Poll: Man bulldozes house so the Bank couldn't get it

[Kenjitsuka]

This tidbit comes from the town of Moscow.
That's not in Russia, but in Ohio if you didn't know

A man hired a bulldozer to flatten his own house.
Why? The bank wanted to kick him out of it because he couldn't pay his debts...
http://www.ohio.com/news/break_news/84783487.html

Sad business.
My question: what would you do?

On one hand: the bank gave him money because he promised the house would be theirs if he couldn't pay them back (this is called a mortgage).
But: years of legal battles can leave a person very jaded and angry...

 

[Latinidiot]

I don't care if he was jaded, he made a bloody promise. a man keeps to his word.

 

[ClunkiestTurtle]

while on the face of it it seems a victory for the man surely he's still going to have to pay the money back or end up declaring himself bankrupt so at the end of day he's really just cut off his nose to spite his face.

Still you got to admire his cojones!!

 

[Benjeezy]

Friggin hardcore is what it is.

This man, he has balls of steel.

 

[JEBWrench]

Hey, if you're going to lose it anyway, and if you've got access to a bulldozer, where's the loss?

When we lost our home due to a mortgage situation (one beyond our control, by the way), we sold everything that wasn't nailed down in that place. Then we may or may not have accepted payment to allow someone to take what WAS nailed down.

 

[Kenjitsuka]

while on the face of it it seems a victory for the man surely he's still going to have to pay the money back or end up declaring himself bankrupt so at the end of day he's really just cut off his nose to spite his face.

Still you got to admire his cojones!!

True, I don't think this is going to get him far in the long run.
I can even imagine the bank sueing him for destroying the house, as they (almost?) legally where the owners. So he might end up in jail I guess...

I don't care if he was jaded, he made a bloody promise. a man keeps to his word.

True that! I have a mortgage myself and it is just a bad idea to mess with the bank in any way in the first place

 

[AvsJoe]

Until you pay off your mortgage the house is still the property of the bank. Sorry, Ohio dude, you are in the wrong.

Still you got to admire his cojones!!

Agreed. That is a ballsy yet incredibly stupid move. Like charging at a gatling gun with a sword.

I love your avatar btw. The Dilbert show was hilarious. I'm surprised it was canceled after only 2 seasons.

 

[HK_01]

I'd do it. What consequences could there possibly be to such rash actions?

 

[Kenjitsuka]

Hey, if you're going to lose it anyway, and if you've got access to a bulldozer, where's the loss?

When we lost our home due to a mortgage situation (one beyond our control, by the way), we sold everything that wasn't nailed down in that place. Then we may or may not have accepted payment to allow someone to take what WAS nailed down.

Sorry to hear that!
I hope you're doing better now.

I'm stuck to my mortgage atm because I can't sell my place.
I spent a lot on making it a better place, but because of the economic crisis the value went DOWN 10 000 euro's in two years. So if I sell it now I would need to pay the bank 10K... stupid crisis

 

[Kenjitsuka]

I love your avatar btw. The Dilbert show was hilarious. I'm surprised it was canceled after only 2 seasons.

Dilbert had a tv show?
Damn my not living in the USA!
I'm so going to view it via youtube or whatever!

 

[Avatar Roku]

Hmm...this is one of those cases where the guy was clearly in the wrong, but people will still cheer for him for "fighting the power". Banks are a popular hate figure right now.

 

[AvsJoe]

I love your avatar btw. The Dilbert show was hilarious. I'm surprised it was canceled after only 2 seasons.

Dilbert had a tv show?
Damn my not living in the USA!
I'm so going to view it via youtube or whatever!

Your pic actually comes from the show, not the comic strip. I'm surprised you didn't know that.

 

[JEBWrench]

Until you pay off your mortgage the house is still the property of the bank. Sorry, Ohio dude, you are in the wrong.

Not quite. Otherwise the bank would be required to maintain it, as the residents would be considered tenants rather than homeowners. Believe me, we looked into the legalities of selling everything we could before we lost ours.

What you may be thinking of is an escrow.

Sorry to hear that!
I hope you're doing better now.

I'm stuck to my mortgage atm because I can't sell my place.
I spent a lot on making it a better place, but because of the economic crisis the value went DOWN 10 000 euro's in two years. So if I sell it now I would need to pay the bank 10K... stupid crisis

Things are a lot better, actually. Financially, maybe not so much, but living in a smaller place is actually doing wonders for us as a whole.

 

[Deleted]

He took the third option. [http://tvtropes.org/pmwiki/pmwiki.php/Main/TakeAThirdOption]

 

[Deleted]

I love your avatar btw. The Dilbert show was hilarious. I'm surprised it was canceled after only 2 seasons.

Dilbert had a tv show?
Damn my not living in the USA!
I'm so going to view it via youtube or whatever!

Your pic actually comes from the show, not the comic strip. I'm surprised you didn't know that.

Hotlink owned. And yeah the Dilbert show was good, but ultimately screwed by the executives.

 

[Kenjitsuka]

I love your avatar btw. The Dilbert show was hilarious. I'm surprised it was canceled after only 2 seasons.

Dilbert had a tv show?
Damn my not living in the USA!
I'm so going to view it via youtube or whatever!

Your pic actually comes from the show, not the comic strip. I'm surprised you didn't know that.

My avatar is selfdrawn, based on some Anime girl
You mean the one from Clunkiest Turtle.

 

[Kaymish]

well since banks lose out when they foreclose and the man who was foreclosed on could have worked with the bank to not lose his home he is in the wrong additionally the terms of a mortgage dictates that the bank owns the house until you pay it off

and if you bull doze it you no longer have the option of getting the left overs from the mortgagee sale so i would let the bank have it and live somewhere more within my means

 

[GundamSentinel]

So, either he gave up his house and paid off a lot of his debt or bulldozed it and got off more screwed than he started. Bulldozing wouldn't be my option.

 

[AvsJoe]

Until you pay off your mortgage the house is still the property of the bank. Sorry, Ohio dude, you are in the wrong.

Not quite. Otherwise the bank would be required to maintain it, as the residents would be considered tenants rather than homeowners. Believe me, we looked into the legalities of selling everything we could before we lost ours.

What you may be thinking of is an escrow.

Didn't know that. Forgive my ignorance, I haven't purchased a house yet; I'm still a renter.

He took the third option. [http://tvtropes.org/pmwiki/pmwiki.php/Main/TakeAThirdOption]

No, not the dreaded TVTropes loop! No! Nooooooo!

 

[Tharwen]

Well he'll still have to pay for it, so in fact he has just destroyed a load of his own assets.