An Ohio man bulldozes his house to prevent the bank from seizing it.

[Holeshot]

http://www.cnn.com/video/#/video/us/2010/02/19/bulldoze.foreclosed.home.wlwt?hpt=T2

[hrsp]

DAMN....but does he stole owe them money then???

[TransAm12sec]

I wonder if the bank will just go after the lot now.

[Yooformula]

I would need to hear to the rest of teh story to understand why or how the bank would need to take his home for tax issues that are from his business.

[wrath]

I think it's funny. What are they going to do, financially ruin him? Seems like he's already there. He's resourceful so even if they do try to garnish any future wages he'll probably just become a farmer and run in the red every year like most farmers intentionally do.

And most of the Midwest, except Wisconsin and Chicago, an unimproved lot isn't worth that much. And definitely not in a podunk 'burb of Cincinatti.

http://www.wlwt.com/news/22600154/detail.html

[Holeshot]

I would need to hear to the rest of teh story to understand why or how the bank would need to take his home for tax issues that are from his business.

If he didn't have his business's LLC the bank can go after everything.

[flyin_blue_egg]

I would need to hear to the rest of teh story to understand why or how the bank would need to take his home for tax issues that are from his business.


sounds like he put his house up as colateral for his businesses.

[Yooformula]

nevermind.... found the actual article. so dumbshit used his home as collateral to buy other homes for investments with his brother and when they lost money from them and the shitty real estate market, they werent been able to repay the banks for the loans over the last 10 years, the banks finally wanted to cash in.

[CATNHAT]

If he didn't have his business's LLC the bank can go after everything.

LLC's and LLP's dont really do squat for you. I know in business class in college the teachers tell you that you have to have an LLC to protect your personal property. But in the real world the LLC has to get a loan, the proprietor of the LLC has to personally guarantee the loan. In effect, nullifying the protection from the formation of the LLC.

If the bank wants it, they will get it.

[95mustang302]

what a freakin moron...

LLC's suck, if you want to protect yourself to an extent you need to incorporate...

[Windsors 03 Cobra]

Clearly a moron and what I find strange is the bulldozed house looks nothing like the house originally pictured as his personal home and as being bulldozed.
The pictures of the bulldozed home in the end of the video show an ugly, gutted, and unfinished pile of junk, a far cry from the sprawling beauty shown in the beginning, I mean the houses are nt even close to being the same, landscaping is much different as well and not due to winter.

No big surprise from a mickey mouse floor guy, I mean bigtime house re-habber/flipper. Flipper, Flipper, king of the sea.

[VroomPshhTsi]

^ Agreed.

The house in the beginning was said to be worth $350k, but the house they showed (pic from above) looked closer to a million dollar home.

[That_Guy]

I would need to hear to the rest of teh story to understand why or how the bank would need to take his home for tax issues that are from his business.


maybe they are taking before the irs can?

[Al]

what a freakin moron...

LLC's suck, if you want to protect yourself to an extent you need to incorporate...

If personal property is not used as collateral for a business, is it protected by LLC?