Posted on 02/19/2010 3:14:32 PM PST by Rodebrecht
We should expect to see all these people prosecuted as examples of being criminal and irresponsible.
I now question whether or not this story is real. One year and one day ago the prez gave a speech saying he was gonna keep this sort of thing from happening.
Yep, I think this is just a sample of what is to come. I think that you are going to see a lot more of this, especially on IRS foreclosures.
My post wasn’t entirely clear. I was speaking of the bulldozer incident when I said nobody got killed. the airplane thing was a little more serious though still completely unsurprising. The government is ruining people in its struggle to remain fat, bloated, and unaccountable.
The way I’m reading the article is that he used the house and some commercial property as collateral for a business loan and the business is going under—including tax liens and a partner who is suing him. If that’s the case, I don’t think it matters that he only owes $160,000 on the house. It’s pledged collateral on a loan separate from his mortgage.
Already the internet sellers are selling Joe Stack T-shirts. Expect him to become a folk hero, and for more of this sort of behavior to follow.
who, the guys with planes and bulldozers or the government that drove them to this?
Sorry I didn’t read the article. It was his house to doze then.
That cannot be true. If he really only owed 160K and he could sell it for 170K, he could have paid off the loan. If you pay off the mortgage the bank obviously has no right to forclose.
Also, if the house was really worth 350K he could have sold it for 350K or something close to that. Maybe it was worth that much at the height of the housing bubble, but it is clearly not worth that now.
A$$h0!e came to mind after reading this:
Hoskins said the Internal Revenue Service placed liens on his carpet store and commercial property on state Route 125 after his brother, a one-time business partner, sued him. The bank claimed his home as collateral, Hoskins said, and went after both his residential and commercial properties.
For some gosh-darn reason the TV station didn't get the other side of the story, probably so the facts didn't get in the way of a good little-guy-screwed-by-big-guy sob story. Imagine that!
The home owner with the contracted loan who couldn’t pay the loan and then vandalized the asset is the one who should be jailed for a long time as an example IMO.
That person was a grade A hole IMO.
There would have been no complaint of housing prices went up 500% and he made a huge profit you know.
Bush’s fault.....
There, FIXED!
well, apparently he offered the bank everything they were due and they opted to keep him bent over the barrel while his brother, the government and the bank each took their turn.
You're confused. The man held title to the house and could sell it to anybody he wanted as long as the transaction wasn't a "short sale" that would leave the bank getting paid off less than it was owed.
Right, all he did is destroy whatever equity he may have had in the collateral.
He’d have been better off financially, by putting a bullet somewhere important. Now he’s REALLY screwed. Hm.
The bank can't just come along and "claim the home as collateral".
Hoskins obviously used his house as collateral for a loan, ie., he signed the papers.
So there were a lot of tax liens that would keep the bank from being paid off? And if the house was worth $350K, why would he be selling it for less than half of that.
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