http://www.walletpop.com/blog/2010/02/22/man-bulldozes-his-own-home-to-thwart-repossession/?icid=main|main|dl4|link4|http%3A%2F%2Fwww.walletpop.com%2Fblog%2F2010%2F02%2F22%2Fman-bulldozes-his-own-home-to-thwart-repossession%2F

Good for him, if I can't keep it, neither can you.

If you read a bit further he's not quite the hero he's being made out to be. That house was collateral not just for his mortgage, but for other loans he had out on commercial properties and he's had long battles with his brother/business partner and the IRS:

 

http://reason.com/blog/2010/02/20/home-bulldozer-pro-or-con

Heard about this on the radio this morning. Talk about holding your ground!! :evil: Talk about being a dumbass, not only is he not only going to be paying for a house that no longer exsists, but he has no house to live in in the meantime. But cool none the less

He is a dumbass.... but stubborn.... and I am sure he had alot of fun.

 

I am sorry but his lenders are not responsible for his failing business. He pledged the house as collateral, had a loan on the house. He didn't want to pay up. This is whats wrong with the country. No one held a gun to his head and told him he had to pledge the house, and not like he didnt get the loan he wanted.

 

The issue is, if he was really smart, he could of gone and seen a few attorneys, file for BK, and he would likely end up keeping his house. Only thing you can go to jail for is not paying the IRS. Otherwise, there is no debtors prison, if there was, 50% of the country would be there.

I guess he did not own a plane..

I guess he did not own a plane..

Nice.

I read that he only owed like 120k on his loans, and he got an offer for 130k on the house but the bank wouldn't let him do it because they told them they could get more money by foreclosing on it.

The story is not really clear.

 

He had mortgage on the house, 160k, the bank was going to foreclose on it... ie, if your home is in foreclosure, it is not your home anymore, and it is up to the bank. It takes over 6 months regularly to go into foreclosure, and in most cases now, over 12 months before going into foreclosure. Guy got offered 170k on the house, and bank passed it up because it was worth more.... so that is why he tore it down.

 

What he fails to realize... if the IRS is second lien holder on the home, plus whomever else he cosigned the house tooo, they come in line after the original lien holder, ie the Bank. So if house sells for 200k, the bank is paid back 160k, and the rest goes to IRS, or whomever else is owed money.

 

The guy decides to tear down his house.... lol. dumbass.

 

Now.... he still owes the bank 160k, and IRS, plus whomever else, and they will go after his business, if there is anything else left there.

 

 

He could of easily avoid it all. lol The bank was doing what is in the best interest of him!!!!!!

The article above said that he was offered $170k for the house but the bank said no, that they could get more for it.