Some people destroy their homes to avoid foreclosure
What would you do if you were really, really angry at your bank?
Losing a home in foreclosure really makes some people angry. I realize that’s not exactly a news flash, but the manifestations of that anger are truly remarkable, particularly when you consider the borrower has some responsibility for this negative outcome.
I contend that Lenders Are More Culpable than Borrowers in the housing debacle. Apportioning blame for the housing bubble has become a polarized political issue. The Left wants to portray the evil banks as taking advantage of hapless borrowers thus entitling these borrowers mortgage relief or absolution for strategic default. The Right points out the responsibility borrowers have for their own behavior and wants to bail out the banks for completely self-serving reasons. As with most political issues, the polarized and generally self-serving positions of each side fail to capture the truth of the matter.
I maintain that lenders bear a greater responsibility for the housing bubble and bust because lenders are supposed to be the adults in the room. Borrowers are like children asking for candy; lenders are like adults who must decide what’s best for the child because lenders are the ones putting up the money. Although lenders bear a greater responsibility, the borrowers have responsibility to, and not all them want to live up to it. When they are forced to accept it, which they are when the foreclosure auction happens, some people become wildly irrational and do things they otherwise wouldn’t.
Posted: Mar 05, 2015, Reported by Kimberly Bookman
MENDON, Mass. (WHDH) – A Mendon man appeared in Milford District Court on Friday after police responded to a fire Thursday night and found him in a van with a suspicious device on his chest.
David Cheschi, 49, was accused of prompting a bomb scare and keeping firefighters away from his burning Mendon home.
“My grandfather built that house, it was really said to see it go,” said Megan Shaw.
“It took him two years to build, and like he said, it took two hours to burn down,” said Debbie Deggendorf, said a neighbor.
Prosecutors charged David Cheschi with keeping firefighters away from the burning house. Police said he may have been facing foreclosure. They feared he set the fire and booby trapped the home.
Cheschi shook his head as the prosecutors described how police said they found him in his van blocking the driveway. Officers said they noticed wires tied around his legs and wires around the van.
“The wires were alarming enough that firefighters were ordered to stay back from the fire in fear that they would be harmed,” said Shea.
This guy will find some glib excuses and mount a defense, but the police characterizations are probably right. He started the fire and created a situation that prevented them from putting it out. Further, since this was arson, the insurance company won’t pay the claim, and since the owner likely has no other assets, this will be a total loss for the bank — which is what the guy wanted.
Cheschi said the wires were a belt used to hold up his pants.
Police and neighbors said Cheschi had mental health issues and feared losing his home.
“He didn’t take care of it much because things that were going on, but I don’t think he wanted to give it away,” said Megan Shaw.
The judge ordered a dangerousness hearing for Cheschi next week. Police said they consider him a suspect in what may be an arson.
The cause of the fire is under investigation.
The cause was anger.
There was a time when bankers and financiers were lionized as great men helping build a great country. Now many people view bankers as soulless agents of evil who will do anything for money.
Bankers fail to repossess homes of delinquent borrowers because when the property is worth less than the outstanding balance of the loan, the banker losses money. Kicking the can and manipulating house prices serves banker’s best interests, so that’s what they do. But perhaps part of the reason lenders don’t foreclose is because they fear what borrowers will do with the homes. A borrower in Bulgaria shows just how far some will go when they feel let down by the mortgage and banking system.
Feb 27 • A Paradigm Shift, The Word
In the end of 2013 a man from Lovech-Bulgaria who could not afford to pay the mortgage for his house gave his last penny to demolish it right before the banksters took it away.
The land that the house was built on was not included in the mortgage so the family decided to destroy the house and give it to its new owner.
The remains of the building were loaded on a big truck and moved to the central district office of the bank in the city of Teteven, where the contract for the mortgage was signed.
The man who was in debt to the bank and his whole family entered the office and started crying and begging for mercy, but the director said that they can’t make exceptions and the family had a week to vacant the house.
Imagine the director’s face after the family got out of the office and his precious new house was unloaded in front of the bank’s main entrance…
That’s how we should all deal with the banksters.
Over the last several months I’ve made a number of changes in my life. The net effect has been less stress and emotional upheaval, and I don’t carry as much emotional baggage as I used to. That being said, I still find I carry anger toward what the financial elites did during the 00s. At this point it’s less of a seething hatred and more of a feeling of revulsion, disrespect, and disgust. I guess I have more inner work to do.
I still laugh when I think about my favorite scene from Conan the Barbarian:
What is best in life?
Crush the banks, see them driven into bankruptcy, and hear the lamentation of their stockholders.