Coming soon to a Courthouse Foreclosure Auction near you.. some loon with a AK-47.

Frustrated Owner Bulldozes Home Ahead Of Foreclosure
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.

Hoskins told News 5's Courtis Fuller that he issued the bank an ultimatum.

"I'll tear it down before I let you take it," Hoskins told them.

And that's exactly what Hoskins did.

The Moscow man used a bulldozer two weeks ago to level the home he'd built, and the sprawling country home is now rubble, buried under a coating of snow.

"As far as what the bank is going to get, I plan on giving them back what was on this hill exactly (as) it was," Hoskins said. "I brought it out of the ground and I plan on putting it back in the ground."

Hoskins' business in Amelia is scheduled to go up for auction on March 2, and he told Fuller he's considering leveling that building, too.

RiverHills Bank declined to comment on the situation, but Hoskins said his actions were intended to send a message.

"Well, to probably make banks think twice before they try to take someone's home, and if they are going to take it wrongly, the end result will be them tearing their house down like I did mine," Hoskins said.

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

That's awesome.

I'm stunned that the bank thought it could get more in foreclosure.

I suspect there's more to the situation than that.

Nevertheless, we're seeing the economy implode. You can't destroy things of value and have your economy survive.

Now I know the world is coming to an end.

Aside from the foreclosure, the FairTax would end ALL of this IRS lien and seizure bull****.

Quote:When I see I owe $160,000 on a home valued at $350,000

This doesn't make a lick of sense. If he owes $160,000 on a home (reputedly) valued at $350,000 why doesn't he sell it for +/- $350,000 and take his +/- $190,000 in equity?

Quote: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.

If his argument is that that home was worth $350,000 in original purchase value, well that is irrelevant. If he purchased his home for $350,000 and owes $160,000 why is the bank involved with an offer for $170,000? Unless this offer came with a hell of a lot of contingencies and inspection issues, with realtor commission that would mean $200 out of this guy's pocket to sell his home.

That's barely a short sale, and more a regular sale to an outside party.

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

I understand why the bank is involved in the lien, but isn't the assumption that this guy was successfully sued and owed his brother / busines partner some amount (of unreported) award, and has not paid the award? If that is the case, why would the bank care what he sold the home for, if those funds could be used to settle the home lien, or a portion of the home lien?

And since the IRS holds the lean, why is the bank involved with his commercial property? Is the commecial property mortgaged by the same bank?

There is lot still hangin' out there on this story, and the reporting leaves a lot to be desired. It's that gad damn internet, you're not limited by pages and ink.

Spin Room, please hope me!

All men have a subconscious lust for destruction. He couldn't sell it because of the lien.

Something doesn't add up here. I'm thinking we don't have the complete story. Off the facts that we are given, this should never have been the result. Not legally, not practically. I'm a lawyer, and I've been a banker, and this doesn't make sense to either my lawyer self or my banker self.

I'm guessing we have an article written by a journalism major.

This is NOT a good story. S*** is overflowing. People are feeling the heat and can not take it any longer. They are getting out of control.

My fear is this is the beginning of violent public social unrest.

If he put his home up as collateral it's bull**** on his part. I don't know how a bank could claim it unless HE put it up.

(02-19-2010 04:49 PM)Machiavelli Wrote:  If he put his home up as collateral it's bull**** on his part. I don't know how a bank could claim it unless HE put it up.

I have seen that happen and that is my guess as to what happened here.

Usually your home is off limits when your business goes under, but if you put it up as collateral, then kiss it good-bye.

There's a lot unsaid here. Was it his only home? Or was it one of his homes? If the latter it might not be exempt, even if he hadn't put it up as collateral.

IRS Liens, after the brother sued, leading to banks going after collateral? Indeed, this story is incomplete.

EPIC. Well done, sir!

Very Randian. Scorched Earth, mofo.

I wonder if Mr. Hoskins personally guaranteed some debt with the bank? During the periods of tighter credit (i.e. right now, as well as the post-S&L crisis era of the 1980s), it's next to impossible to get a loan without a personal guarantee, even if the business is a subchapter "C" or subchapter "S" corporation.

He went Galt.

(02-19-2010 11:33 PM)Rebel Wrote:  He went Galt.

Technically, he went Wyatt.