Well, that's one way of making a point...
- Thread starter theclemsonkid
- Start date
ryancw01
Member
That is awesome!!! I am in the
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business and I hear these stories every day of people losing their homes. If they would simply work with these people and lower their rates temporarily much of this could be avoided. These banks got bailed out by the government and are now just making tons of money because of all the consolidations. The banks were the ones marketing all the Home Equity Lines and fancy loan programs. They were preying on their own customers trying to get them to refinance all the time. Salespeople at Wachovia, WAMU and Countrywide just refinaning people because their boss is yelling at them that they are going to get fired if they dont. These 3 companies brought down the whole house of cards with the negative amortization programs. But on the other hand, some people just simply bought way more house than they should have because they were given the option.
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business and I hear these stories every day of people losing their homes. If they would simply work with these people and lower their rates temporarily much of this could be avoided. These banks got bailed out by the government and are now just making tons of money because of all the consolidations. The banks were the ones marketing all the Home Equity Lines and fancy loan programs. They were preying on their own customers trying to get them to refinance all the time. Salespeople at Wachovia, WAMU and Countrywide just refinaning people because their boss is yelling at them that they are going to get fired if they dont. These 3 companies brought down the whole house of cards with the negative amortization programs. But on the other hand, some people just simply bought way more house than they should have because they were given the option.
darthtang aw
Active Member
That is interesting, I am curious of what will happen next.
sickboy
Active Member
Originally Posted by Darthtang AW
http:///forum/post/3232560
That is interesting, I am curious of what will happen next.
probably bankruptcy. The IRS lien will let him keep his businesses and without collateral to secure the bank lien, they are an unsecured creditor. That would be the best way to finish "sticking it" to the bank.
http:///forum/post/3232560
That is interesting, I am curious of what will happen next.
probably bankruptcy. The IRS lien will let him keep his businesses and without collateral to secure the bank lien, they are an unsecured creditor. That would be the best way to finish "sticking it" to the bank.
darthtang aw
Active Member
Originally Posted by sickboy
http:///forum/post/3232568
probably bankruptcy. The IRS lien will let him keep his businesses and without collateral to secure the bank lien, they are an unsecured creditor. That would be the best way to finish "sticking it" to the bank.
he has the money to clear the lien.....from what I understand in the story.
http:///forum/post/3232568
probably bankruptcy. The IRS lien will let him keep his businesses and without collateral to secure the bank lien, they are an unsecured creditor. That would be the best way to finish "sticking it" to the bank.
he has the money to clear the lien.....from what I understand in the story.
bionicarm
Active Member
Originally Posted by sickboy
http:///forum/post/3232568
probably bankruptcy. The IRS lien will let him keep his businesses and without collateral to secure the bank lien, they are an unsecured creditor. That would be the best way to finish "sticking it" to the bank.
I think you have it backwards. The IRS or bank had liens on his BUSINESS and other properties because he didn't pay his back taxes. The bank wanted to take his home to pay the liens on his businesses. They said they could do it because the home was considered 'crosss collateral' for his business. So instead of letting the bank take his home, he bulldozed it. At least that's what I heard in the video clip.
http:///forum/post/3232568
probably bankruptcy. The IRS lien will let him keep his businesses and without collateral to secure the bank lien, they are an unsecured creditor. That would be the best way to finish "sticking it" to the bank.
I think you have it backwards. The IRS or bank had liens on his BUSINESS and other properties because he didn't pay his back taxes. The bank wanted to take his home to pay the liens on his businesses. They said they could do it because the home was considered 'crosss collateral' for his business. So instead of letting the bank take his home, he bulldozed it. At least that's what I heard in the video clip.
sickboy
Active Member
Originally Posted by bionicarm
http:///forum/post/3232810
I think you have it backwards. The IRS or bank had liens on his BUSINESS and other properties because he didn't pay his back taxes. The bank wanted to take his home to pay the liens on his businesses. They said they could do it because the home was considered 'crosss collateral' for his business. So instead of letting the bank take his home, he bulldozed it. At least that's what I heard in the video clip.
I took it as b/c the IRS had a lien on his business, the banks lien didn't attach to the businesses (IRS primed their lien) and that is why they went after cross collateral. Maybe I misunderstood.
http:///forum/post/3232810
I think you have it backwards. The IRS or bank had liens on his BUSINESS and other properties because he didn't pay his back taxes. The bank wanted to take his home to pay the liens on his businesses. They said they could do it because the home was considered 'crosss collateral' for his business. So instead of letting the bank take his home, he bulldozed it. At least that's what I heard in the video clip.
I took it as b/c the IRS had a lien on his business, the banks lien didn't attach to the businesses (IRS primed their lien) and that is why they went after cross collateral. Maybe I misunderstood.
reefraff
Active Member
In typical CNN fashion there isn't enough information there to really say what this is all about but if the bank had already filed the papers this guy is guilty of arson. If the house was put up as collateral for a business loan and the business was seized by the IRS for taxes the bank with well with in it's rights legally and ethically to go after the house.
Is a pretty cool way to make a point.
Is a pretty cool way to make a point.