The home owner claims he owes 160,000$ on a property worth 350,000$ The owner said he had an offer for 170,000$ but the bank told him they could get more by foreclosing. The Washington Post has the article here. As does The local Cincinnati NBC television Station.
Just what was this guy thinking! Talk about cutting your nose off in spite of your face. (I’ve always wanted to get that phrase in a blog post. It works really well here I think.) I am sure that there is much more to the story than is being reported but I cannot imagine for one minute why anyone would do something as short sighted as bulldozing their home. The homeowners insurance will not cover this and the owner will simply have to pay the lender the amount of the mortgage anyways. For a publicity stunt it might make some sense; but, for any other reason I am completely stumped.
People, if you’re behind on your house payments do not try to avoid foreclosure by bulldozing your home! There are many ways you might be able to save your home. The best thing you can do if you are having troubles making your payments is to talk to a professional who can provide you with options to consider.
