A recent Ohio man had enough from his bank and bulldozed his house before the foreclosure. Now, some may say that this is a controversial move. In fact, 1 out of 1 persons in a recent poll said that it was the wrong thing to do. Of course, that one person would be me. So what led up to such a horrible action?
Why bulldoze when you can short sale?
Well, it turns out that he fell out of luck with the IRS, and as a result he fell out of luck with his bank. I can certainly feel sympathy for the guy. According to the story at http://www.wlwt.com/news/22600154/detail.html, he had an offer that would have allowed him to pay his debt off in full. The bank decided that they could get more money at a foreclosure auction, and they decided to move forward with the foreclosure process. Certainly the greed here was a major factor.
So what do we learn from this story? Well, this guy is probably going to face some major jail time. I can’t speak of Ohio laws, but in Arizona, we sign a contract stating that we will do our best to maintain the property’s value. Last I checked, only in Michigan does scraping a house improve the property’s value.
The best thing to do if you’re facing a looming foreclosure is to avoid jail time. That means that you should seriously consider a short sale instead of bulldozing your house. Remember, you learned that lesson here.
