Owner Bulldozes Home Ahead Of Foreclosure

[Gatorubet]

Either that, or the factual scenario was that the home was used as collateral for some sort of loan for the business, in which case the plaintiff in the underlying lawsuit was the bank. But, in such a scenario, I don't see how the bank could foreclose if he hadn't missed any payments.

That was my guess, with the house being cross-collateralized for a loan on a failed business....so when the business went belly up and the full amount of that loan became due, that creditor did what it had to do.

 

[sepia5]

That was my guess, with the house being cross-collateralized for a loan on a failed business....so when the business went belly up and the full amount of that loan became due, that creditor did what it had to do.

I've noticed that other accounts of the story posted online note that the IRS had placed tax liens on the business property, and he (the homeowner) attributes these liens to his brother's decision to sue him. Huh? He also baldly claims in some stories that bank claimed his home as collateral after his brother sued him, which makes no sense either. Basically, it sounds like the guy is a moron.

 

[MaxBuck]

I've noticed that other accounts of the story posted online note that the IRS had placed tax liens on the business property, and he (the homeowner) attributes these liens to his brother's decision to sue him. Huh? He also baldly claims in some stories that bank claimed his home as collateral after his brother sued him, which makes no sense either. Basically, it sounds like the guy is a moron.

So you had to read past the part where he bulldozed his house to figure this out?

Too bad he wasn't a passenger on the Austin flight. Could have taken out two birds with that rock.

 

[fourteenandoh]

You know what I have a bit of a problem with? The double standard for large corporations, and individuals. Morgan Stanley buys some huge buildings in various cities around the world that tank in value. Instead of staying under water, the LLC they bought them under files bankruptcy. In this case, it is called a strategic default. A normal person buys a home, it goes under water, and they file bankruptcy. They are labeled a dead beat. When I boil it down, I think it is just a lack of good advice. Any wealth advisors out there ever advise someone to strategically default on a house before?

Not really sure it has much to do with this idiot destroying the collateral, but a valid point nonetheless.