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Wow!!

Kenny
 

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Didn't miss a payment, and the bank was going to foreclose anyway?!?
I think I would have lawyered up instead of bulldozing it.
 

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Dumbass!
 

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Once again ,never underestimate a man when he has had enough.If anyone has ever dealt with the IRS and banks ,they don't want to hear anything that doesn't agree whit them .Some times it takes drastic measures .If they would listen to him when he tried to talk to them and they were going to take his house ,why just give it to them .It may have benn stupid in some opinions but I bet it felt damn good.
 

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Sounds to me like he was not keeping up on his business taxes and had the house on paper has some type backing for the business. Sounds like his own fault. #1 rule in owning a business is make sure you are square with the IRS. You might have done something wrong 5 years ago for less then $500. But if they catch it will nail you with penalty's and interest. And they figure the fees from when you first did it.
 

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Once again ,never underestimate a man when he has had enough.If anyone has ever dealt with the IRS and banks ,they don't want to hear anything that doesn't agree whit them .Some times it takes drastic measures .If they would listen to him when he tried to talk to them and they were going to take his house ,why just give it to them .It may have benn stupid in some opinions but I bet it felt damn good.
Look at the guy who flew his plane into that building. He had enough. People go crazy when pushed too far.
 

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Discussion Starter · #9 ·
He didn't owe the IRS anything.. The issue was with the bank. His business failed. He must have had a business loan and house loan with the same bank. They cross collateral on him. My guess is he had no idea the loans were set up like that and signed no papers stating he was aware either. The banks are sneaky like that. Same shit happened to up over a truck not to long ago. I say fook the bankers any chance you get cuz they will bend you over in a heart beat!!
 

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i want to know what his plans are for the business,i can only imagine
 

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That's weird I was talking to a buddie I work with the other night and he told a similar story. He had a vehicle and a personal loan at the same bank. According to him he talked to the bank when we were out of work alot last year. He said that one day the repo man showed up to get the vehicle he had never missed a payment on or even had a late payment on. He luckily got a repo man that was nice enough to let him call his bank. According to him the bank told him since he was in default on the $2500 personal loan then he had also defaulted on the vehicle loan even though he had never missed a payment on it. I thought BS but apparently he was being straight up. I know I'd be very upset if I was either one of them. The man in the video with the house should have incorporated. That way his personal property would be safe no matter what happens to the busniess.
 

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The man in the video with the house should have incorporated. That way his personal property would be safe no matter what happens to the business.
So true. If using your house to guarantee a business loan, you had better be sure of your business plan, and be mentally prepared to lose it all.
 

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He screwed up. The bank has every right to take the house for the business debt if he did not incorporate. First thing I did when I bought my first house. Even if I kill someone @ a job site they can't touch the house in a lawsuit.
 
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