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"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."

He only owed $160k so the bank would have made $10,000 + atleast $70k in interest they charged.

And they wonder why they have probs. Greed
 
That's definitely one way to handle it. I know a bunch of the foreclosures around here end up getting left with holes in the wall, appliances missing but nothing like that.
 
There's a guy down the street from me who was foreclosed on a few months back. He went down his street on trash day and picked up everyone's trash... He then proceeded to take all of that trash back to his house and throw it all inside. He filled the entire house with trash. To the ceiling.
 
DavyBooth said:
That's definitely one way to handle it. I know a bunch of the foreclosures around here end up getting left with holes in the wall, appliances missing but nothing like that.
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I bought a foreclosure and they took all appliances, plus it looked like someone took a pot of coffee and just threw it on all the walls and carpet.

But it needed new paint and carpet anyway.
 
subigo said:
There's a guy down the street from me who was foreclosed on a few months back. He went down his street on trash day and picked up everyone's trash... He then proceeded to take all of that trash back to his house and throw it all inside. He filled the entire house with trash. To the ceiling.
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That's pretty win.

A friend of mine bought a foreclosure property in town here. I don't know all the ins and outs of how the auctions work but anyway he bought a property for dirt cheap and thought he got the deal of the century and was going to fix er up until he found out they poured cement down the bathroom and kitchen sinks.
 
Just so you guys know, this has nothing to do with the housing crisis or the evil banks, the guy is just a fuckup.

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.
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dreamache said:
Thanks for the tip bro, I was under the impression everyday normal people bull doze their homes.
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No problem, but do you even get what I was pointing out? The easy assumption to make would be that he was in a shady mortgage and was being foreclosed. He was being sued and the house was being used as collateral for the damages against him. This is the same thing as him throwing a pile of money in the ocean because he doesn't want to pay it off to someone who's suing him, it has nothing to do with housing or mortgages or real estate in the sense that we are used to hearing about them lately.
 
i think the fact that people have been fleeced by banks for decades, then needed to be bailed out, then they start fleecing people again with tax payers bail out money.. caused him to do this.
 
Nostalgae said:
No problem, but do you even get what I was pointing out? The easy assumption to make would be that he was in a shady mortgage and was being foreclosed. He was being sued and the house was being used as collateral for the damages against him. This is the same thing as him throwing a pile of money in the ocean because he doesn't want to pay it off to someone who's suing him, it has nothing to do with housing or mortgages or real estate in the sense that we are used to hearing about them lately.
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No you are wrong. The guy did it partly because he GOT an offer from someone to buy the house, but the bank refused to allow the transaction to go through.

He said that they were 'wronging' him. Which, if the $170,000 offer turn down is true, then I understand him 100% and think more people should be like him.
 
even if he was in a shady mortgage, fuck him. bank doesn't make people do interest only. bank doesn't make people buy grossly overvalued homes. throwing your bank under the bus because you fucked up and made a shitty investment is refuckingtarded.
 
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greenleaves said:
No you are wrong. The guy did it partly because he GOT an offer from someone to buy the house, but the bank refused to allow the transaction to go through.

He said that they were 'wronging' him. Which, if the $170,000 offer turn down is true, then I understand him 100% and think more people should be like him.
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No you still don't seem to get it. The judgement against the guy, which appears to be what prompted the foreclosure, would have been more than $10K or else the bank probably would have let the dude sell. Once the house, the collateral for the failed business, was taken over by the bank he still would have been on the hook for the for the mortgage. It looks like he was trying to sell the collateral for his failed business out from under the lender to get himself out of debt that has nothing to do with the housing crisis or shady mortgages. The bank had a legitimate position in this and the guy just went bat shit.
 
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