Foreclosure extremism

[Ed62]

Check this out http://news.yahoo.com/s/ap/20100223/...sure_bulldozer

Ed

[natausch]

I'm sure the act felt good, but if he had $160k in mortgage remaining on the house it could have easily sold for $200k and helped ease some of his tax liability to boot. It sounds like he didn't even attempt a short sale, which would have really helped him start digging out of the hole he's in.

Now not only does he owe the mortage, but has no asset that will help reduce his liability to either the bank or the IRS.

[dbhost]

All I have to say about that is... WOW....

[cabinetman]

I'll bet he was PO'd.
.

[MilDoc]

And he thinks both the IRS AND the Bank won't come after him for what he owes?

Plus, since he owed the bank, I wonder if he could be charged with destruction of property?

Never ceases to amaze me how some people simply lose it.

Like the guy who crashed his plane into the IRS building in Austin.

[Uncle Cracker]

I've firsthand seen the IRS drive good people to suicide before... Things have gotten a bit better since the Taxpayers' Bill of Rights was enacted (in the old days, you were absolutely guilty unless you could overwhelmingly prove your innocence), but the IRS still holds all the cards, and the mortgage people are right behind them.

When people are so hopeless, fed up and desperate that they feel there is nowhere else to turn, they often lash out, sometimes at themselves, sometimes at others. At least the guy with the bulldozer chose the less violent alternative. While he was on that dozer, he felt some measure of control. I'm sure it felt good, even if only for the moment.

[LCHIEN]

at least he took it out on his house (or maybe the bank's house) and did not crash his car truck or airplane into the bank or IRS building...

[crokett]

As was said though, the debt is still there with no asset to help settle it. The IRS isn't going away either.

[phi1l]

I hope some one has him on "going Postal" watch...

[natausch]

While I detest paying the taxes on earnings and income we do it, every year without fail. From the story, this maniac ran a business, either turned a profit or failed to record his losses and neglected to set aside the tax liability.

The rules to the game are published, you can hire people to explain how to bend those rules, you can even request an extension or payment plan, but the only rule that matters is at the end of the year there is a number. You can choose to pay that number or not, but if you don't expect the government to come collect.

We all get taxed. What makes some people think that the rest of us should have sympathy when they decide not to pay?

[alpha]

From what I understand, he DID try to work things out with the bank. I heard that he tried a short sale but the bank turned it down. So he bulldozed it down. As an aside, it was also reported on the news that people tend to walk away from a mortgaged home when they are $70,000 "underwater" on their mortgage.

Next he'll probably file bankruptcy to elimate the debt to the bank. Then he can hook up with one of those companies that advertise on TV to negotiate his tax obligation with the IRS down to pennies on the dollar. Sounds like a plan.

[germdoc]

The only things certain are death and taxes. Bulldozers are optional.