Is this the tipping point? Americans have been taken advantage like no one on earth by greedy Banksters and corporations. Like many of them, a man named Terry Hoskins has had troubles with his bank. But his solution to foreclosure might be somewhat 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.
Depends on the states laws. I know based on Oregon law, he actually could get away with it. Basically the bank has to make a choice, sue for the contract and get a judgement for the amount owed to them, but then they would not have a secure claim to the property anymore and there are all kinds of ways to take care of that, or foreclose it as is, since the destruction he did took place while he legally owned it. Can’t do both though. The downside to the judgement is that its now unsecured and with that dollar amount would like go away in a chapter 7 BK, which the owner wouldn’t care about anyway since his credit is already ruined.
Other states are not this liberal though, I’m curious to see what the follow up is on this one.
There’s more to the story we aren’t aware of…if you owe a debt to the bank and go in to pay it off (EVEN IF PAST DUE), they can’t say pound sand we want the collateral cuz it’s worth more.
If any banker wants to chime in, I’m all ears.
Best I can tell, he still owes the debt and destroyed his collateral that he could have sold.:rolleyes:
…at least he didn’t drive the dozer into the bank and try to kill folks.
Yep, he destroyed a $350 thousand house and still owes the debt. He could have sold the house, paid off the debt and still walked away with cash in his pocket. What an idiot!
In Texas, it’s a felony to hide or destroy a car to prevent repossession so I would think doing that to a house would be the same… I understand the sentiment but he just “dug the hole a little deeper”.
not really if the bank holds deed/mortgage to the house you can not sell it without them releasing it !
this is what the bank did they refused the sale of the house
again depends on what type of foreclosure but the stuff I heard the other day on the radio they had a financial guy as a guest describing why the bank was the one who was in the wrong and should have taken the offer over the amount of debt but the loan officer or whoever was in charge made a very bad decision
again this is from what I heard and it made perfect sense ?
Well, the Banks are basically part of the Gov’t now. I’ll bet he does go to jail. It does not surprise me that his greedy bank turned down the offer of $170K. He may have owed $160K on the mtg, but then there is the legal fees, back interest, late penalites, back RE taxes, etc.
Yeah, yeah, the greedy banks. There are 8,000 FDIC insured banks in the US and the vast majority are not the 10 or so large banks that you read or hear about.
The vast majority are also small community banks and are typically one of if not the largest employers in their communities. They are also typically the most significant source of small business loans that keep small businesses employing other people in their communities.
Don’t you imagine that the same fool who bulldozes his supposed $350 thousand house over a $170 thousand debt might be slanting the story his direction?If the house was really worth $350 thousand he could have sold it, paid off his debt and walked away with around $150 thousand in his pocket after a 6% sales commission and closing costs. Simple math.
I call bullshit on his story and say all the facts aren’t in.
He would go to jail because he destroyed someone else’s property. The bank owned over 45% of that house. If you drove a bulldozer through half of someone else’s house, I bet you’d be in trouble too.
No doubt the home owner was not the shrapest tool in the box. However, there is no getting around that in this economu that his bank, be it large or small is not the issue, made a very bad decision not to allow the $170K offer to go to closing.
As for the $350K value on his house. I have no idea, nor do you, if that is an accurate value. Would it surprise me if he could not get a market value for his home even if it was worth $350K, no. How about after word got out in his small community that his home an business were both in foreclosure and LIEN status with the IRS. Do you think people knowing that will still want to pay market value? I don’t think so. There are no secrets in small communites.
An offer of .50 cents on the dollar, $170K on $350K sounds about right to me, given the situation.
The bank sound shave taken the money and run. They make nothing from seeing the homeowner go to jail. LOSE/LOSE.
