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RE: Man bulldozes the banks house - 2/20/2010 2:20:45 PM

zephyroftheNorth

Posts: 8159
Joined: 10/5/2009
From: The Great Frozen North
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quote:

ORIGINAL: juliaoceania

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.

True, which is why I specified not everyone. But there were a lot of people who got financing they couldn't afford - knowing they couldn't afford it - and then lost their house.

As far as people grabbing up houses that have been repossessed, I say more power to them. As you said, people need places to live

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(in reply to juliaoceania)

Post #: 21

RE: Man bulldozes the banks house - 2/20/2010 2:29:31 PM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

quote:

ORIGINAL: zephyroftheNorth

quote:

ORIGINAL: juliaoceania

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.

True, which is why I specified not everyone. But there were a lot of people who got financing they couldn't afford - knowing they couldn't afford it - and then lost their house.

As far as people grabbing up houses that have been repossessed, I say more power to them. As you said, people need places to live

We never had the massive house price increase. Nor were exotic mortgages common here. Simply put- no one in their right mind would pay 300k for a house 100 years old in PA.

(in reply to zephyroftheNorth)

Post #: 22

RE: Man bulldozes the banks house - 2/20/2010 2:41:23 PM

Slavehandsome

Posts: 382
Joined: 9/19/2004
Status: offline

Maybe what we need is a foreign army to come occupy our towns. They could put 18 year olds in tanks and trust them to do what's right. They could bring us freedom. Ah, here come the liberators!

(in reply to pahunkboy)

Post #: 23

RE: Man bulldozes the banks house - 2/20/2010 2:55:13 PM

Moonhead

Posts: 16520
Joined: 9/21/2009
Status: offline

Maybe that says more about your state than the property market, though?

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(in reply to pahunkboy)

Post #: 24

RE: Man bulldozes the banks house - 2/20/2010 3:11:31 PM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

quote:

ORIGINAL: Moonhead

Maybe that says more about your state than the property market, though?

yeah - Pennsylvanians are not dumb to pay 300k for a 29k house.

(in reply to Moonhead)

Post #: 25

RE: Man bulldozes the banks house - 2/20/2010 3:31:49 PM

LookieNoNookie

Posts: 12216
Joined: 8/9/2008
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quote:

ORIGINAL: pahunkboy

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.

"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."

Hmmmmm......something tells me had his house gone up (from 350K to 500K) he'd have been all too happy to take the credit for its increase.

I'll never understand all these fuckers that bought a place that's gone down in value since they bought it...and now it's "the banks fault"....and they mail in the keys.

My place (was) worth $1,100,000.00 about 3 years ago...today it's worth about $575,000.00.

My shirts still hang just as nicely in the same closets, my lawn is just as green (or not), my car still parks quite as well in the same space it did when I signed the deal....and I owe about $830,000,000.00 for the place.

I signed the papers. I agreed to the deal.

I fucked up...kind of like about 12 million others....oooops....shit happens.

Ya signed the deal....you'd have been thrilled to make a few K off the gig...and (unhistorically) it didn't work out all that well.

Sorry.

Ooops.

(Pay up...deal with it).

Ohhhhh....and he added:

"RiverHills Bank declined to comment on the situation, but Hoskins said his actions were intended to send a message.

"Well, to probably make banks think twice before they try to take someone's home, and if they are going to take it wrongly, the end result will be them tearing their house down like I did mine," Hoskins said."

I hope this guy goes to jail.

< Message edited by LookieNoNookie -- 2/20/2010 3:36:23 PM >

(in reply to pahunkboy)

Post #: 26

RE: Man bulldozes the banks house - 2/21/2010 10:51:47 PM

Real0ne

Posts: 21189
Joined: 10/25/2004
Status: offline

the sad part is that th ebanks wrte it off and absofukinlootly no sking off their backs what so ever.

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(in reply to pahunkboy)

Post #: 27

RE: Man bulldozes the banks house - 2/21/2010 11:55:19 PM

Termyn8or

Posts: 18681
Joined: 11/12/2005
Status: offline

Lookie I would pretty much agree with you except for the fact that the guy came up with the money and they refused it.

