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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Usually there is something along these lines in the Mortgage terms one signs in Alberta:
Quote:
You agree as follows:
(i) You will keep the Property in good condition and repair and you will not do anything
that will diminish the value of the Property.
(ii) You will not change the use of the Property.
(iii) You will pay Mortgagee on demand the reasonable Costs of those inspections,
investigations, assessments, studies and testing concerning the Property.
(iv) You will promptly, at your own cost, comply with all Laws concerning the Property.
(v) At your own cost you will make all Improvements or alterations to the Property that
may be required at any time by any Law.
(vi) You will notify Mortgagee forthwith of any substantial Improvements or damage to
the Property.
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That being said I have no idea whatsoever what Mortgage documents look like in Ohio.