Man faced with foreclosure bulldozes his own home!

[backscatter712]

I APPROVE!!!

When the banksters back people into a corner, this is what happens...

[gtar100]

1. Unfortunately he's going to find out he didn't really "own" the home ever.

Not until every penny is paid back to the bank will they (the bank) consider you as the 'owner' and take their claws out of your neck. Now when it comes to maintenance of the property...well, the bank goes silent - just look at the condition of all the foreclosed homes.

[Magoo48]

2. This is pain and frustration in action. I hear him loud and clear. "Up yours," he said.

[DreamSmoker]

3. May this be the start of a great way to put the screws to the Banks..

K&R

[Evasporque]

4. Republicans are already drafting legislation criminalizing destruction your own home...

Crimes against property are high the Republicans list....they love criminalizing things...

[MedicalAdmin]

5. He is giving them the property back in the same condition they gave it to him.

I have no problems with this.

[SoCalDem]

6. In addition to the loss of a home, he will now be faced with

legal fees and jail

He "stole" whatever money was given on his behalf (to "purchase" the house), as far as the law is concerned.

It's one thing to remove plumbing, cabinets, appliances and perhaps knock a few holes in some walls in a pique of frustration..it's entirely another to bulldoze the building you do not "own".

I am pissed that banks were not forced to renegotiate underwater mortgages. That would have eliminated a lot of the frustrated rage that is being played out every day , somewhere

[Plucketeer]

8. I sort of agree with you, but.....

in another sense, he's just doing some home remodelling. ALL the stuff that went into building that home is STILL there. The banks can do with what's left as they please. If the banks have NO hesitation in reducing one's life to a shambles, what's wrong with doing the same to the home you let them make money off of???

[truedelphi]

21. What you are saying makes sense, especially given that

the HAMP program was offered some 50 billions of Federal government dollars to help homeowners receive decent treatment from the banks. And less than five percent of those monies have actually done anything for homeowners.

Meanwhile the banks receive insurance settlements in cases like these.

And where is the hue and cry when banks bulldoze the foreclosed homes?

[SHRED]

7. Very unfortunate

He just dug a deeper hole for himself.


---

[Plucketeer]

9. I've got a neighbor

a solid middle-class sort who's worked all his life to get where he's at. JUST after paying $475K for the home and two acres it sets on, the bottom fell outta Wall St. AS A RESULT - he was outta work for 8 or 9 months. Worked with Chase bank to try and pay whatever he could when he could. Sold alot of things to do so.
Then as he goes back to work, the bank tells him he's eleigible for a the budding "loan modification program" - his home how being worth about half of what it was before the shit hit the fan. So NOW - the bank keeps on needling him for whatever money he can scrape up (and he managed to land a job that paid just enough to meet food and utilities along the way). Over two years he's sent them $42K!
Constant calls kept telling them that a loan mod was in the works - in the works - in the works.... FINALLY last week, they send him the documents to sign. They want him to sign to pay MORE than he'd agreed to buy the house for 3 years prior. Of course, they HAVE their bogus rationale. OH - and the $42K he's handed them over the past two years??? They're saying that was just "interest" so that's not even figured in. OH - and the loan mod he was supposedly qualified for??? - Gee, he fell out of that program MONTHS AGO. Ah - didn't someone tell you? We're really sorry.

He's going to cash out an IRA - with a significant tax gouge for doing so - to be able to have some down payment money. Of course, with the bank foreclosing on his current home, what sorta loan can he have a hope in hell of landing??? FUCKING BANKSTERS!

[MedicalAdmin]

15. I am a non violent man, but shit like that makes me want to go Rambo on someones ass.

I am dealing with my wife's student loans and they have lost her IBR application 9 times in a row. 9 times. Flipping a coin gives odds of about 1 in 1000 of that happening.

Basically they are lying their asses off or they are rankly incompetent. Or both. Probably both.

I would be asking the bank in court to prove ownership.

[Plucketeer]

20. It's funny you should say that.

I've been urging him for months to ask to SEE the mortgage.

[Clouseau2]

10. I'm surprised no one has mentioned this

The amount of energy and raw materials necessary to construct a home is HUGE. Now there is one less home for a family to live in this country as well. Not to mention all the landfill space required to store the destroyed home.

[onlyadream]

12. I'm with you

This was very hard to watch. What a waste of Earth's resources, which are not limitless. I could never do that to my home, since I love it so much and have so many memories here. Even if the bank did repo it. I'd be devastated, but I wouldn't destroy it.
With that said, the frustration is obvious and something should be done to force the banks to work with the families to keep them in their homes. Many banks are forcing people out and then pipes freeze and burst and the house is destroyed anyway. Why not work something out so that everyone wins?

[MedicalAdmin]

17. If and when our house gets repossessed I will move out and "rent" it for $1 per month ....

... to the local greek college society as a party house.

Let the chips, beer, and rubbers fall where they may.

[iscooterliberally]

11. The bank that foreclosed on him, might have done this anyway.

He would have been better of just taking the appliances and whatever else wasn't nailed down.

http://www.csmonitor.com/Business/Mises-Economics/2011/0729/Banks-bulldoze-houses-despite-millions-being-homeless

[Jack Rabbit]

13. This is a revolution. Our weapon of choice is civil disobedience.

I hope this gentleman knew what he was getting into when he destroyed "the bank's" property. If not, God bless him; if so, more power to him.

Power to the people (which includes only natural persons).

[BobbyBoring]

14. Great idea!

If everyone did this, it would improve the housing market by removing excess inventory and improve the jobs market for construction workers!

we could start the whole mess over again!

[PatrynXX]

16. uncle can't go to CO because of that

and he's more into the tea party wing.... reminds me of some farmer who took his shit to the town hall and well spread it on the side of hall

[PatrynXX]

18. yes it's called Little House on the Prairie BURN IT

there goes the town. BURN IT , who owns the land? whoops. oldest trick in the book and frankly probably the most legal

[saras]

19. You don't have to bulldoze it to make it uninhabitable - mold will do the job.

There are lots of other ways to get your value back out of the house. Renting it out as a party house or band house is only one of many. But a band rehearsal space will pretty quickly remove all economic value from the property.