I hope he enjoys his jail term!
Housing problem solved...ta da!
For what crime?
There is no jail term since the bank didn’t own the home yet....proceedings hadn’t gone through .....He will have civil proceedings filed against him that I expect he will cure with Bankruptcy....
Based on his IRS position and other financial problems I doubt that any profit over the $170K amount would have been relinquished to him.
Interesting......At least it wasn’t arson which would have placed firefighters at risk and may have been illegal....
A very stupid move. A much smarter move would have been to sell it before foreclosure and pay the bank off and keep the rest. Now it is worth only what the land it was sitting on and he is STILL liable for the loans.
“Hoskins said he’d gotten a $170,000 offer from someone to pay off the house, but the bank refused, saying they could get more from selling it in foreclosure.”
Since we are sending people to jail here for comitting acts that we don’t like, which are not necessarily crimes, I vote for the bank manager to be his celly.
One can take so much. He has given up.
He probably won’t get jail time for this, but he certainly opened himself up to an enormous civil lawsuit from the lienholder(s) for destroying the asset that secured a financial instrument (or words to that effect).
He could very well be found liable for the amount of the loan anyway, since he chose to destroy the house. At the very least, he has sown the seeds for his own financial destruction, and the fallout from this life decision could well follow him around to his grave. A jury verdict against him would be far more damaging than a foreclosure would have been.