The short of it is Terry Hoskins built his home, which was worth an estimated $350,000 and like so many people, found himself facing foreclosure. He owed the bank approximately $160,000 and had an offer of $170,000 for the home that would pay off the loan at RiverHills Bank. The bank said, "No." According to Mr. Hoskin's, the bank wanted to continue the foreclosure because they could make money on the resale of his home.
Mr. Hoskin's warned the bank he would bulldoze the home before that would happen and the bank did not believe him, which was a mistake. Mr. Hoskin's consulted with an attorney before he bulldozed his home and said he understood the possible ramification's of his actions.
Mr. Hoskin's indeed bulldozed his home and all that is left is a pile of rubble covered with snow.
Here is a link to the story and video.
RiverHills Bank, may have inadvertently lit the match to a trend of homeowner's who are tired of taking it in the shorts from their bank. The stories are mounting from frustrated homeowner's who have been waiting for 6 months or more to have a loan modification completed and don't even get me started on how banks deal with short sales. Suffice it to say, their customer service is lacking.
I read the comments to many of the articles on Mr. Hoskin's story on the net and reader's are overwhelmingly in support of Mr. Hoskin's. It appears that the fact that the bank made the call to foreclose, even when Mr. Hoskin's had an offer for his home that would pay off the amount owed the bank, has angered homeowner's far and wide.
In the wake of huge bank bailouts, it's no wonder people have the attitude, "We're not gonna take it anymore." What say you?
DelNorteCountyREOForSale.com & REOAgent95531.com
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Fran, Mr Hoskin's story may not be the last one this year. The banks need to wake up and see what type of service they are giving. The public will continue to criticize.
Fran I saw the headlines for this story. It amazes me that the lenders are making things so difficult for those who are in distress who can take care of the lien like you are talking about.
If you owned the house 2-3 years, made the payments it was all interest hardly any principle paydown, they get the house, the interest, and the resale. I agree this might be happening more in the future.
Bold and gutsy move... I can appreciate the anger, but I don't think I would have the intestinal fortitude to actually destroy the property, considering the repercussions he is sure to experience.
I am amazed that this story has made US headlines - the Bank is not the bad guy here, Terry Hoskins is. Just take the time and do some fact checking! He is being sued by the IRS, his own brother, the State of Ohio for filing false sales tax returns and his carpet business has been sued in the past. He is even delinquent on this property taxes! The State of Ohio is the loser here, not poor Terry Hoskins!
Get the facts people! Take a minute and check out Clermont County Ohio records!