Owner bulldozes home in foreclosure
Bank allegedly turned down purchase offer
By Inman News, Thursday, February 25, 2010.An Ohio man is making national headlines after claiming he took a bulldozer to his home to prevent his bank from repossessing it.
Terry Hoskins told NBC affiliate WLWT that when the bank began foreclosure proceedings to collect $160,000, he decided to tear the home down in order to "make banks think twice about it before they take someone's home."
Hoskins said the lender, New Richmond-based RiverHills Bank, turned down a buyer's offer of $170,000 for the home, which Hoskins valued at nearly $350,000.
In a series of interviews with WLWT, Hoskins said that after the Internal Revenue Service placed liens on his business, the bank moved to foreclose on his business and his home, located in Clermont County near the Kentucky border in southwestern Ohio.
After WLWT first reported Hoskins' version of events Feb. 18, the story was picked up by The Associated Press on Tuesday and published in newspapers and blogs nationwide.
Courtis Fuller, the WLWT reporter who broke the story, said it has "struck a nerve with the public."
"Good for him. I hope more and more people start doing things like this," said one comment on the AP story published by the San Francisco Chronicle.
"Uh, how exactly does this help his situation?" said another.
RiverHills Bank has so far declined to comment.
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Submitted by Ileri Ogunfiditimi, REALTOR® on February 25, 2010 - 7:35am.
Wow! Pretty extreme, I think. Losing a home to foreclosure can be one of the most stressing and depressing things to ever happen to someone. Granted. But that being said, homeowners have to realize that financing is a tool used to purchase an expensive asset which has to be paid back in good faith (at least that's what homeowners agree to do anyway).
Problem is that homeowners are not properly counseled on the impact and consequences of obtaining mortgage financing. All they know is that they need a loan, and they get with a loan officer who provides them with a loan oftentimes without any discussion of suitability or affordability.
It's my understanding that lenders usually don't want the property; they want a performing loan. Mortgage loans are secured by the real estate, so if a borrower defaults, the lender's recourse of getting the money loaned to borrower back is to foreclose and sell the property.
It's not pretty, but borrowers need to understand that that's the way it works. The good news, though, is that life does go on after foreclosure and that another home can be purchased after reestablishing one's credit rating and savings. So, it's not the end of the world. I don't think bulldozing one's home or property helps the situation either.
Though I'm not sure, the lender in this case may have grounds to file a lawsuit against the owner now that they don't have an asset to sell in order to satisfy the remaining loan balance. The owner would've been better off to just move on with his life.
Ileri Ogunfiditimi, REALTOR®
Ileri Ogunfiditimi, LLC/Jobin Realty
7825 Tuckerman Lane, Suite 201
Potomac, MD 20854
United States of America
Direct Dial +1 (240)403-3400, Ext 742
Direct Fax +1 (866)283-7840
Email: ileri@ileriogunfiditimi.com
www.ileriogunfiditimi.com
www.jobinrealty.com
Submitted by Joe Murphy on February 25, 2010 - 10:58am.
A Bulldozer is extreme and grabs the headlines, but as a short sale and foreclosure agent I see less extreme forms of home destruction from upset sellers.
Here in Manatee County, Fl, The foreclosure process can take a very long time.. The homes that are left vacant with no power can deteriorate quickly, especially with no A/C on!
I have seen extreme cases too. One home the home sellers stripped out everything from entire kitchen, switches, doors, windows, outlets, wiring, a/c system, and more. Then they went through and damaged every surface of the home, with a hammer. smashing what they could not take out. Finally pouring concrete down the drains, and toilettes, and leaving the home finally with all the water faucets on!
This home was completely totaled, just as if they took a bulldozer to it
Joe Murphy
Your Real Estate Expert for the Sarasota/Bradenton market
www.manateemoves.com -advanced real estate search engine
941-780-3260
Submitted by John Rakoci on February 25, 2010 - 3:24pm.
WoW! I've seen some homes trashed in foreclosure but this loser wins the top prize. No matter if it is his fault or obama's fault he cannot pay his bills, there is no excuse for such behavior. He should be jailed! He should never again qualify for credit- not enough to buy the steam off a hot dog! The bank lived up to it's part of the agreement they made and he should have too.