Frustrated Owner Bulldozes Home Ahead Of Foreclosure

[85_SS_302_Coupe]

http://www.msnbc.msn.com/id/35463243/ns/local_news-cincinnati_oh/


Hell yes. This guy is my hero. Suck it banks :flipoff:


He just said on the news they're going after all his business properties and that he plans on giving it to them the way he got it. He said i pulled this place up from the ground and i plan on putting it back into the ground before they get their hands on it.

:rockon:

[CNTLOSE]

Now that is funny!

[sean]

Good for him. It says he owed 160000 and offered them the money and they said no, they can get more taking it and selling it. what a bunch of dicks.

[Camaro86SHOCKER]

my new hero, i'm gonna go meet him i know where his business is.

[snotzs135]

nice!! I am guessing the bank is now going to sue him for doing that to
the house.

[85_SS_302_Coupe]

Actually i'm not sure if they can because the house was only up as "possible collateral" or something like that. It wouldn't be any different if he sold the house before it was forclosed on, except then they could try to get the cash from him. They can still sue him for the money he owes but that's what it all originated with so he's just back to square one. The difference is now they can't take his house and sell it for profit over what he owes them which is the point he's making. Banks fuck people.

[50dan]

Banks are only out to f*ck EVERYBODY!!!! If they have a chance to repo your home...THEY WILL before giving you the slightest chance to work out payment plans. A buddy of mine tried to tell his bank he can only afford about $300 less than his current payment and they told him to get lost.

[redfirepearlgt]

A+ for originality!!!!

[djom1cincy]

Is that the owner of Terry's carpet across from fantom fireworks? If so he's a good dude as far as I know. He's doing work for my mom right now. Put carpet and tile in my house.

[Mista Bone]

Good for him. It says he owed 160000 and offered them the money and they said no, they can get more taking it and selling it. what a bunch of dicks.

Same thing happened to me when I was foreclosed on. Mom was gonna pay off the loan, IN FULL, but bank refused payment. They hoped to get the house and flip it for profit since at that time the market hadn't went belly up yet, mid 2005.

I bought the house for $65k, they got it back, I'd paid about $6k towards the loan, it was resold for $85k, but went under quickly when the market tanked.

I understand his anger.

[lst4g63]

If he ends up filing bankruptcy (chapter 7) there really isn't anything the bank can do since it was his property regardless if he had a lien or not. They may try and sue but ch 7 protects you so I say ha ha bank!

[2000GT]

If he ends up filing bankruptcy (chapter 7) there really isn't anything the bank can do since it was his property regardless if he had a lien or not. They may try and sue but ch 7 protects you so I say ha ha bank!

yea the cant do any thing to him because its his place. i worked for him for like 5 years but just got a new job this past year because all the stupid shit the banks been doing. it's a shame shame terry is a real good guy and always helped people out.

he said a real nice place befor he bulldozes it he ripped house apart. pushed his pool house in his pool. pushed his gazebo in the pond. you should of seen his van they wanted to take from him. lol. all kinds of crazy shit. and prolly more to come.

[djom1cincy]

yea the cant do any thing to him because its his place. i worked for him for like 5 years but just got a new job this past year because all the stupid shit the banks been doing. it's a shame shame terry is a real good guy and always helped people out.

he said a real nice place befor he bulldozes it he ripped house apart. pushed his pool house in his pool. pushed his gazebo in the pond. you should of seen his van they wanted to take from him. lol. all kinds of crazy shit. and prolly more to come.

Is this Terry from Terry's Carpet across from Fantom Fireworks?

[2000GT]

yea thats him

[bascom123]

i have to admit, i like his response.. ;)

[Evil_Capri]

He was just on 700wlw with McConnell. Good interview . . .

['92Stang]

Damn I feel bad for Terry. His business backs up behind our horse farm. He's a good guy. Even after the horses crashed a wedding reception at his place..:o......I loved his response to the bank though..:D

[2000GT]

Damn I feel bad for Terry. His business backs up behind our horse farm. He's a good guy. Even after the horses crashed a wedding reception at his place..:o......I loved his response to the bank though..:D

yea i remember that i helped catch them lol.

[KB1]

If more people would take a stand.......who knows what might happen!! My hats off to Terry!!!

['92Stang]

yea i remember that i helped catch them lol.

Thanks for rounding up "The wedding crashers".:bigthumb..lol

[2000GT]

lol thats funny.

it wasnt as bad as having them trailer park kids come up there and mess things up

[djom1cincy]

That sucks for Terry. Good guy to deal with.

