Frustrated Owner Bulldozes Home Ahead Of Foreclosure

[hvactec]

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

 

[JenyEliza]

He he he.

Good for him!

 

[Baruch Menachem]

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

 

[JenyEliza]

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.

 

[Baruch Menachem]

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.

 

[Luissa]

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.

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

 

[RadiomanATL]

Wow. He's really screwed now.

 

[Paulie]

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.

 

[slackjawed]

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.

 

[CrimsonWhite]

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.

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.

 

[Paulie]

The problem is that the bank denied him a potential sale of the house that he had lined up, which would have fulfilled the remaining liability on the debt.

I'd probably fucking bulldoze the house TOO.

FUCK that shit.

Your obligation is to pay the loan off. He had that lined up, and the bank just said "no".

Considering the state of mind some people are in these days over the economy, and the actions of banks, the bank ought to consider themselves damn LUCKY that's ALL he did.

 

[PixieStix]

Geez. People are really starting to lose it. So sad

 

[CrimsonWhite]

The problem is that the bank denied him a potential sale of the house that he had lined up, which would have fulfilled the remaining liability on the debt.

I'd probably fucking bulldoze the house TOO.

FUCK that shit.

Your obligation is to pay the loan off. He had that lined up, and the bank just said "no".

Considering the state of mind some people are in these days over the economy, and the actions of banks, the bank ought to consider themselves damn LUCKY that's ALL he did.

Yeah, I love what this guy did, but the fact remains that since the bank owns the deed, they get to make the determination. I would imagine the mortgage contract reflects this. Most do.

 

[Paulie]

The problem is that the bank denied him a potential sale of the house that he had lined up, which would have fulfilled the remaining liability on the debt.

I'd probably fucking bulldoze the house TOO.

FUCK that shit.

Your obligation is to pay the loan off. He had that lined up, and the bank just said "no".

Considering the state of mind some people are in these days over the economy, and the actions of banks, the bank ought to consider themselves damn LUCKY that's ALL he did.

Yeah, I love what this guy did, but the fact remains that since the bank owns the deed, they get to make the determination. I would imagine the mortgage contract reflects this. Most do.

I've never heard of a bank telling someone they can't sell their house, when it would mean complete repayment of the loan.

That's just flat out fucking the homeowner over, and I see zero reason for doing such a thing.

The guy had half the loan already repaid. He was a GOOD CUSTOMER!

Like I said, they ought to consider themselves lucky he didn't grab an uzi and go spray the corporate offices up.

 

[slackjawed]

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.

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.

What do you mean "completely screwed"?
Just because they try to collect money doesn't mean they will get it. Can they lock him up in ohio for not paying them?
no, I am not antagonizing, I really am asking.

 

[slackjawed]

The problem is that the bank denied him a potential sale of the house that he had lined up, which would have fulfilled the remaining liability on the debt.

I'd probably fucking bulldoze the house TOO.

FUCK that shit.

Your obligation is to pay the loan off. He had that lined up, and the bank just said "no".

Considering the state of mind some people are in these days over the economy, and the actions of banks, the bank ought to consider themselves damn LUCKY that's ALL he did.

Yeah, I love what this guy did, but the fact remains that since the bank owns the deed, they get to make the determination. I would imagine the mortgage contract reflects this. Most do.

I've never heard of a bank telling someone they can't sell their house, when it would mean complete repayment of the loan.

That's just flat out fucking the homeowner over, and I see zero reason for doing such a thing.

The guy had half the loan already repaid. He was a GOOD CUSTOMER!

Like I said, they ought to consider themselves lucky he didn't grab an uzi and go spray the corporate offices up.

well, there is still time for that.......
I would hate to see it, but......

 

[Douger]

Finally. An Amurkin with ballz.
Why didn't he drive the dozer to the nearest bank and local Nazi station ?
Oh well. It's a start.

 

[hvactec]

finally. An amurkin with ballz.
Why didn't he drive the dozer to the nearest bank and local nazi station ?
Oh well. It's a start.

lol

 

[jeffrockit]

The problem is that the bank denied him a potential sale of the house that he had lined up, which would have fulfilled the remaining liability on the debt.

I'd probably fucking bulldoze the house TOO.

FUCK that shit.

Your obligation is to pay the loan off. He had that lined up, and the bank just said "no".

Considering the state of mind some people are in these days over the economy, and the actions of banks, the bank ought to consider themselves damn LUCKY that's ALL he did.

Well now he still has the loan to pay off and nothing to own but an empty lot. That showed them, right?

 

[Baruch Menachem]

The IRS had a lien on that house.

I imagine the IRS will have quite a few things to say to him, one of which will be "I am sure you will look great in orange."