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Frustrated Owner Bulldozes Home Ahead Of Foreclosure

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posted on Feb, 19 2010 @ 12:44 PM
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I hear stories all the time of people stripping every fitting, wire, and cabinet out of foreclosed homes. I recently heard of one such place that was a $3Million property. The bank re-sold it for $800,000, but it took close to a million to refit the house to make it livable. The new owners actually made a killing. The bank took a big hit.

Other stories include graffiti, paint on the carpets, and feces smeared all over the walls - all just to p*ss off the banks. Way to make customers happy.
If the TARP funds were put to good use rather than rewarding in big bonuses the board members of the banks for messing up the economy in the first place this would never happen.




posted on Feb, 19 2010 @ 12:48 PM
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There are a lot of acts of desperation going on this week. They all seem to be isolated, one-man events. When is the organized group effort going to happen? I can't wait for more little desperate acts to happen, coupled with the plummeting economy, and the government goes and locks everything down, violates the constitution, and then the Sons of Liberty and other powerful shadow militias rise up and fight. Boom. Second American Revolution (for realz, yo).


Originally posted by hillbilly4rent
My wife is a R.E.O. specialist (bank owned properties). last year she had to take pictures of a home in foreclosure and when she arrived at the address there was no house just a lot. She checked tax records and yes there was a house at one time. So she started asking around and what do you know they jacked the house up and moved it. I don't know how you would report a house as stolen or where to look for it.


LOL. Wow that is hilarious!



posted on Feb, 19 2010 @ 12:51 PM
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Originally posted by Muckster
reply to post by Dynamitrios
 


It could backfire, of course, but some things in life are worth getting a criminal record for...

Trust me i know

Yes I would Agree to that in full. I think by the time they figured out what happened I would be long gone and unaccounted for.



posted on Feb, 19 2010 @ 12:52 PM
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Originally posted by Emerald The Paradigm
reply to post by MrXYZ
 


Two things:

1)The banks can and do print money. They work with digital numbers and can manipulate whatever they want. This is why when whistle blowers come out all of a sudden their debit cards don't work, their banks have $0 in them, etc.

The banks CONTROL the money supply, who's pulling the strings? That is debatable.

2)The argument of "Don't take money out if you can't repay" is just plain stupid.

Because if this was the case, then the majority would not buy houses, go to colleges, get cars, or buy anything that's out of their budget range.

It's the DEBT that is the SCAM, not the other way around.


I take it you never worked for a bank


They can't just make up serial # for digital transactions, and all the hard cash is printed by the treasury.

I'm not saying the banks are not to blame for some of the foreclosures, they are at least partly responsible. The government deregulated the lending industry, which made it easy for banks to give out risky loans to people without having to check up on their financial situation all that much. That gave the illusion to people that they could afford ridiculous loans and a lifestyle they aren't entitled to. So in short, the government was stupid by underestimating the greed of banks, the banks where stupid by handing out risky loans to people who clearly wheren't entitled to them because of their financial background, and the people were stupid by taking those loans even if a monkey on '___' could have figured out that they'll never be able to repay the loans...and everyone should know nothing's for free (we are not communists).

The concept of debts is just fine. You get money from a lender now, to pay for something. In return, you pay him more in the future, because $100 now is worth more than $100 in the future...so the lender is entitled to more than the lending amount. Think about it, what would you prefer, me giving you $100 right now...or $100 in 10 years?

Debt is great because it allows you afford things without tieing down your entire funds at once. It also allows you to invest in things that might net you a higher return in the future (such as a Harvard education).

People need to be realistic though when taking a loan, and sadly the majority is stupid and overestimate themselves. This would be fine if the banks would do their job and control who gets a loan or not by checking up on their finances. Sadly, all those people crying for "free market" and deregulation won and the government under Bush made it super easy for banks to hand out loans to stupid people without having to do great background checks.

Funny enough, a lot of the people who are for "less government" and "free market" are now whining about having to foreclose their homes because they can't repay their loans. Good game guys, well done...you got deregulation



posted on Feb, 19 2010 @ 12:55 PM
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Originally posted by OrphenFire
When is the organized group effort going to happen?


The government has conspiracy laws to prevent such a thing. You see, it's not a crazy theory when we, the people, conspire. It's only a crazy theory to suggest corporations and governments conspire.



posted on Feb, 19 2010 @ 01:00 PM
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It is still such a load of crap that someone works their a$$ off most of the loan on their house and "economy" takes a hit and the guy looses his job, then cant even make his house payment when he only owes a quarter or less of the value. Yeah I'd wanna do the same for sure. I think I would sue for the balance already paid.

