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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I don't know the rules but if the bank was only entitled to $160K, why would it have cared what the property sold for in excess of that? The fact that they prevented the $170K sale suggests to me that they wanted more and, to do that, they had to foreclose.