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Location: Georgia, on the Florida line, right above Tallahassee
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Neighbors say police officers have been out twice, but say they can't make the destruction stop. "They told me that it is not against the law to destroy the interior of your own house," said Empette.
This isn't against the law? Hrmmm...seems like it would be.
Is it your home, or the banks? I've always assumed it was the banks until the note was paid off.
Can someone shed some light on this? It's fascinating. "I can't afford it, so I'll destroy it."
I'll tell you a story. I had a girlfriend, who had a sister. This sister dated a guy named Larry. Larry had a beautiful orange 76 nova. Cherry. Leather interior. Would make you cry, it was so nice.
Larry was over at my girlfriend's apartment, with her sister. We had a good time and they left. Her sister came back upstairs a few minutes later. His car wouldn't start. I came outside and was about to walk downstairs when I hear "YOU MOTHER*******!!!@#@##@ CAR@#@#@!! MOTHER#$@#@#@# and then I hear "BLAM! BLAM! BLAM!!"
He had taken out his tire tool and had started punching holes in the fender of the car, all while screaming obscenities. Once he got that out of his system, he came back in and said "Car won't start."
They eventually got married. I think she left him after taking 5 years or so of beatings. She was a cute girl. When I saw last saw her, I think she was 25. She looked about ~ 45.
A personal pet peeve of mine is when people think they are entitled to everything, yet do very little to deserve it. Oh, well. It takes all kinds, I suppose.
Destroying a house that you are fixing to lose proves the immaturity lurking in many of those who pretty much over bought to begin with.IMO. You would think the note holder could press some kind of charges , but then if they can't get the house $$ they probably wouldn't get anything else...
True, there were many mortgage lenders, realtors etc. that added to the mix of not dealing with reality, but ultimately one is responsbile for their own destiny and often times hard lessons are learned along the way.
Speaking of losing a house, has anyone else heard recently that banks,etc. may be sending out 1099 forms to foreclosurees, based on the loss and taxes will have to be paid on that amount....or heard something like that??? Are they, will they?
A few months ago, Cramer, tongue in cheek, suggested that the U.S. Goverment bull doze homes, in foreclosure. His point was that if the Government was going to bail everyone out, why not do it the right way and eliminate the excess inventory.
The more I think about this, the more value I see in this crazy idea.
I don't know that I would worry to much about a 1099 -- would a borrower really walk away from a place unless they really were insolvent?
I suppose technically that "forgiveness" could be treated as income and the lender might send a 1099-A, but the is covered by Mortgage Forgiveness Debt Relief Act of 2007 -- http://www.irs.gov/pub/irs-pdf/f982.pdf
Speaking of losing a house, has anyone else heard recently that banks,etc. may be sending out 1099 forms to foreclosurees, based on the loss and taxes will have to be paid on that amount....or heard something like that??? Are they, will they?
I would think that in most states, a lienholder has legal rights and can prevent you from destroying the value of the property on which they have a lien. Not sure if it's criminal, but there would absolutely be civil penalties for destroying the value of the house.
As someone else stated, this just shows the childish immaturity of some people. It's not surprising, just disappointing.
This isn't against the law? Hrmmm...seems like it would be.
Is it your home, or the banks? I've always assumed it was the banks until the note was paid off.
No, YOU own your house, not the bank. With, of course the exception of foreclosures.
In the case of real estate, the Mortgagee is the lender or bank. The Mortgagor is the borrower. The borrower is the one who is giving the mortgage to the bank...it's not the bank is giving a mortgage to the borrower. The bank takes the MORTGAGE (not the property) and holds it until that particular property is paid off.
I know of party in Denver quite awhile back who took out home equity loan with no intention of paying back,stripped home,transferred vacation home to mother.Home was 95 percent paid for.When gov't got thru with him he had to go to chapter 7.They took every penney he had.
I don't know that I would worry to much about a 1099 -- would a borrower really walk away from a place unless they really were insolvent?
I suppose technically that "forgiveness" could be treated as income and the lender might send a 1099-A, but the is covered by Mortgage Forgiveness Debt Relief Act of 2007 -- http://www.irs.gov/pub/irs-pdf/f982.pdf
The answer to that is...YES.
I've seen several people who took out bad loans go buy another, less expensive home (w/ a better loan) before their credit went belly up and the original house foreclosed.
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