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TBbuccaneer40

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#15 : February 20, 2010, 10:16:15 PM

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??

Quote
"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,

Quote
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.

Quote
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.




I'm glad somebody ACTUALLY read the article instead of siding with the banks and saying the guy should go jail.

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#16 : February 21, 2010, 02:46:42 AM

Morgan just instantly assumes that Fox News is celebrating.  He never reads the articles. 
Lol. I knew that joke was coming from someone.

"The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money." Alexis de Tocqueville

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#17 : February 21, 2010, 03:37:00 AM

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

That's the bottom line.  You seem to think the bank was wrong for not letting him sell it for 170k.   However, the guy wanted to sell the house for 170k and owed 160k on it.  He also owed the IRS 50k.  The IRS gets their money before the bank does.   So he only would have had 120K to give the bank - still owing them 40k with no house any more as collateral.   Would you take that deal if you were the bank?

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#18 : February 21, 2010, 03:39:09 AM

Here's another video.   


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#19 : February 21, 2010, 03:56:59 AM

It looks like in Ohio, what he did was a 3rd degree felony and he could serve between 1 to 5 years in prison.



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#20 : February 21, 2010, 04:11:59 AM

It looks like in Ohio, what he did was a 3rd degree felony and he could serve between 1 to 5 years in prison.
If he serves 1 year, he will be serving more than what most child rapist get here.

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#21 : February 21, 2010, 04:18:15 AM

I still would not serve 1 year in prison just for the satisfaction of not letting the bank have that home and lot at full value. 

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#22 : February 21, 2010, 12:01:44 PM

I glanced at the article - and figured he was over-committed financially - something most baby boomers are doing today. In a way it sounds like he was.  Don't feel sorry for him whatsoever. Hope he can find a bridge to live under.

Obama's fault.

John Galt?

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#23 : February 21, 2010, 12:06:22 PM

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

That's the bottom line.� You seem to think the bank was wrong for not letting him sell it for 170k.   However, the guy wanted to sell the house for 170k and owed 160k on it.� He also owed the IRS 50k.� The IRS gets their money before the bank does.� �So he only would have had 120K to give the bank - still owing them 40k with no house any more as collateral.� �Would you take that deal if you were the bank?


He wasn't going to sell it for $170k, he had an arrangement to pay the bank $170k and keep the house. The house was listed as "other additional collateral" on his business loans. I haven't found out how much those loans were, or what he owed the Gestapo IRS.


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#24 : February 21, 2010, 12:12:23 PM

Sounds like Stephen King's Roadwork.  Equally as awesome, but less dramatic.


John Galt?

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#25 : February 21, 2010, 12:20:56 PM

Sounds like Stephen King's Roadwork.  Equally as awesome, but less dramatic.

That was about the husband of a murdered wife getting revenge on a gangster by burying him alive in his Caddy.


No, this situation sounds more like a guy who creates a business and builds a home with his own hard work, but then "looters" try to use legal wranglings to profit off his work, so he destroys it rather than letting them have it.

Gosh, there was a book like that and the main character was....???


Blaze688

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#26 : February 21, 2010, 12:34:19 PM

Sounds like Stephen King's Roadwork.  Equally as awesome, but less dramatic.

That was about the husband of a murdered wife getting revenge on a gangster by burying him alive in his Caddy.


No, this situation sounds more like a guy who creates a business and builds a home with his own hard work, but then "looters" try to use legal wranglings to profit off his work, so he destroys it rather than letting them have it.

Gosh, there was a book like that and the main character was....???

Err... you're thinking of Dolan's Cadillac.

Roadwork is about a community being bought out in order to build a highway.  Everyone agrees, except for one man, who loads his house with guns and bombs and has a standoff against the city.  He eventually blows up his house in a fit of contempt and spitefulness.


Morgan

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#27 : February 21, 2010, 02:11:49 PM

Gestapo IRS.

The Gestapo IRS represents your and my interests. Without Gestapo IRS collecting on our behalf, probably no one would pay their share.

I love some of you anti-gov't anarchist sympathizers.  I know  that Austin IRS terrorist is a hero in your minds.








TBbuccaneer40

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#28 : February 21, 2010, 03:56:34 PM

Gestapo IRS.

The Gestapo IRS represents your and my interests. Without Gestapo IRS collecting on our behalf, probably no one would pay their share.

I love some of you anti-gov't anarchist sympathizers.  I know  that Austin IRS terrorist is a hero in your minds.









Man you sure do love ALOT of government! Or do you work for the IRS or something? Oh yeah, I forgot, we all do. The IRS is unconstitutional!

Morgan

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#29 : February 21, 2010, 04:06:35 PM

Taxes are unconstitutional as well?

How else would you expect the gov't to collect taxes without the IRS?
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