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Paulie,
Business must be impartial to customers or you have prejudices mixing with business start to pop up.
Pauli, it sounds more like the man owes more than his mortgage. He used his house for collateral, that implies he borrowed more from the bank...probably for his business. There is no telling how much he borrowed...but it also sounds like he's not paying his taxes if the IRS has put a lien on his property.Paulie,
Business must be impartial to customers or you have prejudices mixing with business start to pop up.
A customer can make contact with a creditor and make a request. It happens all the time. There's no reason why a creditor can't appease a debtor and accept their request.
The bank simply chose to be greedy rather than work with a customer on his issues.
He had a sale lined up. There's no reason why the bank couldn't have considered accepting the sale, especially considering they'd be repaid on the loan.
I wouldn't be surprised if someone who worked at the bank really loved the house and wanted to buy it themselves, so the bank declined the man's sale.
Of course not.Pauli, it sounds more like the man owes more than his mortgage. He used his house for collateral, that implies he borrowed more from the bank...probably for his business. There is no telling how much he borrowed...but it also sounds like he's not paying his taxes if the IRS has put a lien on his property.Paulie,
Business must be impartial to customers or you have prejudices mixing with business start to pop up.
A customer can make contact with a creditor and make a request. It happens all the time. There's no reason why a creditor can't appease a debtor and accept their request.
The bank simply chose to be greedy rather than work with a customer on his issues.
He had a sale lined up. There's no reason why the bank couldn't have considered accepting the sale, especially considering they'd be repaid on the loan.
I wouldn't be surprised if someone who worked at the bank really loved the house and wanted to buy it themselves, so the bank declined the man's sale.
Do you think we should dispense with laws altogether and let people destroy things that they don't own and not be punished?
We only have his word for it and he sounds like he has a few screws loose...bulldozing the house and all.Of course not.Pauli, it sounds more like the man owes more than his mortgage. He used his house for collateral, that implies he borrowed more from the bank...probably for his business. There is no telling how much he borrowed...but it also sounds like he's not paying his taxes if the IRS has put a lien on his property.A customer can make contact with a creditor and make a request. It happens all the time. There's no reason why a creditor can't appease a debtor and accept their request.
The bank simply chose to be greedy rather than work with a customer on his issues.
He had a sale lined up. There's no reason why the bank couldn't have considered accepting the sale, especially considering they'd be repaid on the loan.
I wouldn't be surprised if someone who worked at the bank really loved the house and wanted to buy it themselves, so the bank declined the man's sale.
Do you think we should dispense with laws altogether and let people destroy things that they don't own and not be punished?
I don't advocate anyone break any law or rule, which in doing so would violate someone else's rights.
In this case, the bank owns the house, so they have a right to the property as it was at the time of foreclosure.
We don't know all the details here though, so there's still only speculation as to why they wouldn't allow him to execute a prospective sale he had lined up.
Paulie,
Business must be impartial to customers or you have prejudices mixing with business start to pop up.
A customer can make contact with a creditor and make a request. It happens all the time. There's no reason why a creditor can't appease a debtor and accept their request.
The bank simply chose to be greedy rather than work with a customer on his issues.
He had a sale lined up. There's no reason why the bank couldn't have considered accepting the sale, especially considering they'd be repaid on the loan.
I wouldn't be surprised if someone who worked at the bank really loved the house and wanted to buy it themselves, so the bank declined the man's sale.
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.
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.
Is that true? If he owned it straight up, why would he get foreclosed on? He still had a mortgage, so he didnt own it yet.
Right?
Really? Even though it clearly states that he used his house for collateral you think it is someone's fault but his own that he got in over his head?I find it really very sad that anyone could become so desperate as to do this. I don't celebrate what he did but I do understand how people can be driven to such action.
What a fucking mess our government has made - we should be ashamed for having sat back for decades and let these people fuck our country up. (Note to left and right: I blame both equally)
He didn't own it. It's a common misconception that because you are financing something (a house, a car, etc), you "own" it.
You don't own it until you've paid it off and you hold the title or deed.
I'm not either, but as someone that has put an asset up for collateral I realize that if I default, the bank takes my collateral and destroying it is a criminal act on my part.I'm not a lawyer but I believe that if you put up any asset for collateral, if you destroy it, then you are liable.
He didn't own it. It's a common misconception that because you are financing something (a house, a car, etc), you "own" it.
You don't own it until you've paid it off and you hold the title or deed.
The American Dream*
The home dream that morphed into an Equity loan / investemnt dream.
Tell me she didn't just make this ridiculous statement.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.
The IRS had a lien on the house. Of course the bank is going to say no to the sale until the lien is satisfied.I'm trying to understand where the bank had the right to deny him a prospective sale of the house, which would have fulfilled the remaining amount owed on the loan.
I'm not sure "because they could get more by foreclosing and selling it on their own" is necessarily LEGAL.
But I suppose you'd have to view the contract to be sure.
He's going to be liable for burning down THE BANKS HOUSE!The bank is foreclosing. And in fact, they won't let him sell the house at a price he already got, because they think they can get a better price on their own.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.
Well now he still has the loan to pay off and nothing to own but an empty lot. That showed them, right?
So it doesn't appear as though he's going to be liable for anything. The worst that happens is he loses his house and his credit is fucked.