Man faced with foreclosure bulldozes his own home!

[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!