucky he didn't grab an uzi and go spray the corporate offices up.

or perhaps you aren't getting the whole story???

because generally the bank would have no problem with a pre-foreclosure sale.

WEll that's pretty much what I think.

The LAST thing a bank wants to do is foreclose, because they usually end up losing money.

It's strange that they would prohibit him from selling the house for 10k more than the remaining liability on the loan.

So there's something more to this story.

I don't care enough to find out

 

[uscitizen]

I've never heard of a bank telling someone they can't sell their house, when it would mean complete repayment of the loan.

That's just flat out fucking the homeowner over, and I see zero reason for doing such a thing.

The guy had half the loan already repaid. He was a GOOD CUSTOMER!

Like I said, they ought to consider themselves lucky he didn't grab an uzi and go spray the corporate offices up.

or perhaps you aren't getting the whole story???

because generally the bank would have no problem with a pre-foreclosure sale.

WEll that's pretty much what I think.

The LAST thing a bank wants to do is foreclose, because they usually end up losing money.

It's strange that they would prohibit him from selling the house for 10k more than the remaining liability on the loan.

So there's something more to this story.

I don't care enough to find out

Only thing I could think of in the guys defense is that possible the bank has a very lucrative prospective sale for the property?

But not enough info to even guess....

btw before the bubble burst foreclosure was a lucrative business in some areas for banks.

Foreclose on a 100K mtg on a property that is now appraised for 250K?
But that is their right if you do not meet the terms of your mortgage/loan contract. ie if you do not pay or sell before you go into foreclosure. And if you do sell the mortgage holder is involved to ensure they get their loan amount first.

 

[Ravi]

He said the bank claimed his house as collateral so he probably owes the bank in question a lot more than the balance of his mortgage payment.

Nevah use your house as collateral for your business, it's just stupidity.

 

[PLYMCO_PILGRIM]

It was still HIS property. It wasn't foreclosed. He still owned it.

When you own a home, you can bulldoze it if you want. That's not against the law.

Um... Actually if he had a loan, the bank also owns it.
And he just made things a lot worse for himself.

yup now the bank will get less money for his property and he will end up owing more in the forclosure

A for effort, F for foresight.

He said the bank claimed his house as collateral so he probably owes the bank in question a lot more than the balance of his mortgage payment.

Nevah use your house as collateral for your business, it's just stupidity.

indeed

 

[Paulie]

or perhaps you aren't getting the whole story???

because generally the bank would have no problem with a pre-foreclosure sale.

WEll that's pretty much what I think.

The LAST thing a bank wants to do is foreclose, because they usually end up losing money.

It's strange that they would prohibit him from selling the house for 10k more than the remaining liability on the loan.

So there's something more to this story.

I don't care enough to find out

Only thing I could think of in the guys defense is that possible the bank has a very lucrative prospective sale for the property?

But not enough info to even guess....

btw before the bubble burst foreclosure was a lucrative business in some areas for banks.

Foreclose on a 100K mtg on a property that is now appraised for 250K?
But that is their right if you do not meet the terms of your mortgage/loan contract. ie if you do not pay or sell before you go into foreclosure.

Maybe so.

I'd still be just as pissed as he is, though.

I understand that there's terms to a contract and all, but I guess I still like to think that there's good people in this world, and that perhaps the bank could just find it in their hearts to allow him the sale so that he doesn't get screwed over.

There's fucking ENOUGH people being screwed over these days. At least he managed to find a way out at a time when most people are just defaulting and sticking the banks with more excess inventory at a time when homes are already sitting around and rotting away with no buyers.

So yes, the bank has that right as per foreclosure rules, but it doesn't preclude them from accepting the man's prospective sale.

I mean, how much more could it possibly be? I can't imagine it would be for a whole lot more than maybe $30k, possibly more.

Make 30k extra and screw some guy over, or take the remaining liability and be happy with the profit from interest they've already made up to that point...

I don't know. What the fuck ever, I guess.

 

[Ravi]

He actually has a right to default on his loan...it's in the contract.

He doesn't have a right to destroy property that doesn't belong to him.