Frustrated Owner Bulldozes Home Ahead Of Foreclosure

[Trinity]

http://www.wlwt.com/news/22600154/detail.html

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.

[Mr. P]

I think the guy may be entitled.....to some jail time.

[Kathianne]

I think the guy may be entitled.....to some jail time.

Yeah, saw this yesterday. He still owes the money, but has nothing to sell now.

Something real weird with the article I read yesterday. Seems he 'owes' $160k, had an offer for $170k. He claims the bank wouldn't accept the offer. Something wrong there, not a short sale so the bank wouldn't have a say, as long as they got theirs.

[Trinity]

Yeah, saw this yesterday. He still owes the money, but has nothing to sell now.

Something real weird with the article I read yesterday. Seems he 'owes' $160k, had an offer for $170k. He claims the bank wouldn't accept the offer. Something wrong there, not a short sale so the bank wouldn't have a say, as long as they got theirs.

I thought that was rather odd too.....if that's all that's owed to them why pursue a foreclosure.

[Kathianne]

I thought that was rather odd too.....if that's all that's owed to them why pursue a foreclosure.

That's why I think there's something missing from the story. A bank wouldn't do that. Actually I don't think they'd have a say, if the offer was over what was owed.

[sgtdmski]

This doesn't seem to be a foreclosure like most others. From reading the article it would seem that the man has liens placed on him by the IRS. (hmmmm, another tax cheat, perhaps he can get a job in the Obama administration!!!)

I believe that is why the bank could not accept the offer made for $170,000. So it would seem that he was sued and lost and owed money, the bank had the home as collateral. So this is about someone not paying money he legally owes to another. He is not losing his house because he couldn't pay for it, he is losing his property because he owes debt to someone and has failed to pay.

I think he should spend a few years in prison, and still have to pay all he owes.

dmk

[PostmodernProphet]

the way I understand it, he had IRS liens from a failed business. The bank had a $160k mortgage they intended to foreclose. He wanted the bank to foreclose on the mortgage, and wanted them to accept an offer of $170k to buy the property (thus cutting off the IRS liens). I suspect his parents or a friend had agreed to "own" the property for him so he wouldn't actually lose it. The bank refused, taking the position that if they foreclosed and the property became theirs, they would sell it for what it actually was worth. He got pissed and tore it down instead. Basically, he was trying to dodge his taxes and the bank refused to enter into the conspiracy.

as far as prison is concerned, he broke no laws.....he tore down his house, which before the foreclosure occurred, he had every right to do......

it was stupid instead of heroic, but it wasn't illegal....