Foreclosed home...a new solution?!

Tweet

A man fell seriously behind on his home mortgage, and his lender was not amenable to working out a solution with him. He still owed 160k on a 350k house. He had already been sued by his own brother, whom he was once in business with, and the IRS put a lien on his house as well as his commercial property. He received an offer from someone for 170k to pay his house loan off, but the lender refused to take that amount, saying that they would make more off of the house by selling it in a foreclosure. So instead of letting the bank take the house, he had it bulldozed! It will be interesting to see what happens legally with this case. He did get legal advice before going ahead and doing this. I think this is funny, although not something the average homeowner in trouble would probably have the means to do. I don't see how the lender could refuse to take the money that would have satisfied the loan. There are so much unscrupulous lending practices going on right now, I can't help but think that is what the lender gets! This sends a huge message. What do you think?