Man bulldozes house before bank takes it-CLASSIC!

[Vatican_Assassin]

He sends a message to the bank, after all these bailouts the banks got, your not taking my house arsholes. I imagine he'll need a bailout though unfortunately, it will only be a matter of time before the bank pursues with criminal charges.


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

[Boid Fink]

Classic!

[cyberdude557]

Cant say I feel sympathy for the bank.

Sure they can file criminal charges but that wont help their wallets. Sounds like the guy is broke.

[Morgan]

Bank has insurance, I'm sure.

Hope they put the dude in jail for larceny.

Not everyone needs to be living in a $350k home.

Some people need to rent a 1 bedroom apartment if that's all they can afford.

[John Galt?]

Bank has insurance, I'm sure.

Hope they put the dude in jail for larceny.

Not everyone needs to be living in a $350k home.

Some people need to rent a 1 bedroom apartment if that's all they can afford.

Did you even read the article??

"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,

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.

This was NOT a case of someone living in a home they couldn't afford because they got help from Obama's buddies at ACORN to falsify mortgage docs.

He ONLY owed $160k on the house, had NEVER MISSED A PAYMENT, and tried to PAY OFF THE ENTIRE LOAN but the bank refused. He was being screwed by the Bank, the attys. and the IRS. Sounds like his Brother is a scumbag too.

Morgan just instantly assumes that Fox News is celebrating.  He never reads the articles. 

[ufojoe]

This was NOT a case of someone living in a home they couldn't afford because they got help from Obama's buddies at ACORN to falsify mortgage docs.

He ONLY owed $160k on the house, had NEVER MISSED A PAYMENT, and tried to PAY OFF THE ENTIRE LOAN but the bank refused. He was being screwed by the Bank, the attys. and the IRS. Sounds like his Brother is a scumbag too.

I could be wrong but didn't he use that house as collateral on business loans that he defaulted on?

If so, he deserves no sympathy.

This was NOT a case of someone living in a home they couldn't afford because they got help from Obama's buddies at ACORN to falsify mortgage docs.

He ONLY owed $160k on the house, had NEVER MISSED A PAYMENT, and tried to PAY OFF THE ENTIRE LOAN but the bank refused. He was being screwed by the Bank, the attys. and the IRS. Sounds like his Brother is a scumbag too.

The article doesn't specify whether it was a result from the suit or before.  Usually it is as a means to get the business loan, though this could be different.  The one factor that should have been considered is the 170,000 offer that was on the table to the bank though.  Most banks usually have to settle for a short sale or the foreclosure and that still isn't much of a guarantee without looking at the realestate market for that particular city.

I could be wrong but didn't he use that house as collateral on business loans that he defaulted on?

If so, he deserves no sympathy.

[ufojoe]

I didn't use the article as the source for that info. There are other articles and comments from folks who seem to know more about this case. But nothing concrete.

[Hate]

Nice!!

[John Galt?]

This was NOT a case of someone living in a home they couldn't afford because they got help from Obama's buddies at ACORN to falsify mortgage docs.

He ONLY owed $160k on the house, had NEVER MISSED A PAYMENT, and tried to PAY OFF THE ENTIRE LOAN but the bank refused. He was being screwed by the Bank, the attys. and the IRS. Sounds like his Brother is a scumbag too.

I could be wrong but didn't he use that house as collateral on business loans that he defaulted on?

If so, he deserves no sympathy.

From other articles, it seems that it was a very complicated mess involving the IRS, the Bank, his brother, and others. He claims that he never offered the house as collateral, but did use an equity credit line on the house as collateral but never missed a payment on that equity line.

Since the IRS is involved, I am safe in assuming it is a cluster****.

The MAIN POINT is there was an offer to pay off all debts on the house, and the bank refused.

[John Galt?]

Banks are never wrong!

SPRING HILL | Charlie and Maria Cardoso are among the millions of Americans who have experienced the misery and embarrassment that come with home foreclosure.

Just one problem: The Massachusetts couple paid for their future retirement home in Spring Hill with cash in 2005, five years before agents for Bank of America seized the house, removed belongings and changed the locks on the doors, according to a lawsuit the couple have filed in federal court.

Early last month, Charlie Cardoso had to drive to Florida to get his home back, the complaint filed in Massachusetts on Jan. 20 states.

The bank had an incorrect address on foreclosure documents � the house it meant to seize is across the street and about 10 doors down � but the Cardosos and a Realtor employed by Bank of America were unable to convince the company that it had the wrong house, the suit states...

rest of the article

KISSIMMEE, Fla. -- A Kissimmee homeowner was in England when he learned a Florida bank had mistakenly started foreclosure proceedings on his house.

As it turns out, Denroy Bell didn't even have a mortgage with the bank, Citi-Residential. The bank admitted that it's dealing with so many foreclosures in Central Florida that it made a mistake.

Bell's neighbor called him when she saw the locks being changed and the pool empty.

"It was like the army came up and took over the house," Esther Goshop, a neighbor, said.

Bell lives primarily in London and rents out his home when he's not in Florida. He said the bank apologized for the inconvenience.

Bell wants the company to pay to clean up the pool and change the locks back.

http://www.wftv.com/news/15523844/detail.html

GALVESTON � A West End property owner is suing Bank of America Corp., asserting its agents mistakenly seized a vacation house he owns free and clear, then changed the locks and shut the power off, resulting in the smelly spoiling of about 75 pounds of salmon and halibut from an Alaska fishing trip and other damages....

http://www.galvnews.com/story.lasso?ewcd=4e1cfb1bebbf31e1


Wow looks like BoA is just NEVER WRONG:

WHEELWRIGHT – A Wheelwright man has filed a lawsuit against Bank of America, alleging agents working for the bank repossessed his home by mistake and refuse to pay for any damages other than the replacement of locks.

According to court documents, Christopher Hamby arrived home on Oct. 5 to find the locks on his doors changed and physical damage to his property from winterization chemicals placed in the plumbing and various lines cut at the residence.

http://www.floydcountytimes.com/pages/full_story/push?article-Man+sues+after+bank+takes+wrong+house%20&id=4217211&instance=lead_story_left_column

[cyberdude557]

Makes sense the bank wouldnt want it paid off. They lose the interest money and one of the few good debts they have.

That is why you need to watch when you sign a mortage. Sometimes the bank puts in huge penalties for early payoffs.

When I take out a loan, that's one of the first things I ask if there is a penalty for payoff. If they say yes...no deal. It doesnt make sense that if I barrowed money from someone that they would make me pay a penalty if I paid them back too soon.

[John Galt?]

Makes sense the bank wouldnt want it paid off. They lose the interest money and one of the few good debts they have.

That is why you need to watch when you sign a mortage. Sometimes the bank puts in huge penalties for early payoffs.

When I take out a loan, that's one of the first things I ask if there is a penalty for payoff. If they say yes...no deal. It doesnt make sense that if I barrowed money from someone that they would make me pay a penalty if I paid them back too soon.

That is not the case in this story. Seems he (or someone else according to Bulldozer dude) listed the house as "other additional collateral" on a business loan. I'm guessing that the business' assets (which included real estate) were the primary collateral but due to the brother's law suit and IRS involvement, those assets were all tied up.

The real lesson here is: always keep your personal assets completely separate from your business (i.e. incorporate or use LLCs/LPs)

LOL! Ohio and its people. At least this is more of a feel good story compared to all the murders we have had here. I think Canton alone is up to like 5 this year.