Haha...great story!

[JeremyH]

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

Frustrated Owner Bulldozes Home Ahead Of Foreclosure

Man Says Actions Intended To Send Message To Banks

POSTED: 10:42 am EST February 18, 2010

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<!--startindex-->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. "The average homeowner that can't afford an attorney or can fight as long as we have, they don't stand a chance," he said. 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. Hoskins said he's heard from people all over the country since his story first aired Thursday, and he said most have been supportive. He said he sought legal counsel before tearing down his home and understands the possible consequences, but he has never doubted his decision once he made it. "When I knew I was going to lose it, I decided to take it down," Hoskins said.

 

[binaryterror]

Thats not great, thats a retarded man (and business man) who is doing illegal activities to sound like a victim.

 

[Boogie]

Thats not great, thats a retarded man (and business man) who is doing illegal activities to sound like a victim.

Yeah, sounds like he's either an extremely dumb businessman, or trying to be sneaky but not quite getting away with it...which sort of circles back around to the extremely dumb businessman. Won't say too much beyond that because I have no idea of his complete story, but his past history kind of points to something just a *tad* out of line from a large majority of other business owners in this country.

 

[Krakker]

Perhps he is stupid. BUT, like it states, the bank was offered more than what they were asking for, isn't it there responsibility to take whats owed and not be the greedy bastards that they are? Anything over that amount should be his IMO. They look out for only them, He's gotta look out for HIM self.
It would interesting to know more about the situation (which we don't) but say Ha Ha to the industry, now you know how it feels to be hosed and there's nothing you can do about it now.
Put your self in his shoes, You build the house, reguardless of the business issues with the brother (who might have been a better con-man) Now your bank is taking "your house" when they could take the money that is owed. Goodguy or badguy doesn't make it right to be hosed over your house.
They should have taken the money."thumbsup"

 

[JeremyH]

Thats not great, thats a retarded man (and business man) who is doing illegal activities to sound like a victim.

To me, what it sounds like is a greedy bank that wants more money than what they are owed.

In the state of Texas, if someone sues your business, your home and car can NOT be sold to pay the winnings from the suit.

 

[binaryterror]

To me, what it sounds like is a greedy bank that wants more money than what they are owed.

They have been fighting with this moron now for 10 years...he's not clean by any means. They've worked and wasted 10 years of resources on this 1 problem. They are in the business to make money, not lose it.

Why should they now help him, when he's hurt them for a decade!

I hope the guy faces charges and maybe he can go to jail and soak off the government system.

 

[JeremyH]

Well, maybe I missed it, but I didnt read that in the story...but IMO, if he tries to pay his debt, then the bank should accept the payment...not try to make more than what they are owed.

 

[binaryterror]

Well, maybe I missed it, but I didnt read that in the story...but IMO, if he tries to pay his debt, then the bank should accept the payment...not try to make more than what they are owed.

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

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.

These are the important quotes from his own story. The Bank foreclosed to keep the IRS away from their house. Remember its not his, it's the Bank's lien on it that actually owns the house until he pays in full.

 

[rock hard]

I think that the bank should have worked with him.
10yrs well the home was over 300 he got it down below 200 in 10 yrs
and he was having fincial dificulties.

I cant speak for every man.

but I built my home. I drove nearly every nail myself
onlly help I hired was to help me stand the rafters,and the sheet rock on the cieling.

if I was faced with losing it and I felt the other party was being unfair no matter who they be.

or I felt I was in the right.
well,I'd fight tooth and nail. and if I lost legaly,well I'd probably wait for a stiff wind,and accidentally drop a blow torch while I pack my stuff

it would be sad,but to hell with letting the thieves get it.

 

[JeremyH]

These are the important quotes from his own story. The Bank foreclosed to keep the IRS away from their house. Remember its not his, it's the Bank's lien on it that actually owns the house until he pays in full.

Yes, I read that. But I did not read where, as you say, "he's hurt them for a decade" or "he's not clean by any means". You seem to have some insight as to who was right and who was wrong in this lawsuit, so please, do tell.

