stack letter

stack letter

PostBy: ken On: Fri Feb 19, 2010 10:04 am

Thought this was interesting.
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ken
 
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Re: stack letter

PostBy: Black_And_Blue On: Fri Feb 19, 2010 10:12 am

He was certainly all over the map with the rant, interesting Marxist quote and mockery of Capitalism at the end.

When a person is convinced they have lost everything they have nothing to lose.

Did you see the story of the guy who bulldozed his house rather than let the bank foreclose on it?
http://www.wlwt.com/news/22600154/detail.html

There will be more of these occurrences as people become desperate.
Black_And_Blue
 
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Re: stack letter

PostBy: ken On: Fri Feb 19, 2010 10:21 am

"There will be more of these occurrences as people become desperate" -- Think your right on that one. Bank stuck with a lot now. :shock:
ken
 
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Re: stack letter

PostBy: titleist1 On: Fri Feb 19, 2010 10:27 am

While I admire the guy that bulldozed his house in a warped kind of way, he better hope that the bank can't come after him for the difference between what he owes and what they are able to get for the lot.

I was surprised to find out that in many states banks are able to come after the people they foreclosed on for the difference when they "short sale" the house. Hopefully for him Ohio isn't one of those states or he may get a bill for $50k or whatever amount down the road.
titleist1
 
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Re: stack letter

PostBy: samhill On: Fri Feb 19, 2010 10:40 am

If you destroy a house that in effect is owned by a morgage holder I`m fairly certain that your going to jail & still going to have to pay. It`s making a statement but only hurting yourself.
samhill
 
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Re: stack letter

PostBy: djackman On: Fri Feb 19, 2010 10:43 am

http://www.wlwt.com/news/22600154/detail.html

"When I see I owe $160,000 on a home valued at $350,000, and someone decides they want to take it – no, I wasn't going to stand for that, so I took it down," Hoskins said.


Another whiner who couldn't live within their means and doesn't want to abide by a contract they signed.

Hope the bank's laywers screw this guy really, really hard.
djackman
 
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Re: stack letter

PostBy: Dann757 On: Fri Feb 19, 2010 2:44 pm

The guy had one foot in reality and one foot in insanity, or he thought the world owed him a living. That's a quote I heard from a Georgia boy that was my boss on a painting crew in West Palm Beach. Never forgot that simple wisdom. " That boy thinks the world owes him a living!"


And then there was Marvin Heemeyer....
http://www.youtube.com/watch?v=EqpxeWQ_ ... re=related

Revenge is sweet. But he who seeks revenge must first dig two graves....
Dann757
 

Re: stack letter

PostBy: mikeandgerry On: Fri Feb 19, 2010 2:58 pm

titleist1 wrote:While I admire the guy that bulldozed his house in a warped kind of way, he better hope that the bank can't come after him for the difference between what he owes and what they are able to get for the lot.

I was surprised to find out that in many states banks are able to come after the people they foreclosed on for the difference when they "short sale" the house. Hopefully for him Ohio isn't one of those states or he may get a bill for $50k or whatever amount down the road.


Why is everyone I know surprised by this?

If you wreck your car and the insurance doesn't cover the balance of the loan, you still owe the bank the difference(unless you have gap insurance).

Mortgages are merely formal collateralized notes. They pre-date UCC filings which are more or less the same thing. The note is filed with the county in the case of the mortgage while a UCC filing is with the state.

You owe the balance on the note, no matter the condition, or existence, of the collateral. The collateral is merely "insurance" by pledging the property to the lender first in the case of a default. The only way to remove your liability is to go bankrupt.

Makes one wonder why the bankruptcy laws were "refined" a few years ago.
mikeandgerry
 
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