Guy bulldozes on foreclosed home...

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Yes I saw that. Paid his mortgage on time but had some other debts that allowed them to go after the house as "cross collateral" and were going to take it from him anyway.
 
Sell the bulldozer and pay off the dept.
 
harrisonhits said:
Yes I saw that. Paid his mortgage on time but had some other debts that allowed them to go after the house as "cross collateral" and were going to take it from him anyway.
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Not "cross collateral". He used the house AS collateral for a business loan which he defaulted on.....might have had something to due with the fact he was such a loser he got SUED BY HIS BROTHER who had been in business with him and LOST.

Makes for a great headline where it "seems" like the big bad bank is foreclosing on a struggling person. Reality is that the guy was a scammer that was such an idiot his own family had to sue him and right to the end it appears he decided to not be a man about things.

Hope he ends up in jail where he belongs.
 
pats-blue said:
Not "cross collateral". He used the house AS collateral for a business loan which he defaulted on.....might have had something to due with the fact he was such a loser he got SUED BY HIS BROTHER who had been in business with him and LOST.

Makes for a great headline where it "seems" like the big bad bank is foreclosing on a struggling person. Reality is that the guy was a scammer that was such an idiot his own family had to sue him and right to the end it appears he decided to not be a man about things.

Hope he ends up in jail where he belongs.
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Good points. There's a reason that with loans you have collateral - so that the person/entity making the loan can recover it in the event that you default/stop paying/etc...

Tough breaks. Now, not only will the guy probably end up in jail, he still owes the money he tried to weasel out of. heh.
 
Claremonster said:
Good points. There's a reason that with loans you have collateral - so that the person/entity making the loan can recover it in the event that you default/stop paying/etc...

Tough breaks. Now, not only will the guy probably end up in jail, he still owes the money he tried to weasel out of. heh.
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Is this where electric buttplugs come into play?:coffee:
 
Well once this makes headlines I don't believe that this is the last time we will hear of something like this. Usually there is a spate of copycat bull dozings so to speak.:cop:
 
Claremonster said:
Of course it does. Especially hippies. :coffee:
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Or Chinese people

tank-china-thumb.jpg
 
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