Owner Bulldozes Home Ahead Of Foreclosure

[Guest 6.8 AR]

RUSH: From Moscow, Ohio, via WLWT.com: "Frustrated Owner Bulldozes Home Ahead Of Foreclosure -- Man Says Actions Intended To Send Message To Banks. 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." Folks, there is something going on out there. You cannot deny it. They can try to paper this over in Washington and say this is just a big mess, system's ungovernable, unmanageable and so forth and people are burning up and bulldozing their houses and flying airplanes into IRS offices. I mean this is utter frustration and defiance. That is what's going on.

One way to deal with a bank:dirty:

[Guest SUNTZU]

Link?

[56FordGuy]

Link?

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

[Guest SUNTZU]

Did the guy use his home as collateral on his business?

[gregintenn]

If you can't make your house payment, how do you afford a bulldozer? Perhaps priority is this guy's problem.

[gregintenn]

I take the bank's side. When you sign a mortgage, you engage in a business deal. The bank holds up their end of the deal when they give out the money. Your end of the deal is to pay it back, with interest, in monthly installments of a predetermined amount. There's nothing in the paperwork that gives you grace if you lose your job, your wife gets sick, etc. It a tough deal, but I don't understand all the hate towards banks. People go in them begging to borrow money, and get mad when the bank expects them to repay it as they agreed to do. No, I am not a banker.

[Guest Sgt. Joe]

From the article....

"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."

How is the bank honoring their end of the contract in this case?

300K+ home, the man owes 160K and offers to pay it off, the bank refuses so they can make more money on the equity that the man has built in the house. What right does the bank have to the mans equity? It seems they were content to charge the late fees and such until it became obvious that the man had a way to pay them off. That IMO is BS and I dont blame him for leveling it. White collar robbery. Not much difference than a thug in the streets.

I have some friends in FL going thru the same thing, they got behind on their taxes when the man was nearly killed on the job. They now have the money to catch completely up on the property which contains their house and 3 rentals. Which is now their only source of income.

The County is refusing to let them pay and catch up because the property is worth way more than the back taxes that they owe. It is across the street from the beach. And the county wants it so they can sell it for a lot more than the back taxes. They gave the people break after break while adding fee after fee, until they were actually able to pay and then turned on them........BS it is Utter BS.

[ShamGlock]

I kinda dig this guy's style.

[Guest m&pc9]

Sound like if he was paying his bills, They would not foreclose.

[bvarnell]

I heard this guy being interviewed on radio about 1:30 Sat. He didn't sound like a malcontent anti-establishment nut case.

Whoever the radio host was proclaimed citizen of the week.

[gregintenn]

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

Sounds to me like he owed the bank more than just the home mortgage. If he owes them $160k, and pays the balance, they have no reason to forclose.

[bvarnell]

If you can't make your house payment, how do you afford a bulldozer? Perhaps priority is this guy's problem.

Rented dozier for $500 for 2 days.

Claimed to previous experience as heavy equipment operator.

[Guest 6.8 AR]

I just posted it because I thought it was funny.

[Seaslug]

There is more to this story than is being reported. In this difficult real estate market, the banks typically do everything they can to NOT foreclose. I am aware of a couple here locally who owned a home for over a year and never made a SINGLE payment before the bank finally initiated foreclosure proceedings. I'm not convinced that this gentleman is the innocent victim he claims to be. Something just doesn't add up...

[dats82]

I agree with seaslug. Something seems to be missing from this story.

It is a little funny none the less. I am not sure how I feel about it, but just the thought of a man bulldozing a $350k house is interesting.

[1gewehr]

This was NOT a $300,000 house. An item is only worth what someone else is willing to pay. If nobody was willing to pay more than $170,000, then it was a $170,000 house.

The common misconception is that you 'own' something on which you owe money. The only thing you 'own' is the liability. Only when the liens are paid off do you actually have the right to bulldoze it!

[CrazyRay]

I just posted it because I thought it was funny.

I personally don't find it funny because stunts like that drive up the cost for all of the rest of us as banks have to absorb the losses incurred.

If he only owed $160k, and it was *supposedly* worth $350k, there is no reason he couldn't have sold it for somewhere just south of $200k, paid off the bank, and still pocketed some equity.

As it stands - he is now out the $160k, and probably will be sued for the damages he did.