[edit on 19-2-2010 by Lil Drummerboy]



posted on Feb, 19 2010 @ 01:04 PM
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Originally posted by Lil Drummerboy
It is still such a load of crap that someone works their a$$ off most of the loan on their house and "economy" takes a hit and the guy looses his job, then cant even make his house payment when he only owes a quarter or less of the value. Yeah I'd wanna do the same for sure. I think I would sue for the balance already paid.

[edit on 19-2-2010 by Lil Drummerboy]


So if you loaned someone $1mil, and he repayed you $700k...and now suddenly can't repay you the rest, you'd just tell him "it's all good, keep the rest of my money, it's not your fault"? You'd do that, right? Right?



posted on Feb, 19 2010 @ 01:07 PM
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Excellent work in the buldozer episode. Unfortunately if you got a bargain on your house, ei: bought for the price of the land, you would lose out for sure. In my case the house was free, and the price we paid, is a bit short for the 1/2 acer lot.

I have no way out of a situation like this, because buldozing the house would be futile.


No, I'm not a rich Amerikan, just your average Joe Canadian who strongly dislikes that smirking Harper.


Death to the new world order.



posted on Feb, 19 2010 @ 01:09 PM
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Originally posted by MrXYZ

Originally posted by Lil Drummerboy
It is still such a load of crap that someone works their a$$ off most of the loan on their house and "economy" takes a hit and the guy looses his job, then cant even make his house payment when he only owes a quarter or less of the value. Yeah I'd wanna do the same for sure. I think I would sue for the balance already paid.

[edit on 19-2-2010 by Lil Drummerboy]


So if you loaned someone $1mil, and he repayed you $700k...and now suddenly can't repay you the rest, you'd just tell him "it's all good, keep the rest of my money, it's not your fault"? You'd do that, right? Right?
What should happen is the case by case should be reviewed to a degree that if someone has made every effort to pay the loan due to a case of unemployment, then the "bank" should do everything in it's power to help the customer out. Besides in that scenario At those kinds of numbers the actual loan has already been paid off. the bank only looses the profit.

[edit on 19-2-2010 by Lil Drummerboy]

[edit on 19-2-2010 by Lil Drummerboy]



posted on Feb, 19 2010 @ 01:15 PM
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Originally posted by Lil Drummerboy

Originally posted by MrXYZ

Originally posted by Lil Drummerboy
It is still such a load of crap that someone works their a$$ off most of the loan on their house and "economy" takes a hit and the guy looses his job, then cant even make his house payment when he only owes a quarter or less of the value. Yeah I'd wanna do the same for sure. I think I would sue for the balance already paid.

[edit on 19-2-2010 by Lil Drummerboy]


So if you loaned someone $1mil, and he repayed you $700k...and now suddenly can't repay you the rest, you'd just tell him "it's all good, keep the rest of my money, it's not your fault"? You'd do that, right? Right?
What should happen is the case by case should be reviewed to a degree that if someone has made every effort to pay the loan due to a case of unemployment, then the "bank" should do everything in it's power to help the customer out.


And what would you do if it was clear that that person won't be able to repay you the rest at all...and the only solution (read: you getting YOUR money back) is to reposses something of the guy you lent the money to? What then?

Your only choice would be to either give up on YOUR money, or taking something equally as valuable that belongs to the guy you lent the money to.

No one in his right mind would give up on his money, after all, it's your RIGHT to get the money back.



posted on Feb, 19 2010 @ 01:18 PM
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I have a gut feeling that there will be a lot more of this type of protest in the very near future. It may be that all these CEO's, Police Chiefs are leaving with their golden parachutes and finding other places to live. It might be that their companies are on the edge and when they go belly up they are afraid that the people they leave behind are going to take it out on them.
I would not be surprised one bit to see the bankers and CEO's attacked on a much higher level. The MSM can spin it all they like but the truth is, people are not being fooled by the BS they hear. Anger is growing and people backed into a corner really don't care what happens if they choose to become violent. Most feel that they have nothing to loose so why not pick a target and attack?

Zindo



posted on Feb, 19 2010 @ 01:20 PM
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reply to post by MrXYZ
 
What,... do you own a bank?
You don't at all feel for this guy at all?



posted on Feb, 19 2010 @ 01:21 PM
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reply to post by MBF
 


Well, I didn't say that scenario was a regular occurence, but I know it happens.

Buying foreclosures is a business on its own. Of course, I have friends who bought foreclosures to make their homestead. It's a great deal for some people.

I hate big business as much as the next person, but you have to take everything case by case. It is possible to make a deal with the mortgagor in a lot of cases.

This guy bulldozed his house for some reason. I think some people are just trying to make the point that there may have been better options.

