Why would you bulldoze your home?

[LisaR]

I am missing the point why this guy did this.

http://news.yahoo.com/s/ap/20100223/ap_on_bi_ge/us_odd_foreclosure_bulldozer



MOSCOW, Ohio – An Ohio man says he bulldozed his $350,000 home to keep a bank from foreclosing on it.

Terry Hoskins says he has struggled with the RiverHills Bank over his home in Moscow for years and had problems with the Internal Revenue Service. He says the IRS placed liens on his carpet store and commercial property and the bank claimed his house as collateral.

Hoskins says he owes $160,000 on the house. He says he spent a lot of money on attorneys and finally had enough. About two weeks ago he bulldozed the home 25 miles southeast of Cincinnati.

Messages were left for the bank and its attorney.

IRS spokeswoman Jodie Reynolds said individual taxpayer information is private and federal law prevents her from commenting.



Wouldn't he still owe the bank the $160,000? How much does it cost to hire a bulldozer to do that work? He could have used the money to put toward the amount he owes. What am I missing?

 

[wdwmom0f3]

That was a stupid move.

 

[Melrosgirl]

His credit is already in the toilet. He does this as a "flip off" to the bank. I've known people like this. They get mad at their landlord, for instance, and wreck the house they are renting. Then skip town.

 

[Acklander]

He did it out of absolute frustration with the IRS and bank and went to the extreme. Normally, I'd say stupid move, but you know what? In the same week he knocked down his house, you had another man who was frustrated with the IRS and chose to fly a plane into a building. If you're gonna go over the edge I'd rather you do it by knocking down your house.

 

[mrsmom]

It was because someone offered to give him the 160,000 to pay off the house and the bank said no, that they could get more for the house.. which was worth 350,000 So he didn't want the bank to have his house. so he bulldozed it.

 

[stashbin]

Kind of the ol "If I can't have it, nobody will" thing going on?

 

[bettymae1121]

"If I can't have it, then no one will" would be my guess.

 

[Pakey]

Have any of you went and looked inside many foreclosed homes? We decided to start purchasing rental property due to the good prices on real estate and I can tell you, many of the homes we visited should have been bulldozed. Most of them did not have any light fixtures, plumbing fixtures, cabinet doors, room doors, etc. The homes are being stripped, there is a lot of destruction (big holes in walls, we saw some where they fired bullets into all of the walls, etc).

People are very angry about losing their homes. I was glad our realtor gave us a "pep talk" before we walked into the first one because I'm not sure I could have handled some of the stuff I saw. Human feces piled in bathtubs, urine on walls, etc. Fires had been set, all kinds of stuff.

 

[agnes!]

It was because someone offered to give him the 160,000 to pay off the house and the bank said no, that they could get more for the house.. which was worth 350,000 So he didn't want the bank to have his house. so he bulldozed it.

Anyone want to share the name of this fine financial institution?

agnes!

 

[klj27]

It was because someone offered to give him the 160,000 to pay off the house and the bank said no, that they could get more for the house.. which was worth 350,000 So he didn't want the bank to have his house. so he bulldozed it.

This might not be true from what I have read. It seems that he put the house up as collaterol on a business that is folding. It really doesn't have anything to do with the home mortgage. Therefore the 160,000 wouldn't do anything.

 

[mrsmom]

Here Is the Story from our news.




Frustrated Owner Bulldozes Home Ahead Of Foreclosure
Man Says Actions Intended To Send Message To Banks
POSTED: 10:42 am EST February 18, 2010
UPDATED: 6:36 pm EST February 19, 2010
Email Print
Comments (122)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.

Man Says Actions Intended To Send Message To Banks

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.

Man Has No Regrets Over Bulldozing House

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.

 

[DVC-Don]

Same type of man who'd kill his girlfriend/wife if they said they wanted to leave him. Mentally unbalanced IMO.

 

[roliepolieoliefan]

Same type of man who'd kill his girlfriend/wife if they said they wanted to leave him. Mentally unbalanced IMO.

I disagree

 

[DisneyBamaFan]

Same type of man who'd kill his girlfriend/wife if they said they wanted to leave him. Mentally unbalanced IMO.

As far as we know, this man has shown no signs of violence. One need not be mentally imbalanced to rebel. Were our country's founders mentally unbalanced?

 

[Keli]

Whoa! He owes $160,000, got a way to pay $170,000 and the bank said no??!! Am I reading that correctly? Until it was officially forclosed on I don't see how the bank would be able to say no?

 

[DisneyBamaFan]

Whoa! He owes $160,000, got a way to pay $170,000 and the bank said no??!! Am I reading that correctly? Until it was officially forclosed on I don't see how the bank would be able to say no?

I believe the bank that was taking the property was the bank that held it as collateral for the business. It was being taken for collateral for that loan, not for the mortgage. When selling a home, all lien holders have to be satisfied, not just the mortgage holder.

 

[LisaR]

Whoa! He owes $160,000, got a way to pay $170,000 and the bank said no??!! Am I reading that correctly? Until it was officially forclosed on I don't see how the bank would be able to say no?

It sounds to me like the home was collateral for his failed business and commercial property. If the home was valued at $350,000 and he only wanted to give the bank $160,000 and call it even, I can't blame the bank. He had problems with the IRS, his bank and his own brother sued him. He sounds like a loser to me.

 

[tomthebarncat]

Because you are an idiot, would be my response!

 

[EllaM]

The question I have is how much was the business loan. That's the outstanding amount.

If it was more than $170,000 then yeah the huy was being spiteful. If it was less, then the bank was being greedy.

 

[arielsleepingbeauty]

Even though I think it was absolutely crazy, it seems like he was pushed to the edge. Things like this or worse are bound to happen when the banks won't work with people. He tried to work with them, but they were being greedy so he took it into his own hands.
I am just really glad that he took out his frustration on his house rather than opening fire on the bank.