T

(in reply to Real0ne)

Post #: 28

RE: Man bulldozes the banks house - 2/22/2010 12:10:48 AM

Real0ne

Posts: 21189
Joined: 10/25/2004
Status: offline

quote:

ORIGINAL: LookieNoNookie
My place (was) worth $1,100,000.00 about 3 years ago...today it's worth about $575,000.00.

the same amount of money buys the same amount of property now as it did 100 years ago.

the price on property at a given demand never changes however the "value of the dollar" fluctuates with inflation.

_____________________________

"We the Borg" of the us imperialists....resistance is futile

Democracy; The 'People' voted on 'which' amendment?

Yesterdays tinfoil is today's reality!

"No man's life, liberty, or property is safe while the legislature is in session

(in reply to LookieNoNookie)

Post #: 29

RE: Man bulldozes the banks house - 2/22/2010 12:24:44 AM

Brain

Posts: 3792
Joined: 2/14/2007
Status: offline

Everything is Obama's fault because he sucks Wall Steet ass like Chris Dodd, John Boner and Bitch McConnell.

(in reply to Real0ne)

Post #: 30

RE: Man bulldozes the banks house - 2/22/2010 4:43:52 AM

flcouple2009

Posts: 2784
Joined: 1/8/2009
Status: offline

quote:

ORIGINAL: Termyn8or

Lookie I would pretty much agree with you except for the fact that the guy came up with the money and they refused it.

T

No, what you are ignoring is the fact that the house was put up for collateral on the business loan. You do understand that means the equity in the house belonged to the bank? Once you sign the house up to secure the loan you've given up your right to just sell it.

He found someone to buy the house for just what was owed as a way to try and flip off the bank and then just wanted to default on the rest of what he owed. Shockingly the bank said no.

(in reply to Termyn8or)

Post #: 31

RE: Man bulldozes the banks house - 2/22/2010 8:30:11 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

quote:

ORIGINAL: Real0ne

quote:

ORIGINAL: LookieNoNookie
My place (was) worth $1,100,000.00 about 3 years ago...today it's worth about $575,000.00.

the same amount of money buys the same amount of property now as it did 100 years ago.

the price on property at a given demand never changes however the "value of the dollar" fluctuates with inflation.

OH man. YOu owe me a key board man!!

LOLOL. yup.

(in reply to Real0ne)

Post #: 32

RE: Man bulldozes the banks house - 2/22/2010 8:32:02 AM

rockspider

Posts: 633
Joined: 9/26/2009
Status: offline

Why didn't he do the bank as well now he had the old dozer out

(in reply to juliaoceania)

Post #: 33

RE: Man bulldozes the banks house - 2/22/2010 9:29:30 AM

Termyn8or

Posts: 18681
Joined: 11/12/2005
Status: offline

"You do understand that means the equity in the house belonged to the bank?"

I beg to differ. Looking at a standard amortization table tells you what your equity is at any given time. Actually it doesn't seem fair even though it is. Your first month payment on a house is equal to one month's interest plus a couple of dollars on the principle.

What generally happens when a default occurs, say on a car which usually depreciates faster than you can pay it off. It is a deficit sale and they try to hold your feet to the fire for the balance left over. That is law and embodied somewhere in the UCC. But by the same token, someone with half a brain could find the actual selling price and if the bank made more money selling the property they owe most of the profit. They are only legally entitled to the amount of money owed to them. The debtor gets the rest if any. Of course the creditor will try to get that money via fees and penalties. But by law, if a real profit is made, you get a piece of it. Most people don't persue this and during the growth of the housing bubble many people lost alot of money.

But now we have a situation where the house is not worth what is owed on it. The bank is out a few bucks now. In some cases they will sue the debtor for the deficit.

No sir, equity is what you have. The balance is what they have. They are technically prohibited by law from profiting from a foreclosure, if only the debtors knew the law.

T

(in reply to flcouple2009)

Post #: 34

RE: Man bulldozes the banks house - 2/22/2010 1:33:35 PM

Moonhead

Posts: 16520
Joined: 9/21/2009
Status: offline

I was working on a thread called "Bulldozer banks the man's house", but then I decided I couldn't be arsed.

