Friday, February 19, 2010

Dude Bulldozes Home Ahead of Bank Foreclosure

From WLWT Cincinatti, "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.

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.
James Joyner has some ruminations on this.

I'm not trying to figure it out: It just sounds crazy, although I'm not surprised given our totally FUBAR housing market. (Via Memeorandum.)


Timeshare Jake said...

People are fed up, and they have lost hope. You have a man flying an airplane into the IRS building. You have another man taking an ax to a red light camera. You have another man bulldozing his house because he is over $100,000 upside down on it. People are tired of the games with government.