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Man bulldozes the banks house - 2/20/2010 2:45:57 AM

pahunkboy

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http://www.wlwt.com/news/22600154/detail.html

yawnnnnnnnnn. it could be vandalism- or terrorism. check out the pics. there is not much left of the 300k house.

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RE: Man bulldozes the banks house - 2/20/2010 4:20:36 AM

mefisto69

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it's about time citizens take action.... now - lets go after those sleazy boards of directors !

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RE: Man bulldozes the banks house - 2/20/2010 5:21:41 AM

pahunkboy

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The house I live in- I bought as a foreclosure.

There is always damage.

funny the city gave him a permit to ran the dozer.

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RE: Man bulldozes the banks house - 2/20/2010 5:26:09 AM

MissIsis

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It's a little drastic, but as long as people are going to get their homes taken from them, and as long as people are willing to cash in on someone's misery by purchasing a foreclosed home, I suspect actions like these will become more common.

< Message edited by MissIsis -- 2/20/2010 5:28:00 AM >

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RE: Man bulldozes the banks house - 2/20/2010 5:50:35 AM

pahunkboy

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quote:

ORIGINAL: MissIsis

It's a little drastic, but as long as people are going to get their homes taken from them, and as long as people are willing to cash in on someone's misery by purchasing a foreclosed home, I suspect actions like these will become more common.

lol Life IS good. If it wasn't for my assertiveness- I would still be renting a apartment- and paying more for rent then a house payment.

6 people wanted this house- but I am the one who was the go getter and got in and made it happen for ME.

I can tell you that this is not a 300,000.00$ home.

But it is 12 rooms- and I am 1 person. :-)

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RE: Man bulldozes the banks house - 2/20/2010 6:53:36 AM

MasterG2kTR

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Take a good look a the slide show pics. The destroyed structure is not the same one in the first two pics. How do I know? Look at the number of vents on the roof. They don't match! The overhead shot shows only two and there are four in the first demolition shot. The first two pics show a ground level garage and the first demolition shot shows a basement-level gargae.

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RE: Man bulldozes the banks house - 2/20/2010 7:16:57 AM

LadyEllen

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quote:

ORIGINAL: MasterG2kTR

Take a good look a the slide show pics. The destroyed structure is not the same one in the first two pics. How do I know? Look at the number of vents on the roof. They don't match! The overhead shot shows only two and there are four in the first demolition shot. The first two pics show a ground level garage and the first demolition shot shows a basement-level gargae.

uh-oh! looks like Al Quaeda are at it again and the government's trying to cover it up............. or the whole thing was a false flag operation........

where's Real One when you need him?

E

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RE: Man bulldozes the banks house - 2/20/2010 7:59:56 AM

Termyn8or

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"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."

If true that says it all. But then I find it hard to believe that the court would not force the lender to take the payment. If they can legally refuse full payment, it must've been one hell of a loan agreement with the finest of print. That does not mean it is not true, possible or plausible.

I would like to know for sure if the quoted statement is actually true, because if so it should be shouted from every mountaintop, especially in light of the recently brewed banking "crisis". I'd like to see the suits homeless actually.

T

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RE: Man bulldozes the banks house - 2/20/2010 8:08:50 AM

flcouple2009

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As good ole Bugs Bunny would say, "What a maroon". I am glad he thought he understood the consequences. He may "feel good and on top of the mountain" at the moment, but where are all of these people who are messaging to tell him how great he is and how wonderful it was gonna be when he is up to his eyeballs in the legal mess.

The bank just didn't claim his house as collateral, he would have put it up as such to secure the commercial assets. Which means no they weren't going to just let you sell it for the mortgage payment as they were entitled to the rest of the value since it was the security for the commercial loan.

A brother who was the former business person who has sued him, IRS liens, and this fiasco. I am sure he's just some poor schmuck being held down by the man.

< Message edited by flcouple2009 -- 2/20/2010 8:31:15 AM >

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RE: Man bulldozes the banks house - 2/20/2010 8:23:47 AM

UncleNasty

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Term, et. al.,

If there weren't money in foreclosures for the "banks" we wouldn't be experiencing near record and record numbers of them. My research has not centered around the "foreclosure = money" aspect of the housing mess so I am not able to speak from as informed a position as I can in regard to some of the other aspects of said mess. But I have come across, and looked at, some of the information relating to such.

