SVT MXZ XRS Posted December 4, 2019 Share Posted December 4, 2019 12 minutes ago, racer254 said: Well after reading about this, They say their insurance doesn't cover earth movement, and they can't demolish the house because they still owe a $100,000 on the property. If it does go tumbling down, they'd be fined for contaminating Lake Michigan's federally protected water. If they are not willing to spend some money trying to move it and worried about getting fined, I would say their best bet is to default and let the bank take it. Looks like that is what they did SOMERS -- Crews on Tuesday, Nov. 5 began the demolition process at a home dangling over the edge above Lake Michigan in the Village and Town of Somers -- working to beat Mother Nature to the punch, getting the demolition started with snow on the way. It was only a matter of time before erosion would consume the abandoned home -- dangling over the lake for months. The home's foundation was being pulled apart as a gap grew larger between its bricks. Down below, buoys and cables served as a temporary fix. The home's former owners parted ways when their back porch tumbled into the lake. The crumbling house was then in the hands of mortgage lender Fannie Mae. "Just given all the rain we've had, the ground is pretty unstable there," said Jason Peters, Village and Town of Somers assistant administrator. "It's been something that's creeping up." According to the contractor, a 35-ton cable wrapped around the house twice was all that was keeping the house in place until demolition. The structure was heavily anchored onto the foundation of the garage. The demolition process was easier said than done. https://fox6now.com/2019/11/05/abandoned-somers-home-dangling-over-lake-michigan-due-to-erosion-to-be-demolished/ Yep. Let it go to the bank. At least they're off the hook if when it falls into Lake Michigan. That won't be a small bill to have to pay when that happens. Quote Link to comment Share on other sites More sharing options...
Big Crappie Posted December 4, 2019 Share Posted December 4, 2019 I doubt this gets them out of the balance owed on the mortgage and I'd be willing to bet the bank will go after them for the demo bill also. Bankruptcy will be their next move. Quote Link to comment Share on other sites More sharing options...
bussman Posted December 4, 2019 Share Posted December 4, 2019 I’d like to see Momo and his house slide into the waste treatment plant frontage he’s on. Quote Link to comment Share on other sites More sharing options...
SVT MXZ XRS Posted December 4, 2019 Share Posted December 4, 2019 40 minutes ago, Big Crappie said: I doubt this gets them out of the balance owed on the mortgage and I'd be willing to bet the bank will go after them for the demo bill also. Bankruptcy will be their next move. When it goes into foreclosure, and you lose the house, it means you no longer have it. They don't call it bank owned for nothing. It's no longer yours Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted December 4, 2019 Author Platinum Contributing Member Share Posted December 4, 2019 https://www.nolo.com/legal-encyclopedia/free-books/foreclosure-book/chapter2-4.html Quote Link to comment Share on other sites More sharing options...
Big Crappie Posted December 5, 2019 Share Posted December 5, 2019 52 minutes ago, SVT MXZ XRS said: When it goes into foreclosure, and you lose the house, it means you no longer have it. They don't call it bank owned for nothing. It's no longer yours If the amount owed is more than the amount the bank gets for the property you sure as hell can end up owing the bank for the difference. 1 Quote Link to comment Share on other sites More sharing options...
Edmo Posted December 5, 2019 Share Posted December 5, 2019 2 minutes ago, Big Crappie said: If the amount owed is more than the amount the bank gets for the property you sure as hell can end up owing the bank for the difference. Well it was very valuable property. Hope it was a deep lot! Quote Link to comment Share on other sites More sharing options...
SVT MXZ XRS Posted December 5, 2019 Share Posted December 5, 2019 42 minutes ago, Big Crappie said: If the amount owed is more than the amount the bank gets for the property you sure as hell can end up owing the bank for the difference. You may owe the difference, but since they took it from you since you defaulted , you wouldn't be the owner anymore. Falls in Lake Michigan, it's not your problem because you are no longer the home owner. The banks is. Quote Link to comment Share on other sites More sharing options...
Big Crappie Posted December 5, 2019 Share Posted December 5, 2019 40 minutes ago, Edmo said: Well it was very valuable property. Hope it was a deep lot! LOL, How much is a property worth when you don't know it's dimensions from one day to the next. Quote Link to comment Share on other sites More sharing options...
Big Crappie Posted December 5, 2019 Share Posted December 5, 2019 6 minutes ago, SVT MXZ XRS said: You may owe the difference, but since they took it from you since you defaulted , you wouldn't be the owner anymore. Falls in Lake Michigan, it's not your problem because you are no longer the home owner. The banks is. That would be decided during litigation and neither you or I know how it would end. Quote Link to comment Share on other sites More sharing options...
Sleepr2 Posted December 5, 2019 Share Posted December 5, 2019 13 hours ago, Jimmy Snacks said: Why....it's prime real estate and generally costs more. Then when your property fall into the lake the state should cover the cost? Quote Link to comment Share on other sites More sharing options...
SVT MXZ XRS Posted December 5, 2019 Share Posted December 5, 2019 13 minutes ago, Big Crappie said: That would be decided during litigation and neither you or I know how it would end. yea I already know. It's the banks responsibility now since it's theirs Quote Link to comment Share on other sites More sharing options...
