Posted on 02/19/2010 10:08:00 AM PST by AreaMan
It was probably my first exposure to Vin Suprynowicz.
He didn't need a second chance to make a good first impression.
Facts are facts.
You don’t know them.
You only know what they ought to be.
Therefore all you have is speculation.
From another article:
Hoskins says after spending millions on attorneys he just had enough and two weeks ago bulldozed the home, 25 miles southeast of Cincinnati.
One doesn’t spend millions on attorneys for a mere 160K debt. I read another article where the IRS had a lien on the house and that it, along with his carpet store, was collateral for a business loan.
There is definitely more to this story than Mr. Hoskins wants to disclose.
Have you ever hear of a blanket mortgage? When a loan is secured by multiple properties.
He may have only owed $160K, but creditors hire out appraisers and realtors to provide a Broker Price Opinion (BPO) to ascertain the ‘as-is’ value and/or repaired value.
When they know they’re sitting on possible equity, they’re not going to approve a sale for $170K when they can get $350K on the open market.
And you’re right about the fine print in the Deed of Trust or Mortgage. You have to maintain the property.
Destroying it makes him legally liable. His trouble aren’t over by a long shot.
the govt rats have given away trillions to suspect bankers and yet this poor schmuk couldn’t get his bank to take $10,000 more than what he owed......I don’t blame him at all.....
I believe he got away with it. The finance company was in Iowa and he took the truck to New Mexico. I don't think the finance company persued legal action because of the cost of dealing with it over state lines. They got the truck back, along with the intake manifold and carb that he had taken off of our co-owned stock car.
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