Hmm, not sure the bank has the right to tell him he can't pay off his house and keep it, but I don't know all the rules and don't know why they were even allowed to refuse that payment. Maybe someone in bank collections would have that info.
Sounds to me like there is some connection between the IRS lien on his business and the bank foreclosing on his house. Not sure if he got a loan to pay off his brother and also used money that should have gone to pay taxes to help pay the balance, thus resulting in the IRS lien.
We definitely are not getting all of the information in this story, that's the only thing I know for sure.
ETA: and since he bulldozed it, the bank can still foreclose on the land, then charge him the difference in what he owes and what they get out of it. If they choose to write off that difference, the IRS considers that as income to him and he'll have to pay taxes on it. If they don't write it off, they'll sue him for the remainder. Dumbass.
Last edited by Captain Morgan; 02-20-2010 at 11:24 AM..
|