Sleepr2 Posted December 5, 2019 Share Posted December 5, 2019 12 hours ago, Jimmy Snacks said: I view some of that differently as The Corp of Engineers have put in place an infrastructure to prevent flooding and should maintain it considering the importance of The Mississippi River and Delta as Navigable Waterway responsible for billions in commerce. Compare that to someone who built a house on a bluff so they can watch the sunset and look at the lake. Nice back pedal! 👍 Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted December 5, 2019 Share Posted December 5, 2019 1 hour ago, Big Crappie said: That would be decided during litigation and neither you or I know how it would end. no litigation needed, once foreclosure deeds filed the bank owns the property 1 Quote Link to comment Share on other sites More sharing options...
SVT MXZ XRS Posted December 5, 2019 Share Posted December 5, 2019 1 hour ago, Angry ginger said: no litigation needed, once foreclosure deeds filed the bank owns the property Quote Link to comment Share on other sites More sharing options...
Mileage Psycho Posted December 5, 2019 Share Posted December 5, 2019 15 hours ago, Zambroski said: Ahhhh....that's not exactly 100% true though. If it is taxed by the government, there are some things the government should be held responsible for doing. So, if this is a serious issue it will affect resale values for several reasons. Taxes are based on values. I wonder how quickly the local and state are willing to drop the taxable amounts? Zero. Just like when the recession came in...yup...property values dropped by half in some parts. Not taxes. Taxes drop if you have the gumption to appeal when your property value went down, most fucks are to lazy, heaven helps those who help themselves. Were you to lazy to appeal? 13 hours ago, steve from amherst said: Just because it wa a recession dosnt mean the costs to run the town went down. Very true, but nonetheless you have to appeal when values go down and when assesments rise. 1 Quote Link to comment Share on other sites More sharing options...
Zambroski Posted December 5, 2019 Share Posted December 5, 2019 19 minutes ago, Mileage Psycho said: Taxes drop if you have the gumption to appeal when your property value went down, most fucks are to lazy, heaven helps those who help themselves. Were you to lazy to appeal? Very true, but nonetheless you have to appeal when values go down and when assesments rise. Oh, I sure did. And didn’t get shit for a break. I’m more than sure I’ve appealed my fucking property taxes more than you. You are probably proud to write that check. Like a tool. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted December 5, 2019 Author Platinum Contributing Member Share Posted December 5, 2019 9 hours ago, Angry ginger said: no litigation needed, once foreclosure deeds filed the bank owns the property And in some states they can sue the homeowner for the deficiency after the bank sells the home. Quote Link to comment Share on other sites More sharing options...
racer254 Posted December 5, 2019 Share Posted December 5, 2019 7 hours ago, Zambroski said: Oh, I sure did. And didn’t get shit for a break. I’m more than sure I’ve appealed my fucking property taxes more than you. You are probably proud to write that check. Like a tool. Why would anyone that constantly hate tax cuts try to get out of paying taxes or continually want to pay less? I thought they believed 100% that "Taxes Are the Price We Pay to Live in a Civilized Society" If the hypocrites really believed this, they wouldn't try to get out of paying them. But seems they are lying about that. 7 hours ago, Mileage Psycho said: Taxes drop if you have the gumption to appeal when your property value went down, most fucks are to lazy, heaven helps those who help themselves. Were you to lazy to appeal? Very true, but nonetheless you have to appeal when values go down and when assesments rise. Perfect example. ^^^ Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted December 5, 2019 Author Platinum Contributing Member Share Posted December 5, 2019 16 minutes ago, racer254 said: Why would anyone that constantly hate tax cuts try to get out of paying taxes or continually want to pay less? I thought they believed 100% that "Taxes Are the Price We Pay to Live in a Civilized Society" If the hypocrites really believed this, they wouldn't try to get out of paying them. But seems they are lying about that. Perfect example. ^^^ That doesn’t mean a guy should take it lying down when he is being taxed unfairly based on property values. Quote Link to comment Share on other sites More sharing options...
racer254 Posted December 5, 2019 Share Posted December 5, 2019 (edited) 30 minutes ago, Jimmy Snacks said: That doesn’t mean a guy should take it lying down when he is being taxed unfairly based on property values. Yes, being taxed unfairly is the basis and should not be taken lying down. Just like any unjust taxes, so why do all dems get mad when DC comes up with a tax cut? Edited December 5, 2019 by racer254 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted December 5, 2019 Author Platinum Contributing Member Share Posted December 5, 2019 (edited) 33 minutes ago, racer254 said: Yes, being taxed unfairly is the basis and should not be taken lying down. Just like any unjust taxes, so why do all dems get mad when DC comes up with a tax cut? Fuck if I know...that isn’t the topic at hand. But since you are so concerned why hasn’t Trump cut spending? Edited December 5, 2019 by Jimmy Snacks Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted December 5, 2019 Platinum Contributing Member Share Posted December 5, 2019 They get mad because other people are saving more then them.They get fixated on that and forget about their own cut. Quote Link to comment Share on other sites More sharing options...
racer254 Posted December 5, 2019 Share Posted December 5, 2019 1 minute ago, Jimmy Snacks said: Fuck if I know...that isn’t the topic at hand. But since you are so concerned why hasn’t Trump cut spending? I don't know, I don't care how much he spends as long as he keeps cutting taxes. Eventually they will run out of money. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted December 5, 2019 Platinum Contributing Member Share Posted December 5, 2019 Just now, racer254 said: I don't know, I don't care how much he spends as long as he keeps cutting taxes. Eventually they will run out of money. They ran out of money 40 yrs ago. Quote Link to comment Share on other sites More sharing options...
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