Owner Bulldozes Home Ahead Of Foreclosure

[CrazyRay]

Yes...still funny.

The Bank will survive. The IRS might send him to jail but thats a seperate issue.

Well, at least you're honest

[Guest 6.8 AR]

Yes...still funny.

The Bank will survive. The IRS might send him to jail but thats a seperate issue.

Exactly:cool:

[lowbud]

We would be better off to use cash for everything. The banking system's life goal is to keep us in debt. it's really sad that probably 1/2 of the home owners who have a mortgage owe more than their home is worth today.

The whole dream of owning your own home is for the investment when in fact most people will never see it. They are merely pissing their money away on interest, PMI, insurance, maintenance, and taxes to the point where there is no investment anymore.

renting is looking better and better all the time.....

[Seaslug]

We would be better off to use cash for everything. The banking system's life goal is to keep us in debt. it's really sad that probably 1/2 of the home owners who have a mortgage owe more than their home is worth today.

The whole dream of owning your own home is for the investment when in fact most people will never see it. They are merely pissing their money away on interest, PMI, insurance, maintenance, and taxes to the point where there is no investment anymore.

renting is looking better and better all the time.....

Good idea. Pay someone else's mortgage, rather than your own...

[lowbud]

Good idea. Pay someone else's mortgage, rather than your own...

at least your never upside-down. your doing it anyway with interest, taxes, and insurance. think about it.

[Seaslug]

at least your never upside-down. your doing it anyway with interest, taxes, and insurance. think about it.

Umm...I'm a Realtor. I HAVE thought about it. My investor friends and I make quite a bit of money off of people who think exactly that way. Keep in mind that--when you rent--your landlord very likely has a note on the property, as well as property taxes and insurance. You're paying ALL of those things for him, and then some. When you move out, you get nothing. If HE decides to liquidate the property, he'll most likely get a check for thousands of dollars in equity.

Are there people who are upside down? Sure, but the vast majority of those folks did little (if any) research before making their purchase, and they probably bought more home than they could afford by utilizing sub-prime loans such as adjustable-rate or interest-only. Smart investors, especially in a non-bubble market like ours, very rarely lose money on real estate investments.

I'm not trying to be a jerk, but I do understand better than most how the game is played. I would NEVER encourage anyone not to own property if he or she had the means to do so.

[Guest 6.8 AR]

Maybe there are problems with banks and mortgages, but when you buy a house, it's yours, with a deed of trust attached to it. Pay off the deed of trust and it's yours.

This isn't really related to my OP but when you buy a house, you are buying something of value, and can use its, hopefully, increase in value to use as a down payment when you move or use its equity to make investments, like a rental. The market is pitiful for housing in a lot of areas but it can still be a good investment if

you buy smart and don't get something that someone says you can afford. As with

any investment, sometimes there are consequences. This guy had some bad things

happen which may or may not been his fault. Please don't be too quick to judge your

fellow man. You might be in the same boat going down the same river.

I got that story off of Rush Limbaugh's "stack of stuff" page. I didn't intend on

it being a judgment on the banking industry. Whatever you do or think is okay with

me. I thought it was a funny tidbit. I didn't think it would animate a crowd, but

that's okay, too.

[lowbud]

All I'm saying is that in today's world.. the odds of ever owning said home are against you. The ones that have, buy, the ones that don't rent. The problem is where the banks are lending to those that don't have and shouldn't.

circle of life..

[lowbud]

Umm...I'm a Realtor. I HAVE thought about it. My investor friends and I make quite a bit of money off of people who think exactly that way. Keep in mind that--when you rent--your landlord very likely has a note on the property, as well as property taxes and insurance. You're paying ALL of those things for him, and then some. When you move out, you get nothing. If HE decides to liquidate the property, he'll most likely get a check for thousands of dollars in equity.

Are there people who are upside down? Sure, but the vast majority of those folks did little (if any) research before making their purchase, and they probably bought more home than they could afford by utilizing sub-prime loans such as adjustable-rate or interest-only. Smart investors, especially in a non-bubble market like ours, very rarely lose money on real estate investments.

I'm not trying to be a jerk, but I do understand better than most how the game is played. I would NEVER encourage anyone not to own property if he or she had the means to do so.

Not a jerk at all.. You are a Realtor.

[Guest 6.8 AR]

Yeh, the Community Reinvestment Act had a lot to do with that, but maybe Seaslug

could help you with a new house. The ones that bought houses and couldn't afford it

are usually the ones being foreclosed. That statement doesn't apply to the

rest of us. It does affect us, though.

[lowbud]

everything affects us, even section 8. the only point i was trying to make is that ownership isn't as attractive as it once was. heck the odds of a person living in one place long enough anymore is against ya.

people move around too much these days.

[Guest SUNTZU]

This thread has grown! I appreciate the funny story, 6.8. I just wondered if he backed his business with the equity in his home and now doesn't/can't pay it back. I don't have a problem with the bank.

[lowbud]

+1 would be interesting to know what all took place prior to the dozer.. lol

[Guest 6.8 AR]

This thread has grown! I appreciate the funny story, 6.8. I just wondered if he backed his business with the equity in his home and now doesn't/can't pay it back. I don't have a problem with the bank.

I don't know but it's probably something like that.

[gregintenn]

I get so tired of everyone slamming banks. I have a neighbor with a realtor sign in his yard. If you call the realtor and ask to buy the house, they will tell you they can't currently sell the house because it is tied up in bankruptcy proceedings. The S.O.B. in the house has live there for over a year, and I doubt he's made a payment on it yet. He drives a brand new Jeep, and was riding up and down my driveway yesterday on a brand new four wheeler. He is a teacher in our county school system. I don't want this moron teaching my children anything, and I can't think of anything the bank could do to him that he wouldn't deserve. Explain to me what the bank did wrong here besides loaning money to scum.

The man in the OP's story destroyed property belonging to a bank. He's going to prison as he should. The moral of the story: don't spend money you don't have to buy things you don't need to impress people you don't even like.

[Guest Moody]

The funny thing is he still owes 160k to the Bank, and has nothing to sell to get it.

He definitely dug a bigger hole for himself.

My thoughts exactly. There are better ways in which to go about this kind of situation, instead of some stunt.

[Guest Jamie]

I was gonna ask where the guy's gonna live, now that he's flattened his house, but I suspect he'll be getting free room and board shortly, at the county jail.

J.

[lowbud]

lol.. yeah.. it's just like the folks having the moving sale and selling everything including the kitchen sink.

I saw several on the news last year where the people sold everything right down to the sheetrock. They left the homes a total wreck.

[DavidD]

I was gonna ask where the guy's gonna live, now that he's flattened his house, but I suspect he'll be getting free room and board shortly, at the county jail.

J.

I'm with you there Jamie. He destroyed property that someone else probably technically owned.

[Chucktshoes]

[DavidD]

Crossed Collateraled. I missed that the first time. No wonder the Bank was coming after it.

[Guest 6.8 AR]

Crossed Collateraled. I missed that the first time. No wonder the Bank was coming after it.

I didn't know that but I suspected.

This is a hoot. I can't believe 45 responses. I guess I owe Rush the credit.

He's always got something funny on his site, but mostly political.