Like several others already said... there is a LOT more to this story... i.e. - he owed the bank a LOT more money than he is letting on.

[Guest 6.8 AR]

I personally don't find it funny because stunts like that drive up the cost for all of the rest of us as banks have to absorb the losses incurred.

If he only owed $160k, and it was *supposedly* worth $350k, there is no reason he couldn't have sold it for somewhere just south of $200k, paid off the bank, and still pocketed some equity.

As it stands - he is now out the $160k, and probably will be sued for the damages he did.

Like several others already said... there is a LOT more to this story... i.e. - he owed the bank a LOT more money than he is letting on.

What you said is all conjecture. We don't know but what the story stated.

We don't know the market area for his house or the details for which that friend was willing to pay. Regardless, to pay that much for a house and then bulldoze it tells me there is much more to the story. I never said I condoned skipping out on a mortgage . I currently have four of them and they are current. Sometimes we are too quick to pass judgement, based on what we know. I just thought it was funny. Sorry you don't.

[Lumber_Jack]

The funny thing is he still owes 160k to the Bank, and has nothing to sell to get it.

[Guest 6.8 AR]

He definitely dug a bigger hole for himself.

[lowbud]

who cares. banks are nothing more then legel crooks which are backed by our great crooked government. The entire banking/lending system is a joke.

[Krull]

Pay bills or not I like it. If he has paid that much on his house he probably has already paid them in interest the worth of the house. Buying a home is the next biggest rip off to paying income tax. Seriously, I will have paid 2x + what my house is worth in 30 years and the is with a 5.3 % rate. What a rip.

[CrazyRay]

What you said is all conjecture. We don't know but what the story stated.

We don't know the market area for his house or the details for which that friend was willing to pay. Regardless, to pay that much for a house and then bulldoze it tells me there is much more to the story. I never said I condoned skipping out on a mortgage . I currently have four of them and they are current. Sometimes we are too quick to pass judgement, based on what we know. I just thought it was funny. Sorry you don't.

No, it is not conjecture.

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

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

Terry Hoskins demolishes house to stop bank foreclosing and selling it | The Daily Telegraph

What this means is the guy didn't pay taxes to the IRS, and there are other debts rolled into this problem, not just the house.

Hoskins said he had 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.

Again, this confirms there is more involved here than just the amounts given in the article.

Hoskins said he's been in a struggle with RiverHills Bank over his Clermont County home for nearly a decade,

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

A decade long struggle between him and the bank over his home? Yet again - clearly there are bigger issues here, because there would be no struggle if he was paying his house note and that was all that was owed.

And check out this comment left on another news site:

Check out the Clermont County Auditor Site and see how many years he hasn't paid taxes.

He is know for stiffing--other businesses-not paying his taxes etc.

Do a little research before you comment.

Facing Bank Foreclosure, Ohio Businessman Terry Hoskins Bulldozes His Home And Pool Instead (VIDEO,PHOTOS) - Home - The Daily Bail

Another reader comment from the same link:

you fans better check the facts. WLW's Fuller was biased to say the least. This guy was sued 10 YEARS ago and didn't pay. He also has the IRS on him for taxes, he has (all of this is public record to check) property taxes that are behind, he as a bankruptcy in 2008 he did to get out of paying

All of this and the fact that the he just plain old is refusing to pay what he owes is THE REAL STORY HERE. This has NOTHING TO DO WITH A MORTGAGE LOAN, just legal problems he refuses to cough up. So IF you like him so much YOU pay his deadbeat debt.

So... you guys still think it's "funny"? Still think it's a poor working stiff who is being "held down by the man"? I sure don't...

[CrazyRay]

Pay bills or not I like it. If he has paid that much on his house he probably has already paid them in interest the worth of the house. Buying a home is the next biggest rip off to paying income tax. Seriously, I will have paid 2x + what my house is worth in 30 years and the is with a 5.3 % rate. What a rip.

You're always free to pile up that much cash under your mattress and pay cash for your next home instead.

Otherwise - I'd hardly call it a "rip off" considering lenders are agreeing to let you borrow LARGE sums of money for VERY LONG periods of time (15-30 years).

If you offer better rates, I'd like to borrow $200k from you at about 1% if you're willing

[Lumber_Jack]

So... you guys still think it's "funny"?

Yes...still funny.

The Bank will survive. The IRS might send him to jail but thats a seperate issue.