[04 Venom]

If he ends up filing bankruptcy (chapter 7) there really isn't anything the bank can do since it was his property regardless if he had a lien or not. They may try and sue but ch 7 protects you so I say ha ha bank!

Chapter 7 will not save him in this instance.

[duststang]

Good for him.
They are so crooked that is what they deserve.
I thought if someone was being sue and they file bankruptcy there is nothing you are SOL?

[04 Venom]

Notice that none of the messiahs of the "free market" aren't rushing in to defend the bank? :lol:

[cobrajoe]

Chapter 7 will not save him in this instance.


I would like to know how you figure he is in trouble. Until the bank takes over the deed the house is his to do as he wishes and as long as he does not file a insurance claim he can not be found guilty of anything. If you look at your deed it gives a description of the lot, what plot map it is on, what county, etc. no where is there a description of a building. There is a difference between the "Note" and the "Deed", at least on mine it only describes the property or lot, makes no reference to the structures.

[04 Venom]

I would like to know how you figure he is in trouble. Until the bank takes over the deed the house is his to do as he wishes and as long as he does not file a insurance claim he can not be found guilty of anything. If you look at your deed it gives a description of the lot, what plot map it is on, what county, etc. no where is there a description of a building. There is a difference between the "Note" and the "Deed", at least on mine it only describes the property or lot, makes no reference to the structures.

Well to begin with, if you have a regular source of income, an individual may fall under Chapter 13, rather than Chapter 7. Under the provisions of Chapter 7 , you are required to surrender assets to a trustee who liquidates the assets for distibution to the creditors. If you conceal assets or otherwise engage in "misconduct" your bankruptcy petition will be discharged and you will not be relieved of the debts. In this guy's case, filing under Chapter 13 may have allowed him to keep the house if a court approved payment plan was adopted. Not knowing the individual's circumstances, it's not possible to predict what could have occurred.

Bull dozing the property may have made him feel better, but it will multiply his problems in the long run.

[cobrajoe]

Well to begin with, if you have a regular source of income, an individual may fall under Chapter 13, rather than Chapter 7. Under the provisions of Chapter 7 , you are required to surrender assets to a trustee who liquidates the assets for distribution to the creditors. If you conceal assets or otherwise engage in "misconduct" your bankruptcy petition will be discharged and you will not be relieved of the debts. In this guy's case, filing under Chapter 13 may have allowed him to keep the house if a court approved payment plan was adopted. Not knowing the individual's circumstances, it's not possible to predict what could have occurred.

Bull dozing the property may have made him feel better, but it will multiply his problems in the long run.

Actually you are not forced to file Chp. 13. You get to choose. That's what you pay your lawyer for. I have seen where a 7 was denied and they had to refile a 13 and that was due to them wanting to keep their brand new Yukon and a relatively new Vette and their house. That was many years ago though. You are correct in your thinking about surrendering assets, BUT you have to have assets to surrender. Also his bankruptcy can be denied not discharged as a discharge is what happens for the person that files, ie: your discharged from your debt. His house is still considered a liability that he still owes on. As far as under a 13 he could have kept the house with a court approved plan, if you read the articles the bank sounded like they where being pretty inflexible in their stance. They should consider themselves lucky they will get the property. The bank pisses off the judge and this could happen:http://www.aolnews.com/story/suffolk-judge-jeffrey-spinner-cancels/788457?icid=main|main|dl1|link4|http%253A%252F%252 Fnews.aol.com%252Farticle%252Fsuffolk-judge-jeffrey-spinner-cancels%252F788457 He bulldozed the house not the property as far as the letter of the law states. The following is from a law enforcement officer:

"Nothing will happen to this guy, its going to end up being a civil matter. So the bank is going to sue him and when it is all said and done, he files bankruptcy. All his debt is erased with the exception of the IRS. In the end, you and I suffer. The bank has insurance on the property I am sure and the insurance pays the bank off. The insurance then passes the buck onto you and I in the form of higher premiums."

[mustanger]

I liked his idea...I would have probably done the same thing if I were pushed far enough....it's going to be interesting to see how this works out in the courts. I hope all goes well for him, I'm sure alot of other people would probably consider doing the same thing BUT the courts just might make an example out of him...power to the banks and fuck the little people :rolleyes:

[ibstrokin]

Notice that none of the messiahs of the "free market" aren't rushing in to defend the bank? :lol:

There is a lot left out of this story. So I'm not sure the bank is the bad guy here. Maybe they are, but there is more to the story I,m sure.

[04 Venom]

There is a lot left out of this story. So I'm not sure the bank is the bad guy here. Maybe they are, but there is more to the story I,m sure.