Then again, he may have had really good reasons for what he did.

edit to add:

I understand the scenario you are talking about, because I've seen that happen too. I was at a auction and after the bidding dropped to a certain point, the auctioneer put in a bid for the bank!

[edit on 2/19/2010 by yadda333]



posted on Feb, 19 2010 @ 01:22 PM
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Originally posted by MrXYZ
So if you loaned someone $1mil, and he repayed you $700k...and now suddenly can't repay you the rest, you'd just tell him "it's all good, keep the rest of my money, it's not your fault"? You'd do that, right? Right?


No, that only works for GM and banks who took TARP money. We, the people, are privileged to live in their country.



posted on Feb, 19 2010 @ 01:26 PM
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reply to post by cenpuppie
 


A home is a place to live. This shouldn't be taxed unless it is used for income or investment. Taxes should be tied to earnings. If a person doesn't have a job, it shouldn't effect his/her shelter. We wouldn't have homeless problem. Mortgages go out of sight because of high interest+Taxes+Insurance and maintenance cost. The government is no longer for the people. It is a big mafia business. Utilities used to be Public, created by the Public funds from our taxes. All of a sudden they passed it on to their rich buddies called it privatization. I remember and I may still have some old utility bills that we used to pay 10% for Research and Development as part of the bill every month. Unless we take back these utilities, I am afraid no one will be able to afford it. The time is now to demand return of the utilities. Without it homeless problem will get worse.



posted on Feb, 19 2010 @ 01:27 PM
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As much as i, a nobody, understand the owner's plight, in the very first place, why take out that loan?

No matter what or who is right or wrong, where is honour now?

Yes, you can strip the fittings legally but not the fixtures, but bulldoze the house?

Yes, loan were made cheaper, but did the banks pointed a gun at the head of the homeowner to take up that loan?

No. We, as humans, must take responsibilities for our own freedom of choice, or if there is no longer honour, it will be the end of civilisation as we know it. When trust which is honour on words, is no longer worth even the paper a contract is signed, it is time for us to revert back to barbarism. The basic infrastructure is torn asunder.

It may be the end of us, a quick solution to escape from the problems of the world, a significant act of our cowardice, and abuse of the gift of life, but the punishment will be the innocent next generations-kids today.

What have we adults done? Is there no responsible better way or alternative? Have we this generation grown soft and addled in the brains???



posted on Feb, 19 2010 @ 01:29 PM
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I think what is hilarious is the number of people in this thread that actually think this sends a message to the bank. Let me spell this out for you, the bank couldn't give a crap about the house. All they care about is their money. When that guy bulldozed his house, he destroyed the collateral on the loan he had with the bank. Therefore, any money he could have used from the forced sale of the house to repay the bank is now gone.

The only message this guy sent the bank is that he is too stupid to understand how mortgages and foreclosures work, and now he still owes the bank the exact same amount of money. Unfortunately, now he can't use the value house to pay back what he owes. He needs to get the $160,000 elsewhere.

Dumb dumb dumb.



posted on Feb, 19 2010 @ 01:29 PM
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Originally posted by Lil Drummerboy
reply to post by MrXYZ
 
What,... do you own a bank?
You don't at all feel for this guy at all?




It obviously sucks for the guy, and I definitely don't wish this to happen to anyone. It doesn't change the fact though that if you take a loan, you have to think about the possible consequences.

Otherwise I'd take a loan for $10mil right now, and not think about what's going to happen when I can't repay.

Debt can be risky, and you accept this RISK because it allows you to afford things you couldn't otherwise afford.



posted on Feb, 19 2010 @ 01:32 PM
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If the house went to auction the man would have never received a dime. As has been said, the home likely would of been sold way under value for the purpose of making a quick sale, as the Bank doesn't care about anything except closing the book and moving on. There would of been huge attorneys fees tacked on top the loan amount along with all the other cost associated with the sale & transfer. Thus anything over the amount the Bank was owed would be penciled into fees.

He knew he had lost it all, so he decided to take the extra profit out of his property. The Bank can still get their 160k out of the property, but it will take longer and there will just be less vultures making quick profits off of this guys house. He put his sweat into the home for himself, not profiteers who wanted to capitolize on his mistakes.

I think the Banks make the effort to work with people that are upside down. When they see a property with that much equity they go for the throat.

[edit on 19-2-2010 by verylowfrequency]



posted on Feb, 19 2010 @ 01:44 PM
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i have a mortgage and when my wife and got the itimized final payment . i will have payed 158,000 dollars for a house we bought for 54,500 dollars. so there is some justice to be had in the man dozeing his house. it one thing to charge intrest but when a person pays 3x the asking price for somthing that is only going to go up in value, the actoin would be very appropreate.





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