Don’t try this at home. Apparently some genius who was getting foreclosed on thought they’d one-up the bank by bulldozing the house that the bank was trying to take back. Obviously this falls into the “insanely stupid” category and it’s probably criminal as well.

His plan was to “teach the bank a lesson” but he seemed to miss out on a couple of minor issues related to foreclosures. Namely, you still owe the entire amount of the loan even if the home is foreclosed on. So, if you owe $300k and the house sells for $250k in foreclosure, you still owe the remaining $50k. By destroying the house, he is now liable for the entire amount since there’s no collateral to offset the debt.

Furthermore, if the house actually sold for ($350k) MORE than the mortgage balance ($160k) as he claimed, the excess proceeds would be returned to him less legal fees, etc. So, this guy ends up destroying about $150k-$200k of his own personal money.

There’s no cure for “stupid” any the only thing dumber than this guy is the number of posters in the comment section who think this guy is hero/genius.

Owner Bulldozes Home Prior to Foreclosure