Frustrated Owner Bulldozes Home Ahead Of Foreclosure

[Lil Missy]

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.


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

I don't blame the guy. What a ripoff! :wtf:

[LeftyMom]

1. Yeah, that's totally rational.

:sarcasm:

I mean, if somebody's going to repo your car, the smart thing to do is to put a brick on the pedal and run it into the river, right?

[Lil Missy]

3. If I owe 5K, they take my car instead of my 5K so they can sell it for 10K, PLUS

they are going to take my business car too, I'd say that's fucking criminal. Not saying I would trash both the cars, but I'd have a hard time faulting the little guy that refused to let the bank fuck him in the ass.

[OneTenthofOnePercent]

5. When repossesed property is sold, the excess profit is paid back, I believe.

That's how it works for houses anyways.
And likewise, any remaining debt not paid for is still owed by the person who defaulted.

[Lil Missy]

7. Okay, then I misunderstood. So then why does the bank refuse the $170K and insist on foreclosure?

[AllentownJake]

13. The bank is not a real estate agent

The house will be sold at a discount and all fees involved selling the house will be deducted from his equity, including the foreclosure.

At the end he'd be lucky for a $10,000 check.

[wroberts189]

20. I read a story recently where the bank auctioned the house to itself for 10 dollars.

Then filed suit against the owner for the loan balance...


And the home was not bulldozed.

I always thought that they could not do that but it was a real story. I have no link.

[LeftyMom]

9. They pay back the excess.

If they don't, you take them to court. Throwing a $350,000 heavy equipment assisted temper tantrum is not the answer. And it's going to cost him a metric fuckload more money.

[Lil Missy]

10. If he would get the excess, then I misunderstood.

It read to me that he owes 170K, offered to pay 170K, and the bank refused the offer so they could make double what was owed. In fact, why would they turn down the 170K if you are correct?

Doesn't matter - I don't want to spend a lot of time on this.

[AllentownJake]

16. He'll be lucky to get $10,000

The bank will tack on every expense imaginable to the foreclosure process to reduce the amount he gets out of the sale for his equity.

[wroberts189]

21. ..another good point. nt

[AllentownJake]

14. You are going to see more of this

People aren't really interested in being rational with institutions that took government money and than cut them no breaks.

[wroberts189]

22. Yep.. when you have nothing left to lose it changes everything. nt

[AllentownJake]

18. I don't think economic depressions

are generally rational times.

[OneTenthofOnePercent]

2. This guy is an idiot.

So if his house was worth $350k he had nearly $200k in equity. He would have recouped that $200k after the forclosure sale (the bank pays out any profit on the forclosure sale). Now the house is not worth jack shit... and he still owes the bank $160k. In ohio, if yuo are forclosed on you still owe the bank any deficit remaining AFTER the forclosure sale.

This guy is a fucking idiot.

[AllentownJake]

17. Have you ever talked to a person who has gone through a foreclosure sale or tax lien sale?

I'll explain it very quickly.

The bank will tack on every fee they can imagine for the expense of the foreclosure, banks are not real estate agents nor do they claim to be so they sell these houses quickly at auction, so a $350,000 might go for $275,000 to an investor.

At the end of the day, if this guy got anykind of check from the bank, I'd be enormously surprised.

[Violet_Crumble]

4. If someone else had offered to pay off the rest of the loan, how could the bank refuse?

I don't get it. Granted, I'm Australian, and maybe our system is very different, but if I had that much equity in my home and someone offerered to pay off the rest of the loan, no financial institution can do a thing about it and the home's then totally mine and they've no longer got any financial interest in it. It just all sounds a bit weird, as does flattening a house with a bulldozer....

[Lil Missy]

8. That's why I thought it was a ripoff - for the bank to foreclose so they can get more than owed.

That would really piss me off.

[depakid]

11. From the limited facts we have here, it looks like the bank took recourse on the home

as a result of a personal guarantee on unrelated commercial business loans.

Doesn't really say how much he owed on that debt, or who's where in line with respect to secured interests.

[wroberts189]

24. That's a good question... mortgages get sold and bought all the time.

I would guess state laws come into play here ... but every note I had to pay could be paid off early. I made sure of that.

[demigoddess]

6. could be that the value was really in the land and the bank could sell it to a business

there are cases when they might use foreclosure to get the land. Especially if they got an offer to pay off the loan and they turned it down. Perhaps there was a clause allowing them to do this.

[marybourg]

12. It's really imposible to understand what happened just by reading

this newspaper article. The reporter did no investigation, got no expert opinion or explanation; merely reported what the guy said. My local weekly rag runs "news" stories like this also. Even if you actually *know* what the story's about, you can't understand what they're reporting. You gain no knowledge from stories like this.

[asdjrocky]

15. Now that shit is good.

No one gets hurt? I say thumbs up.

[Historic NY]

19. His legal problems are only beginning.

[omega minimo]

23. Fuck Teabaggers. This is how Slow Food Movement began in Italy with farmer protest against McDeathys

[bobburgster]

25. I admire that!

Good for him...teach the cutthroats a lesson.

[bobburgster]

26. Hahaha, great for him!

I hope it gives him some satisfaction.