I am sure you are right.

[04 Venom]

Actually you are not forced to file Chp. 13. You get to choose. That's what you pay your lawyer for. I have seen where a 7 was denied and they had to refile a 13 and that was due to them wanting to keep their brand new Yukon and a relatively new Vette and their house. That was many years ago though. You are correct in your thinking about surrendering assets, BUT you have to have assets to surrender. Also his bankruptcy can be denied not discharged as a discharge is what happens for the person that files, ie: your discharged from your debt. His house is still considered a liability that he still owes on. As far as under a 13 he could have kept the house with a court approved plan, if you read the articles the bank sounded like they where being pretty inflexible in their stance. They should consider themselves lucky they will get the property. The bank pisses off the judge and this could happen:http://www.aolnews.com/story/suffolk-judge-jeffrey-spinner-cancels/788457?icid=main|main|dl1|link4|http%253A%252F%252 Fnews.aol.com%252Farticle%252Fsuffolk-judge-jeffrey-spinner-cancels%252F788457 He bulldozed the house not the property as far as the letter of the law states. The following is from a law enforcement officer:

"Nothing will happen to this guy, its going to end up being a civil matter. So the bank is going to sue him and when it is all said and done, he files bankruptcy. All his debt is erased with the exception of the IRS. In the end, you and I suffer. The bank has insurance on the property I am sure and the insurance pays the bank off. The insurance then passes the buck onto you and I in the form of higher premiums."

Unfortunately your LEO is incorrect. I have successfully had Chapter 7 petitions discharged (meaning the application for relief is denied NOT a discharge of debts) because the debtor was found to have engaged in misconduct within the meaning of the bankruptcy code. This includes making false statements on the bankruptcy petition or during creditor meetings; hiding assets; dissipating assets; transferring assets or destroying assets. You are right that the bank will file a civil suit, but he probably can't discharge the portion of his debt due to the house because of his actions.

[cstreu1026]

There is a lot left out of this story. So I'm not sure the bank is the bad guy here. Maybe they are, but there is more to the story I,m sure.

I agree and I am willing to bet the bank will get their money one way or another. He will wind up in court. He had better hope some bleeding heart, do-good, wanna-be savior of an attorney takes the case for free because if he can't pay his mortgage he will never be able to afford the fees from a prolonged legal battle.

I for one hope the bank rakes him over the coals. He agreed to terms of the loan and from the sounds of it the foreclosure was related to the business not the house. If it was indeed related to the mortgage on the home then it should never have gotten to that point. If the house was truly worth $350K and he owed $160K and he had decent credit he should have refinaced. If not he should have sold the place and walked away with a sizable amount money in his pocket. The whole foreclosure process can be very long and drawn out. I am sure he had ample opportunities to make things right.

[cstreu1026]

And as a side note for those people who are cheering him on...the more this kind of stuff happens the more expensive it will become to borrow money in the future be it a mortgage, personal loan, or credit card. Banks are for-profit entities and will recover their money.

[k062693w]

There is a lot left out of this story. So I'm not sure the bank is the bad guy here. Maybe they are, but there is more to the story I,m sure.


I agree and I am willing to bet the bank will get their money one way or another. He will wind up in court. He had better hope some bleeding heart, do-good, wanna-be savior of an attorney takes the case for free because if he can't pay his mortgage he will never be able to afford the fees from a prolonged legal battle.

I for one hope the bank rakes him over the coals. He agreed to terms of the loan and from the sounds of it the foreclosure was related to the business not the house. If it was indeed related to the mortgage on the home then it should never have gotten to that point. If the house was truly worth $350K and he owed $160K and he had decent credit he should have refinaced. If not he should have sold the place and walked away with a sizable amount money in his pocket. The whole foreclosure process can be very long and drawn out. I am sure he had ample opportunities to make things right.


And as a side note for those people who are cheering him on...the more this kind of stuff happens the more expensive it will become to borrow money in the future be it a mortgage, personal loan, or credit card. Banks are for-profit entities and will recover their money.

I can't believe I'm saying this ... :lol: But I agree !!! He was wrong and was pissed, But it doesn't excuse what he did ...

My $.02

[cstreu1026]

I can't believe I'm saying this ... :lol: But I agree !!! He was wrong and was pissed, But it doesn't excuse what he did ...

My $.02

What's next? Converting your car to a stick?

[k062693w]

What's next? Converting your car to a stick?

NEVER !!! But I'm glad we converted you to the DARK SIDE !!! LOL

[DSSKing68]

There is a lot left out of this story. So I'm not sure the bank is the bad guy here. Maybe they are, but there is more to the story I,m sure.

