Quote:
Originally Posted by Resolute 14
Well, putting aside the obvious fact that you would be charged for reckless endangerment...
But no, it was not the banks property as the bank had not foreclosed yet. He has every right to demolish his house or do whatever he wants with it. The end result is that he still owes the bank $160k, but bankruptcy will no doubt take care of that.
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The bank secures a loan based on the value of the property, and you can't knowingly destroy the collateral as the loan was based on the value of the home. If it burns to the ground, insurance covers it outside of arson. If this cat was smart, the home would have mysteriously burned to the ground, and he may have got away with it, and got appraised value. The way he did it, and admitted to it, will not only screw him up financially for life, but he will also more than likely be charged with a crime.
I work as a finance manager at a car dealership, and people who are against leasing say they would like to "buy" the car on a standard bank loan because they would like to "own" the car. Miss 3 payments on the loan, and tell me if you still own it. When a car goes to auction, if it is trashed or neglected, and it auctions for less than the remaining loan balance, the customer is charged for the deficit. Even if it is pristine, the customer is still responsible for any shortfall, but usually the banks are unable to collect since a repo usually leads to bankruptcy. If the customer knowingly trashed the car, and it was proven, like it is with CPT. Bulldozer, the bank would have grounds to file criminal charges for damages as their asset knowingly vandalized to devalue it. Any time you have a lien on any property, be it a car or a house you only have limited title, and the basic translation is.... the Bank owns it more than you do until the loan is paid out and released.