Frustrated American Bulldozes Home Ahead of Foreclosure

[Kimber]

Something is definitely wrong in this entire situation. I was a forclosure officer for
three years for a major bank which encompassed almost all states. Federal law states
that if mortgagor sets price above ---Payoff amount at the time (very minute of forclosure)
then any and ALL monies are to go to the buyer. Meaning if his Payoff with associated fees
was 170,000 and the bank states that they can get 350,000. The bank cannot keep the
profit money it must go to the mortgagee. The Only Way I would think around this issue
would be a clause in the mortgage instrument which states mortgagee is waiving this right
as part of federal protection of undue exploitation of financial situation. And I just cant see
that as being legal. That bank is in a lot of trouble. The state of Ohio will sweep it under the
rug. Mr. bulldozer needs to find an Attorney in another state whom can practice in Ohio,
or he will see jail time and the bank will be let off the hook.
I could be wrong also this law could have been changed since 06, but I'm really doubting it.

[mod: edit title spelling]

 

[JonnyRadar]

Kimber, when you post a comment on a story it's considerate to include a link to the story you're referring to. :)

http://www.sott.net/articles/show/203237-Frustrated-American-Bulldozes-Home-Ahead-Of-Foreclosure

 

[Kimber]

Re: Frustruated American Bulldozes home Ahead of Forclosure

Johnny,
Wish I could do a link and do quotes but something really goes wrong in the process-- I get an encrypted
type of script. It is an ordeal to sign in. It goes straight to this error page. Will have my son take a
look at this problem and in the mean time not post until if he is able to correct this. thanks for the link for
me

 

[JEEP]

Re: Frustruated American Bulldozes home Ahead of Forclosure

Kimber, sorry for your posting issues, but thanks for your opening comments on this story. I'm interested to see how this story plays out. I do somewhat fear that foreclosed homeowners may take to torching their properties out of spite - seemingly justified or not.

 

[Arctodus]

Re: Frustruated American Bulldozes home Ahead of Forclosure

One possibility from what I understand, is that someone at the bank had their eye on the property and house themselves. They could possibly get it for pennies on the dollar. This has been happening a lot lately.

 

[JEEP]

Actually, it's been happening for a very long time. I remember watching a show on TV some years ago detailing how people were losing their homes and property because of minor marijuana possession. And I believe I caught a glimpse of a news item or Sott article about DUI arrests also resulting in the loss of property - the person's vehicle I presume. Not sure as I skipped reading it with intent to look at it later if I can find it again. Legalized stealing would seem to be one of the more "basic rights" of our country!