I agree...one sided stories always leave a LOT to the imagination. I am sure once everything comes out opinions may change.

[Blackballed]

Terry is a good guy and a good friend to my parents. I would bulldoze my shit to if the bank was giving me the shaft. Rake him over coals.... com-on man.... Really.. The banks are what got this economy in the position that its in. I think they should bulldoze all banks. Just my .02 .

If you read the whole article...

"Hoskins said he'd gotten a $170,000 offer from someone to pay off the house, but the bank refused, saying they could get more from selling it in foreclosure."

That to me = a good BULLDOZE.

[04 Venom]

Terry is a good guy and a good friend to my parents. I would bulldoze my shit to if the bank was giving me the shaft. Rake him over coals.... com-on man.... Really.. The banks are what got this economy in the position that its in. I think they should bulldoze all banks. Just my .02 .

If you read the whole article...

"Hoskins said he'd gotten a $170,000 offer from someone to pay off the house, but the bank refused, saying they could get more from selling it in foreclosure."

That to me = a good BULLDOZE.

I think everyone agrees that the guy is getting screwed by the bank, particularly when he tries to pay off the mortgage. I was just trying the make the point that bulldozing the house will put him deeper in the hole--although I am sure he felt better at the time.

This is a good example of why so few mortgages have been re-negotiated even though the banks (some of whom took bailout money from the taxpayers) pay lip service to the program. In many cases the bank gets more by foreclosing, as in this unfortunate case.

And, by the way, where is Hardcore (a/k/a Gordon Gecko) with his slogan that greed is good? Isn't this the "free market' (which is an simplistic and idealized fantasy) allocating resources in the most efficient manner? We should all be applauding the bank for maximizing its assets and making more effective use of its capital, shouldn't we?

[ibstrokin]

Terry is a good guy and a good friend to my parents. I would bulldoze my shit to if the bank was giving me the shaft. Rake him over coals.... com-on man.... Really.. The banks are what got this economy in the position that its in. I think they should bulldoze all banks. Just my .02 .

If you read the whole article...

"Hoskins said he'd gotten a $170,000 offer from someone to pay off the house, but the bank refused, saying they could get more from selling it in foreclosure."

That to me = a good BULLDOZE.

I'm sure he is a nice guy, and obviously a man with conviction. But, since we dont know all of the details, let me speculate. It seems to me that the house is not in foreclosure, but the business is. Since the house is listed as an asset to the business, the bank will seize that asset to recoupe their money.

Let's say that he owes $500,000 to the bank and is in foreclosure. The bank stands to lose all of that. If they seize the house for $160k, then sold for $350k, they reduce their loss to $310k. Which would mean they are still out $310k, but that's better than $500k. If he offers them $160k (which would only pay the house off), they are still out $500k, no deal for them at all.

This is all speculation, there is a lot missing from the story. You can't make a good assumption with many of the facts missing. I could be wrong about his situation, but I don't have all the facts.

And as far as bulldozing all banks, if you want to live in a 3rd world country, I suggest you move.

[94tchikinv8]

I think everyone agrees that the guy is getting screwed by the bank, particularly when he tries to pay off the mortgage. I was just trying the make the point that bulldozing the house will put him deeper in the hole--although I am sure he felt better at the time.

This is a good example of why so few mortgages have been re-negotiated even though the banks (some of whom took bailout money from the taxpayers) pay lip service to the program. In many cases the bank gets more by foreclosing, as in this unfortunate case.

And, by the way, where is Hardcore (a/k/a Gordon Gecko) with his slogan that greed is good? Isn't this the "free market' (which is an simplistic and idealized fantasy) allocating resources in the most efficient manner? We should all be applauding the bank for maximizing its assets and making more effective use of its capital, shouldn't we?

The free market should be free and governed by ethics, not the federal or state government. It seems that all three have been lacking for quite a while.

As far as the bulldozing of the house, I'm going to reserve my opinion. I like the bold statement of bulldozing the house, but like you said, I think it's going to bite him in the ass.

-Rob

[bangingears]

I think there is more to this story also, The IRS is involved and not just the banks. Govt entities have priority over the banks. If he owes the IRS a few hundred thousand, they will try to get it from the house. If the bank took payoff, the irs would take that money and the bank would get nothing, or hope for their insurance. If the bank sells the house for 300k, and he owes the irs 200k, at least the bank is getting 100k. Also the bank cant just take his house for collateral just because he owes the IRS like the story says. Something is missing from the story in my eyes.

[blackmark8]

this dude is my f/n hero!!!!!!!!!!