Borrower Bulldozes His House When Bank Reportedly Refuses A Payoff!

By
Real Estate Agent with http://www.CapeGroup.com & http://www.REindex.com 9023635

Oh My Goodness! There has to be more to this story than what I read and watched in the videos! The reporters have written that this borrower/owner bulldozed his house when the bank would not accept a sale. As a professional, I wish the reporters had asked more questions, so more of the circumstances could be understood.

For example, was the $170,000 offer he had from a buyer enough to pay off the mortgage or was it a short sale? The article says that he owed $160,000. If he was behind and there were already legal fees, then the $170K may not have been enough to pay off the account. And was the sale an arms length transaction? Maybe there were more terms of the offer that caused the bank to act as they did. I do have to say that as it was reported, it seems like they could have acted differently.

If the bank just wanted more money, and if there is a record that they interfered with his transaction for their excess profit, that may provide him with (or might have provided him with) other options. If the property had then been foreclosed on and sold for more money, he may have had the possibility, or right, to a recovery at the expense of the bank. Now he might only get a deficiency judgment, which is only in the banks favor.

In any case, it is an example of the frustration level that is sweeping the country.

One interesting thing to view is the results of the poll that is embedded in the original article. When you vote, you will see the results of the poll.

Here is a link to the article and videos.

http://www.wlwt.com/news/22600154/detail.html

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Vic Steele 02/24/2010 04:20 AM
Topic:
ActiveRain Community
Location:
Massachusetts
Groups:
Almost Anything Goes
Real Estate Trends
Tags:
forclosure
foreclosure
realestate
ohio real estate
real estate

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Rainmaker
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Margo Currie
Exit 1 Stop Realty - Saint Augustine Beach, FL

Frustration is right! It's hard to imagine the position in which some sellers find themselves. The sad truth is that we can't help some of them.

Feb 24, 2010 04:14 AM #1
Rainmaker
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Bob Willis
Berkshire Hathaway HomeServices California Properties - Orange, CA
Orange County & L.A. County Real Estate Agent

I don't want to jump to conclusions, so I'll just temper myself and wonder what he was thinking.  There had to have been a better solution.

Feb 24, 2010 12:25 PM #2
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Rainmaker
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Associate Broker Falmouth MA Cape Cod Heath Coker

Heath Coker Robert Paul Properties Falmouth MA
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