I Like This Guys Style...

[JonesersRX7]

Yeah... so the guy has business loans default, the bank that the BUSINESS LOANS were done through put a lien on his personal residence (NOT the mortgagor/note holder), he goes ape shit and tries to sell it on the CHEAP

But anyways, if its worth 350k they would probably get 80-90% of that. I would do the same thing. I loan someone money and its in my right to put a lien on their personal residence to recoup my losses I am most certainly doing it.

This has nothing to do with Wall Street, The Housing Crisis, The Housing Bubble, Shaddy Mortgages.. etc.. anything else ad homenim atm.

The 170k offer means nothing if he can't clear the cloud on title and xfer it unencumbered.

Bottom line is the guy signed a recourse loan - they placed a lien on his house, he couldn't sell, they want their money.


EDIT: Just wanted to point out the total spin the media put on this story. What a crock of shit. "Victim"?!? Fuck that.. he should have had better asset protection and only signed non-recourse loans.

 

[schockergd]

He's a idiot......

The state of Ohio has some of the longest periods to foreclose , meaning if they truely were foreclosing on the guy, he would have been living in the house for about a year WITHOUT PAYMENTS , before the bank forcloses.

Unfortunately, this guy was a idiot, and did something stupid, and now he's gonna be a hero to a bunch of other idiots out there that will want to be a copycat to him.

 

[JMan1234]

I'm wondering if there are upcoming legal problems for this guy.
I mean, technically it was still his property, so he could do with it as he pleased, even if that meant bulldozing it? Or is that not correct?

 

[JonesersRX7]

I'm wondering if there are upcoming legal problems for this guy.
I mean, technically it was still his property, so he could do with it as he pleased, even if that meant bulldozing it? Or is that not correct?

No -- if you ever decide to read the mortgage you signed.. or maybe will sign? It says you must maintain the property to a certain standard.

He will be held liable for the banks loss now too. This is happening with people that take ALL the appliances, air conditioners, hot water heaters, etc.. the. You will go to jail as its considered theft.

Chandler man accused of 'deconstructing' foreclosed home before bank sale | Phoenix News | Arizona News | azfamily.com | Local News

 

[Benji49]

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.

Interesting hack. I wonder if there is a way to remove cement from the drains and pipes, like using Thermite (Sits back in chair, tries to visualize the application of Thermite without burning down house)

 

[JonesersRX7]

Interesting hack. I wonder if there is a way to remove cement from the drains and pipes, like using Thermite (Sits back in chair, tries to visualize the application of Thermite without burning down house)

Yeah... its called a sawzall before the trap and then refit.

 

[high risk]

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.

i've heard of other stories like this.. you usually have to buy the homes (foreclosures/repos) without ever seeing the inside- i dont know what the laws are everywhere, as they vary by state.

 

[high risk]

He's a idiot......

The state of Ohio has some of the longest periods to foreclose , meaning if they truely were foreclosing on the guy, he would have been living in the house for about a year WITHOUT PAYMENTS , before the bank forcloses.

Unfortunately, this guy was a idiot, and did something stupid, and now he's gonna be a hero to a bunch of other idiots out there that will want to be a copycat to him.

check the article.. guy got sued by his brother-business partner, apparently got a judgment and subsequent lien (? the article isnt clear..) against his house. at this point he doesnt have a right to sell the house, and lien would be against the equity he has in the house. the bank would have another lien against the house, which they put on it at the creation of the mortgage.

the circumstances would be a little different here, i think. it's complicated, but i could see this not being subject to a standard NoD/foreclosure process. i don't know ohio law very well

 

[Lapris]

Interesting hack. I wonder if there is a way to remove cement from the drains and pipes, like using Thermite (Sits back in chair, tries to visualize the application of Thermite without burning down house)

Thermite would just melt everything apart from the cement.

:R:

 

[JonesersRX7]

i've heard of other stories like this.. you usually have to buy the homes (foreclosures/repos) without ever seeing the inside- i dont know what the laws are everywhere, as they vary by state.

No... REO's are typically listed by a Realtor so you definately can see the inside. Now bulk reo packages, little different story but you can still conduct due diligence.

NOD sales typically you can do a little B & E (Very easy with sliding doors) to take a look. Everyone does it and if you aren't you are risking some huge head aches.

check the article.. guy got sued by his brother-business partner, apparently got a judgment and subsequent lien (? the article isnt clear..) against his house. at this point he doesnt have a right to sell the house, and lien would be against the equity he has in the house. the bank would have another lien against the house, which they put on it at the creation of the mortgage.

the circumstances would be a little different here, i think. it's complicated, but i could see this not being subject to a standard NoD/foreclosure process. i don't know ohio law very well

I posted this above... like literally the post above the one you quoted but... just because someone puts a lien on your house doesn't mean that they can foreclose. He stopped paying the original mortgage going into default. He couldn't settle the liens to clear the clouds on title to sell.

Default foreclosure proceedings are still in play here. Only difference is the lien holders wouldn't release because they could get more money at auction over his 170k low ball offer.