Adam Lanza's family home sold to Newtown for $1

The home, in which the shooter from the Sandy Hook tragedy and his mother, Nancy, lived in, was inherited by Nancy’s other son, Ryan, after she was killed. A bank took control of the home after Ryan agreed to sell it for $1

A bank that prepared the house by removing and incinerating all personal effects.The Newtown legislative council voted unanimously on Wednesday night to accept the house at no cost. The appraised value of the 3,162 sq ft home was $523,620.

Nancy and Peter Lanza were divorced in 2009. Probate records show that at the time of her death, Nancy Lanza had a mortgage of more than $402,000. Gruder said that Hudson City Savings Bank assumed the mortgage when it purchased the property.

So yet another house in Newtown changes hands for 1 $ eat your heart out Detroit

foxct.com...

So, did the Hudson City Savings Bank just get screwed? Do they still eat the balance on the loan, or is it "written off" as a bad debt (or something to that effect as I am not a CPA or Tax expert)?

a reply to: Krakatoa

They will likely take a tax loss on the property and take a right down on a loan that was sold on and re-packaged to some other mug .

Rather a shame to burn everything in the house as it looked well furnished from what i saw in photos

***ATTENTION***

This thread is about the Lanza house being sold, nothing else. Get on topic and keep it there.

Thank you.

Good deal for the bank. Capitalism at its best.

Nice big house.
If the Bank who now own it had any morals whatsoever they would sell it on and give the money to the Victims families.

a reply to: Soloprotocol

if you knew how much money they've already received, you might change your tune...

a reply to: douglas5

A couple months ago I drove through this town on my way somewhere for work. It was such a quaint, old fashioned, Anytown USA. It was like Mayberry RFD from television. Old, well maintained houses with well manicured sprawling yards. Just goes to show tragedy can strike anywhere. Sad.

She was killed? This requires a new thread.