One way to use your tractor?

[ultrarunner]

I question how people can applaud destruction, regardless of the circumstances involved.

When my wife and I were looking at foreclosed properties, we saw house after house with plumbing torn out, cabinets stolen and all the things you hear about. Anger issues. Somehow folks think that it was "theirs" to steal, destroy, whatever.

Since the bank holds the mortgage, they are in fact, the real owner of the property. Hate to say it, and it isn't popular, but until you can burn your mortgage, you really don't "own" it, well, not yet.

I empathize with the troubles this guy got into with the IRS over his business and can understand how his brother apparently or reportedly hung him out to dry, but still..... I for one find it difficult to applaud his actions.

I'm sure some people do trash homes when walking away...

In my area, vacant homes that are not kept-up invite trouble... not uncommon for a decent foreclosed home to be looted and vandalized after several months... it happened to one on my street.

I called the police and they said there wasn't anything they could do since they have no idea who the owner is... I contacted the lender... home is in California and Lender of Record is in Texas and was told by the Texas Lender that they have many thousands of vacant homes and there is nothing they can do about it...

The homes may be owned by the Bank... but around here anyway... the Banks are extremely poor neighbors... and a few have lost properties due to condemnation because the owner bank did nothing to stop the process...

Very strange times we live in now.

 

[jpm]

at least he didn't go and shoot someone which seams to be the way to express your ticked off these day's

 

[keegs]

Strange times indeed....and apparently pay dirt for the local TV station there. Certainly could have done a better job reporting.

I've heard stories recently of residents maintaining neighborhood properties in foreclosure (cutting the grass...) in attempts to protect their own property value. I don't think this situation has anything to do with the real estate downturn though since it appears to have originated in a dispute with a business partner almost a decade ago.

As far as his perceived advantage to being able to afford legal services, given the outcome, it seems that he would have been better off without it. I wonder if he'll be using the same guy in his upcoming court case.

 

[kidr]

seems like the IRS isn't making any friends lately.

I understand his frustration but still wonder what the whole story is???????

The lesson to be learned here is not to trust the news media without verification. Reading further down the article to the comments.we find that maybe he owed a heck of alot more than the 160k he claimed. (some one searched the public record). I didn't...but now the banks actions make more sense. A bank doesn't want your house, the want Their money.

 

[2manyrocks]

Anytime you hear one side, it's a good idea to wait to get the rest of the story.

Here is the court docket in the case: Public Access - Docket List

No actual documents available on line that I can see, but the paper documents would be on file in the clerk's office.

 

[MossRoad]

...

I would like to know why the bank refused 170k to pay off 160k.
...

Because he owed the bank 350K worth of collateral plus 160K left on his mortgage. He put the house up for collateral against his business and commercial properties.

Even if he owed ZERO on the house mortgage, he still owed the bank 350K worth of collateral. Now, it appears, he owes the bank 350K PLUS 160K.

 

[Mousefield]

So it looks like he has borrowed $510,000. between his home and business. This is not the banks money, it is money that other people have on deposit in the bank. Looks like he may have been borrowing more and more money and now could not pay it back.

 

[Bedlam]

Our bailout money at work.

 

[2manyrocks]

Give this a couple of weeks and see if there aren't some more developments in this case. Then see if the media reports on it. So far, it's interesting to see how many media outlets are just parroting the original story. I'd say this ain't over yet.

 

[MossRoad]

Our bailout money at work.

How's that?