One man's way to fight foreclosure

[GregInAtl]

Maybe I am the only one that views things from the other side...
look at it this way;
You are a millionaire, I buy your GN at a fair market value, I dont pay for it, you come to repo it because you can get FMV somewhere else, I run over it w/ a bull dozer and I laugh, people cheer. How is this ok at any level...
Make this make sense.....he should be made an example of in court, 110% a$$-hat in my book.

 

["Turbo-T"]

The way I understand it, until the house is paid off and you have the deed in your hand, the house and property technically belong to the bank. Am I right?

 

[rtviper]

I do not agree..........

You work hard and start a business from the ground up. He had invested his time and $$ in a local business putting people to work and supporting the local economy. Small business owners struggling with the times competing with the Chinese and large companies is not easy. To do this you personally guarantee the money you borrow and leverage your home. It is enough to break some people mentally and physically. Some times things are beyond your control. Business/economy/Sales/

There is some truth to things being out of ones control at times, that can bury a business.
Like whitehot said the home was collateral for a business loan. He would have known this was coming as he put the home up for collateral.
Knowing he had a home worth 350k he could have sold it earlier and at the least took the 170K paid off the home and reduced his debt load by that amount.
He could have worked a deal on a partnership with the guy for the 170K and later on split the profit on the sale of the 350k home when the markets came back?
They don't just surprise you with forclosure.
He messed up and could have done better then this.

 

[KevinB]

This is from a source that knows him good:

He has talked to his lawyer about what he could and could not do. The Police and people from the bank were at the house while he was doing it. The bank asked the cops to arrest him, they said he wasnt doing anything illegal...but if someone else helped him or got on the dozer, that they could be arrested.

 

[KevinB]

More....

Terry is a good friend of my famliy. There is more to the situation than is being said right now. The bank had a hard on for him and was trying to f*ck him hard. Just wait and see how everything unfolds. Its a shame though, hes a good guy and isnt out to f*ck people or take handouts. If he owed $300,000 on the house, I dont think the bank would have even went after him. They just thought they could make a quick buck off of his properties.

Are of those sayings have hidden messages behind them directed at specific people.

The bank wanted to repo his van or something, and wanted him to bring it up there with his business name still on the side so they could sit it out front for everybody to see. He took it up there and dropped it off after they closed on Saturday. It sat there until Monday haha.

Btw, the van was white before he did this

pics of van:

 

[Mr.Spool]

i am not going to pass judgement on this guy,but it is clear the banks don't want to work with the people.his solution wouldn't be my choice.houses are much different than cars inmo.people are struggling,and the banks should make it realistic by making less in interest,their requirements are unrealistic and force most to just giving up or getting pissed.the banks got their ballout money and didn't help anyone,just want to continue to take everyone to the cleaners.what we are seeing is bad decisions on both sides and the consequences of the economy.

 

[rtviper]

The way I understand it, until the house is paid off and you have the deed in your hand, the house and property technically belong to the bank. Am I right?

I think it's considered your house the bank just has a lien against it. Same with a car you get a ticket and don't pay it, they come after you, the owner not the bank, and if you don't pay they can't go after the bank. If someone else drove the car and got a ticket and didn't pay , they would come after you as the owner, and never the bank?

Must imply something about ownership.