This is a link to a blog of a realtor speaking directly about short sales vs. foreclosure. This story has been bandied about the net for the past week or so and I've seen it in several places. There was even a video put out by a couple of quasi news reporters.

http://activerain.com/blogsview/1243528/is-the-fdic-killing-short-sales

The FDIC has responded claiming it to be, in essence, untrue. And there have been responses to the FDIC debunking the story that debunk the FDIC debunking (when have you ever seen "debunk" used 3 times in the same sentence, LOL).

I am well aware that insurance is carried on mortgages, against default, by trusts and pools (the Mortgage Backed Security pools) and that the policies ONLY payout when there is a foreclosure. Any losses that may be incurred through loan modifications, or through short sales, are not covered.

Yes, through many different paths, there is money in foreclosure.

Uncle Nasty

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RE: Man bulldozes the banks house - 2/20/2010 8:53:58 AM

flcouple2009

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quote:

ORIGINAL: Termyn8or

"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."

If true that says it all. But then I find it hard to believe that the court would not force the lender to take the payment. If they can legally refuse full payment, it must've been one hell of a loan agreement with the finest of print. That does not mean it is not true, possible or plausible.

I would like to know for sure if the quoted statement is actually true, because if so it should be shouted from every mountaintop, especially in light of the recently brewed banking "crisis". I'd like to see the suits homeless actually.

T

Term.

Not really, what he is trying to gloss over is the rest of what he owes the bank. He only talks about the $160,000 of the mortgage amount he never mentions the rest of the money he owes. Once you put the asset up for collateral it is no longer yours to control.

It's actually pretty simple. He put the house up for collateral to start the business, business fails (no surprise really when you look at the mess of his life), now the bank wants their money. He fought a battle he had no grounds to win and strung it out as long as he could. Then in a last chance to screw the bank he tried to sell it for just enough to cover the mortgage and wanted to call everything even. Not surprisingly the bank said no.

Now instead of getting on with his life he's iced the cake and put the cherry on top of trashing the rest of his life.

< Message edited by flcouple2009 -- 2/20/2010 9:25:57 AM >

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RE: Man bulldozes the banks house - 2/20/2010 9:13:06 AM

AnimusRex

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I have been thinking about this, along with the Austin pilot who flew his plane into the IRS building. Let me start by saying that both guys were wrong ont he facts, legally speaking.

I don't support or endorse either approach, but I think its worth commenting on what drives otherwise good citizens to such madness.

I do understand the level of frustration and sense of helplessness, the powerlessness of feeling alone, trapped, fighting against an overwhelming and relentless foe.

These people feel like they have played by the rules, but somehow gotten tripped up by forces beyond their control. I read the manifesto of the Austin guy, and did feel a wave of empathy- when he wrote about how we all sign our tax return stating that we understand it, he is correct to say this is a joke- no one really understands the tax code, not even the IRS; and yet we are responsible for following it. And I can understand how a guy who follows the rules and builds a home, then watches as vast global forces inadvertantly combine to wipe out his savings and equity, no matter how hard he works.

Like I said, I don't support their course of action; I have actually been in their position, financially wiped out by forces beyond my control; In those days, I learned how to shrug it off and adapt, and come back again.

But I don't dismiss either of these people or take lightly their sense of powerlessness; there is a deep pool of rage and helplessness in our country today, a widespread sense that things are unfair, that the scales are tilted towards those who control the levers of power and wealth, against those without.

My only real disagreement with the Teabaggers is in their choice of allies and enemies; they ally themselves with the malefactors of great wealth, against the very government that could take their side.

This is something we should take seriously.

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RE: Man bulldozes the banks house - 2/20/2010 9:26:50 AM

juliaoceania

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quote:

ORIGINAL: MissIsis

It's a little drastic, but as long as people are going to get their homes taken from them, and as long as people are willing to cash in on someone's misery by purchasing a foreclosed home, I suspect actions like these will become more common.

My mother lost our childhood home after my father died to foreclosure...

I did not feel that the people who bought it were cashing in on our pain.

I do not feel that people who desire to have a home of their own and buy into a house on a shortsale or a foreclosed home are cashing in on other people's suffering. I think they have dreams and hopes and goals... hopefully the next group of people buying homes are more educated about home buying than those who lost their shirts...

