Frustrated Owner Bulldozes Home Ahead Of Foreclosure

Discussion in 'Economy' started by hvactec, Feb 18, 2010.

  1. hvactec
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    hvactec VIP Member

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    POSTED: 10:42 am EST February 18, 2010
    Man Says Actions Intended To Send Message To Banks

    MOSCOW, Ohio --
    Like many people, Terry Hoskins has had troubles with his bank. But his solution to foreclosure might be unique.

    Hoskins said he's been in a struggle with RiverHills Bank over his Clermont County home for nearly a decade, a struggle that was coming to an end as the bank began foreclosure proceedings on his $350,000 home.

    "When I see I owe $160,000 on a home valued at $350,000, and someone decides they want to take it – no, I wasn't going to stand for that, so I took it down," Hoskins said.

    Hoskins said the Internal Revenue Service placed liens on his carpet store and commercial property on state Route 125 after his brother, a one-time business partner, sued him.

    The bank claimed his home as collateral, Hoskins said, and went after both his residential and commercial properties.

    Hoskins said he'd gotten a $170,000 offer from someone to pay off the house, but the bank refused, saying they could get more from selling it in foreclosure.

    Full story Frustrated Owner Bulldozes Home Ahead Of Foreclosure - Cincinnati News Story - WLWT Cincinnati

    bulldozed home photos http://www.wlwt.com/slideshow/news/22602245/detail.html
     
    Last edited: Feb 18, 2010
  2. JenyEliza
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    JenyEliza Princess of Rhetoric

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    He he he.

    Good for him! :D
     
  3. Baruch Menachem
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    Baruch Menachem '

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    Bad boy. He is going to be in a world of hurt. He thinks things are hard now, lets see how he feels after all the government agencies involved get done with him.

    He has been a problem child for 10 years. I am surprised they put up with it so long
     
  4. JenyEliza
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    JenyEliza Princess of Rhetoric

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    It was still HIS property. It wasn't foreclosed. He still owned it.

    When you own a home, you can bulldoze it if you want. That's not against the law. :D
     
  5. Baruch Menachem
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    Baruch Menachem '

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    Jillian or Crimson white will be by later to correct this, but the house is the security for a loan. the bank owns the house till the loan is paid off. It is the same as he had grabbed his boombox out of the pawnbrokers and smashed it on the pavement. He is still liable for the loan, and he is liable for the damage he causes the bank's house.
     
  6. Luissa
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    Luissa Annoying Customer Supporting Member

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    Um... Actually if he had a loan, the bank also owns it.
    And he just made things a lot worse for himself.
     
  7. RadiomanATL
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    RadiomanATL Senior Member

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    Wow. He's really screwed now.
     
  8. Paulie
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    Paulie Platinum Member

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    I'm trying to understand where the bank had the right to deny him a prospective sale of the house, which would have fulfilled the remaining amount owed on the loan.

    I'm not sure "because they could get more by foreclosing and selling it on their own" is necessarily LEGAL.

    But I suppose you'd have to view the contract to be sure.
     
  9. slackjawed
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    slackjawed Self deported

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    From what i read in the article, it doesn't really look like he cared if he made himself worse off.
    He only cared about getting some type of revenge on the bank from the sounds of it.
    The debt he had might be valid, but I doubt it will ever be collected. This guy sounds like he doesn't care if they pile on more and more debt. Debtors prisons are illegal, or are supposed to be, in this country They might be able to lock him up if it gets to the point where he is ordered to make payment arrangements, and misses them. But he would get locked up for contempt, if it got that far.
    It would seem to me that he might get some charges for destroying property, or performing work without a bdemo permit or some inane thing like that.
    It also seems like if he got himself a slimy shark lawyer(you know the kind) he might be able to declare bankruptcy.
    It seems there are a lot of pissed off people out there right now. I am sorry to say I expect to see more of this as time goes on.
     
  10. CrimsonWhite
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    CrimsonWhite *****istrator Emeritus Supporting Member

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    Actually, no. The only thing he owned was a mortgage. The property actually belonged to the bank. Now, the bank will still foreclose and sue him. He is completely screwed.
     

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