Monday, February 22, 2010

Man Bulldozes Home in Protest of Bank Foreclosure

A man in Ohio who owed $160,000 in mortgages bulldozed his home after he had a friend that would have paid off the loan and offered the bank $170,000 to pay off the loan and the bank refused saying, "We can make more money if we foreclose your home."

The man not being stupid consulted lawyers and bulldozed his home. My wife told me that this was a new selling short method. In this way he can buy his property with his friends money and rebuild his home. If this works for him without him going to jail you can be sure other people will bulldoze their homes so they can find a way to retain the property and eventually rebuild. In some areas people could (if legal) put a trailer on the land and still use the septic system and electrical and water if they did this until the home was rebuilt. In this way people don't lose their land which is actually the most valuable thing long term. In the end it isn't your house that is the most valuable to you, it is your land. The land is irreplaceable not your house.

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