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(Simon R Green on the late James Herbert)

(in reply to Termyn8or)

Post #: 35

RE: Man bulldozes the banks house - 2/22/2010 4:20:39 PM

flcouple2009

Posts: 2784
Joined: 1/8/2009
Status: offline

quote:

ORIGINAL: Termyn8or

"You do understand that means the equity in the house belonged to the bank?"

I beg to differ. Looking at a standard amortization table tells you what your equity is at any given time. Actually it doesn't seem fair even though it is. Your first month payment on a house is equal to one month's interest plus a couple of dollars on the principle.

What generally happens when a default occurs, say on a car which usually depreciates faster than you can pay it off. It is a deficit sale and they try to hold your feet to the fire for the balance left over. That is law and embodied somewhere in the UCC. But by the same token, someone with half a brain could find the actual selling price and if the bank made more money selling the property they owe most of the profit. They are only legally entitled to the amount of money owed to them. The debtor gets the rest if any. Of course the creditor will try to get that money via fees and penalties. But by law, if a real profit is made, you get a piece of it. Most people don't persue this and during the growth of the housing bubble many people lost alot of money.

But now we have a situation where the house is not worth what is owed on it. The bank is out a few bucks now. In some cases they will sue the debtor for the deficit.

No sir, equity is what you have. The balance is what they have. They are technically prohibited by law from profiting from a foreclosure, if only the debtors knew the law.

T

Your missing one big point, He put the house up for collateral to secure the business loan which he lost. Once he put it up for collateral it was no longer his to do with as he wished, you do understand that right?

The IRS put liens on his business, his brother is sueing him and the bank is calling in the collateral on the business loan.

You have to remember when family members start sueing one another in that situation it's generally because one of them is an ass. I don't think it's any stretch to figure out which one is the ass.

Once he signed the house over to the bank to cover the loan the equity in the house it was no longer his to control. He used it to secure the loan he wouldn't/couldn't pay back.
That's the part you keep ignoring, he is not just some poor home owner who was being foreclosed on.

< Message edited by flcouple2009 -- 2/22/2010 4:25:54 PM >

(in reply to Termyn8or)

Post #: 36

RE: Man bulldozes the banks house - 2/22/2010 7:14:16 PM

LookieNoNookie

Posts: 12216
Joined: 8/9/2008
Status: offline

quote:

ORIGINAL: Termyn8or

Lookie I would pretty much agree with you except for the fact that the guy came up with the money and they refused it.

T

And it was less than what he owed (and agreed to).

(in reply to Termyn8or)

Post #: 37

RE: Man bulldozes the banks house - 2/22/2010 7:17:06 PM

LookieNoNookie

Posts: 12216
Joined: 8/9/2008
Status: offline

quote:

ORIGINAL: Real0ne

quote:

ORIGINAL: LookieNoNookie
My place (was) worth $1,100,000.00 about 3 years ago...today it's worth about $575,000.00.

the same amount of money buys the same amount of property now as it did 100 years ago.

the price on property at a given demand never changes however the "value of the dollar" fluctuates with inflation.

Yeah...and a good cigar will still cost you 20 bucks or more.

Regardless...the guy agreed to the deal, his asset went down in value, shit happens...it's time for him to step up and be a man.

Pay the piper.

(in reply to Real0ne)

Post #: 38

RE: Man bulldozes the banks house - 2/22/2010 7:17:34 PM

wittynamehere

Posts: 759
Joined: 2/5/2010
Status: offline

quote:

ORIGINAL: pahunkboy

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.

Good for him. It's sad to see a useful thing destroyed, however. But I applaud him for standing up to the corrupt banks, which is the far larger story here.

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Post #: 39

RE: Man bulldozes the banks house - 2/22/2010 7:35:28 PM

JonnieBoy

Posts: 1468
Joined: 4/22/2009
From: Cymru
Status: offline

quote:

ORIGINAL: rockspider

Why didn't he do the bank as well now he had the old dozer out

If he'd have done the bank first ... maybe he'd have turned up enough to settle in cash and keep his house

Pirate

(in reply to rockspider)

Post #: 40

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