Quote:
Originally Posted by pylon
What an idiot. If you are having problems paying your mortgage for a decade, obviously the guy has some money management issues. What doesn't make sense, if the place was worth 350K he could have fire saled the thing for 220, and at least walked away with 60K or so. He could have emailed me and I would have bought it if that was the actual value, and flipped it for a quick 20 or 30K. Now that he destroyed the home, when the bank auctions the property, all the buyer will get is the land, and he will probably end up owing the bank as opposed to getting a forclosure settlement if it sells for more than the 160K. What a dumb, emotional, childlish response. If the guy thinks he's screwed now, wait till the bank sues him for the loss after foreclosure is completed.
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No. If you read the article, his carpet business went under when his brother sued him and the bank claimed his store and home as collateral. He could not just sell the house because the bank had a claim on it.
The closest was an offer he had for $170K which he would have taken but the bank refused to accept this sale and they had the last say. The bank thought they could get more on the market than the $170K that the buyer offered. Therefore, he had no choice.