Investing money in property is not guaranteed to be a return.. you have to be smart about it. I am not blaming those who got snookered into bad loans, but I am not going to blame people wanting a home of their own for buying into a depressed market.. it makes good sense to buy a home right now... blame the banks and our government for bailing them out instead of home buyers

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RE: Man bulldozes the banks house - 2/20/2010 10:32:30 AM

UncleNasty

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julia,

Given that foreclosures are still on the rise (from information in the Dayton and Chicago areas, and while not necessarily projecting to the same degree across the board it does indicate increasing numbers over the same period last year), that we have at least three (3) other mortgage types due to crest on their own waves of foreclosure in the next 2 years (Alt-A, Option ARM and commercial real estate), that property values are still in decline and expected to decline further, this isn't the best time to buy.

Most of what I've read this year (or rather the opinions of people I put stock in) projects the "bottom" coming in 18-24 months. I have seen that projects the recovery afterwords. One would hope for a recovery.

Uncle Nasty

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RE: Man bulldozes the banks house - 2/20/2010 10:35:28 AM

pahunkboy

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in my case I needed a place to live ASAP.

it is true that I could lose money- but I would lose more by renting- when you crunch the numbers.

--and we are 3 or more years from the bottom- which could last 15 years.

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RE: Man bulldozes the banks house - 2/20/2010 12:51:49 PM

Brain

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This happened because the politicians took care of Wall Street and did nothing for Main Street. And I mean all the politicians, Bush and Obama and all the congressmen and senators, Republicans and Democrats. They should be ashamed of themselves; they are a disgrace to America. It is outrageous that so many are corrupt and they are ineffective to constrain Wall Street greed. It is not acceptable that another crisis is possible because there has been no financial reform.
How outrageous it is they think they can carry on in such a reckless irresponsible way risking other people's money and expecting to get bailed out again like the savings and loan 15 /20 years ago and now with TARP. And they think we're going to bail them out again, it is unbelievable this is happening and not enough people care to change the situation.
I don't blame the guy for bulldozing down the house but it's too bad there is no other solution. I'm surprised he wasn't charged with any kind of criminal offense like destruction of property. Maybe it was because the government doesn't want too many people to find out about this. Maybe they're afraid the masses will revolt. Again it's hard to believe so many of these politicians are this corrupt. Disgraceful.
I do not think there is a government that will take on the people side either from the left or the right.

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RE: Man bulldozes the banks house - 2/20/2010 1:44:12 PM

zephyroftheNorth

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quote:

ORIGINAL: MissIsis

It's a little drastic, but as long as people are going to get their homes taken from them, and as long as people are willing to cash in on someone's misery by purchasing a foreclosed home, I suspect actions like these will become more common.

People's misery? Why are we supposed to feel sorry for people who get in over their heads with a house they couldn't afford in the first place? granted that isn't the case every single time but it's happening a whole lot.

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RE: Man bulldozes the banks house - 2/20/2010 1:59:05 PM

juliaoceania

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quote:

this isn't the best time to buy.

I did not say that is was the best time to buy, I said it is a good time to buy...

If one is renting, plans on staying in a home for a number of years as a first home buyer, it would make sense to buy now instead of renting... depending on location

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RE: Man bulldozes the banks house - 2/20/2010 2:01:07 PM

Moonhead

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Given that part of the reason the whole bubble economy went down the toilet in the first place is that people were being given loans they couldn't possibly make good on, it's happening an awful lot.
As for this attention seeking wanker, if he couldn't afford to pay the installment on his mortgage, where did he find the money to hire a bulldozer? Yellow goods are very expensive.

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RE: Man bulldozes the banks house - 2/20/2010 2:02:01 PM

juliaoceania

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quote:

ORIGINAL: zephyroftheNorth

quote:

ORIGINAL: MissIsis

It's a little drastic, but as long as people are going to get their homes taken from them, and as long as people are willing to cash in on someone's misery by purchasing a foreclosed home, I suspect actions like these will become more common.

People's misery? Why are we supposed to feel sorry for people who get in over their heads with a house they couldn't afford in the first place? granted that isn't the case every single time but it's happening a whole lot.

Many people lost their jobs at the same time as their balloon payments became due... especially in this latest round of foreclosures...

so yes, there is a lot of misery that people didn't deserve out there, but just because someone bought a house that is a foreclosure doesn't make that person someone who is capitalizing on a bad situation... people need places to live.

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