Another fed-up American citizen gets his revenge on the IRS: bulldozes his foreclosed home (legal, economy)
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Why doesn't anyone have personal responsbility anymore?
People also seem to forget that banks are NOT a not for profit business.
Because they don't need to. The government is supposed to help them..remember ? So when they don't these people get mad.
If they can't have it then no one will. I'm sure you read of others that trashed the inside of the home or left water running to cause damage, etc.
It's petty, childish revenge. But this is what our country has come to expect now. Only it will get worse and has over the years.
I'm a six figure professional and one of my employees got in over his head with a half million dollar home purchase.
Clearly the President's fault. No, wait. That'd be the fault of your employee or the loan officer or both.
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When he couldn't make his payments for six months, he begged on his knees for the bank to bail him out.
Obviously the President's fault. No, wait. That, too, would be the fault of your employee or the loan officer or both.
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The banks reply:"No How Brown Cow!" So he says:"Foreclose on my house".
All right, then. That, certainly, was the President's fault. No, wait... Perhaps the bank and your employee could work on that themselves?
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But the Bank says: "Now, now, We'll make you a special deal that will let you stay in your home."
Those bastards! And that, without a doubt, is the President's responsibility. Ehm - hang on... Once again, I can't help thinking it's probably either the lender or the borrower who should shoulder the responsibility, here.
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The new mortgage contract?.... it's really nice and allows him to make $1,800/mo. payments.....interest only.....for life!!!!
Finally, we arrive at a situation that can be attributed to the President! Why, I am sure the next paragraph decides how he sent the Secret Service to force your employee to sign at gunpoint.
Oh.
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Thanks Mr. Prez...you da' man!!!
I can't help thinking that the President had very little to do with the fact that your employee bought more house than he could afford and subsequently signed another loan document to keep his home. To be honest, having a loan converted to interest-only under the circumstances doesn't sound like that bad of a deal. Your employee could've stuck to his guns on going into foreclosure. Now, when he gets back on his feet, I presume nothing is stopping him from paying off the principal.
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Another one of my employees wasn't so fortunate. He didn't get a special deal. He got a knock on the door at midnight by Sheriffs' Deputies who kicked him to curb with nothing but the shirt on his back.
This is of course a wild stab in the dark, but is it possible that your employee had received one or more letters from his mortgage holder warning him about this possibility?
Why doesn't anyone have personal responsibility anymore?
People also seem to forget that banks are NOT a not for profit business.
I agree. But then Banks and AIG should have taken their losses from high risk investments, just like anyone else.
They didn't. The American taxpayer wasn't asked - the
government BAILED THEM OUT. The phrase "Too Big
to fail" comes to mind. The little guy never gets a break.
Anyone who thinks the banks are going along with Obamas' empathetic home owner savior plan and willing to take it in the shorts for the Gipper is high as a kite!
From the first day Barrack Obozo announced his housing program, I maintained the banks will use this to bring deliquent home owners to their knees and subject them to a lifetime of servitude.
I'm a six figure professional and one of my employees got in over his head with a half million dollar home purchase. When he couldn't make his payments for six months, he begged on his knees for the bank to bail him out.
The banks reply:"No How Brown Cow!" So he says:"Foreclose on my house".
But the Bank says: "Now, now, We'll make you a special deal that will let you stay in your home."
Oh the joy, oh the relief!!! The new mortgage contract?.... it's really nice and allows him to make $1,800/mo. payments.....interest only.....for life!!!!
Thanks Mr. Prez...you da' man!!!
Another one of my employees wasn't so fortunate. He didn't get a special deal. He got a knock on the door at midnight by Sheriffs' Deputies who kicked him to curb with nothing but the shirt on his back.
Wait...are you blaming Obama because your 'employee' mismanaged his money and bought a house he couldn't afford??
I'm pretty sure that was the employees fault...not Obama's.
Funny how some here who are blaming the home owner for taking on debts he couldn't afford are the same ones who felt the federal government was right to bail out the lending institutions. According to the article, his financial problems began from a lawsuit which resulted in a lien on his commercial properties. If this is the case, then if it wasn't for the lawsuit, he would still be able to afford the home loan. The bank managers got greedy and instead of accepting a payoff for what he owed on the home loan, they got greedy and decided to foreclose on the home and sell it for much more than what the man owed on the home. Because of that greed, he decided to bulldoze the home to prevent the bank from foreclosing on the home and selling it for more than what he owed. Good job for him to get even with a healthy form of protest that doesn't involve killing people.
There is obviously much more to it then that, because if he owed $160k and got an offer for $170k, the bank can't "turn it down" because it's not a short sale... that sale would cover his mortgage payoff.
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Originally Posted by sailordave
Funny how some here who are blaming the home owner for taking on debts he couldn't afford are the same ones who felt the federal government was right to bail out the lending institutions. According to the article, his financial problems began from a lawsuit which resulted in a lien on his commercial properties. If this is the case, then if it wasn't for the lawsuit, he would still be able to afford the home loan. The bank managers got greedy and instead of accepting a payoff for what he owed on the home loan, they got greedy and decided to foreclose on the home and sell it for much more than what the man owed on the home. Because of that greed, he decided to bulldoze the home to prevent the bank from foreclosing on the home and selling it for more than what he owed. Good job for him to get even with a healthy form of protest that doesn't involve killing people.
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