BTW, a lien being placed on a business does not give the right, if he set his business up as a LLC, for the IRS or any other creditor, to seize his home.

Let me ask you, if someone decided to sue you for whatever reason, and you were found at fault, would you easily give up your home to pay off this debt? I doubt you would....and neither did this guy.

 

[binaryterror]

The bank has worked with him for a decade, how is that not hurting them? They don't price loans expecting to find losers who will for 10 years be problematic. If they did that loans would be ridiculously higher in percentage rate to recover costs of poor loans.

As to siezures here you go: http://www.etaxes.com/seizures.html
What can the IRS take? For the most part, anything as long as it has sufficient equity. You see, the IRS can only seize your "right, title and interest".

Reading the article you will note they could in fact seize his home. You are right an LLC or Inc. would help place hurdles in that way though. But as smart as this guy has shown to be...who knows.

His complete idiocy comes in when you look at what he did. He destroyed a home. While he owns it, his bank has a lien on it and therefore is an interested party. I believe they could file charges on destruction of property.

Finally, look to the reason he did it. It's simple he wanted sympathy to help himself out. The story is one sided and i've yet to find one where the Bank is represented at all. Problem is, was the $170K liquid and viable. Ask yourself that, because banks truly hate owning property. They are in the business of money, not owning houses and trying to sell them.

Let me ask you, if someone decided to sue you for whatever reason, and you were found at fault, would you easily give up your home to pay off this debt? I doubt you would....and neither did this guy.

I would give up the house, but only after following the legal procedures. First hire a lawyer to handle it, this guy obviously can't comprehend legalese in any manner. Also if you lose a case, you can if you feel the judgement wrong continue with appeals. Knowing something about the legal system will help you. If you can't afford a lawyer there are options.

 

[rock hard]

The bank has worked with him for a decade, how is that not hurting them? They don't price loans expecting to find losers who will for 10 years be problematic. If they did that loans would be ridiculously higher in percentage rate to recover costs of poor loans.

As to siezures here you go: http://www.etaxes.com/seizures.html
What can the IRS take? For the most part, anything as long as it has sufficient equity. You see, the IRS can only seize your "right, title and interest".

Reading the article you will note they could in fact seize his home. You are right an LLC or Inc. would help place hurdles in that way though. But as smart as this guy has shown to be...who knows.

His complete idiocy comes in when you look at what he did. He destroyed a home. While he owns it, his bank has a lien on it and therefore is an interested party. I believe they could file charges on destruction of property.

Finally, look to the reason he did it. It's simple he wanted sympathy to help himself out. The story is one sided and i've yet to find one where the Bank is represented at all. Problem is, was the $170K liquid and viable. Ask yourself that, because banks truly hate owning property. They are in the business of money, not owning houses and trying to sell them.



I would give up the house, but only after following the legal procedures. First hire a lawyer to handle it, this guy obviously can't comprehend legalese in any manner. Also if you lose a case, you can if you feel the judgement wrong continue with appeals. Knowing something about the legal system will help you. If you can't afford a lawyer there are options.

problem is attorney are $$$$ and appeals cost $$$$ and then the attorney for the appeal cost $$$$ if he had money he would make his payments.

if he had a offer for the home.
and the bank refused the $$$ then I call the bank low down dirty rotten thiefs.

how long had he been making oayments. sound to me like 10 yrs.
he paid it down alot in 10 yrs if you ask me.
thats not a problem for the bank. they was making maoney every payment he made.

the interest on 300,000:shock:
banks get little to no respect from me.
they are just legal loan sharks

 

[JeremyH]

Ask yourself that, because banks truly hate owning property. They are in the business of money, not owning houses and trying to sell them.

Then why did they not accept his payment, but instead, demanded his house (more than double what he owed them)??

Yes, the IRS can place a lien on his BUSINESS....but NOT his home. Somehow, the banks transferred this debt from a business, to personal property....which is NOT legal (at least, not in the state of Texas)

I would give up the house, but only after following the legal procedures.

You would willfully give up your house, even if you felt that you were in the right?!?! Wow, look behind you, I think your spine might have fallen out on the floor...