Ohio Man Has No Regrets Over Bulldozing House - Says Actions Intended To Send Message To Banks

[Dr.No]

Man Has No Regrets Over Bulldozing House - 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.

See link for a nice slideshow and video:

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

[newnewthing]

Re: Ohio Man Has No Regrets Over Bulldozing House - Says Actions Intended To Send Message To Banks

Man Has No Regrets Over Bulldozing House - 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.

See link for a nice slideshow and video:

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

So apparently he thinks he doesn't actually have to make payments on his house and just tough luck for them that lent him the money. What he did was criminal and I hope charges are pressed.

EtoA: I see he that he was making payments on his house but owed money on a business loan that he pledged his house against. Perhaps he doesn't understand what pledging collateral means. It means it ain't his house if he doesn't pay his business loans.

[thriftyandboringinohio]

Re: Ohio Man Has No Regrets Over Bulldozing House - Says Actions Intended To Send Message To Banks

Man Has No Regrets Over Bulldozing House - 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.

See link for a nice slideshow and video:

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

Yes, this is my state. We have these guys by the thousands; legions of them.

[flintlock]

Re: Ohio Man Has No Regrets Over Bulldozing House - Says Actions Intended To Send Message To Banks

Yes. He didn't mind spending the banks money, but feels cheated when they want it back? The world is full of people with this type of mentality. Reminds me of my seven year old.

[runlikehe11]

Re: Ohio Man Has No Regrets Over Bulldozing House - Says Actions Intended To Send Message To Banks

A new Spin on Cash for Trash.
Maybe Tim Geithner can make him whole like his friends @ GS.

[audrey_girl]

Re: Ohio Man Has No Regrets Over Bulldozing House - Says Actions Intended To Send Message To Banks

So apparently he thinks he doesn't actually have to make payments on his house and just tough luck for them that lent him the money. What he did was criminal and I hope charges are pressed.

EtoA: I see he that he was making payments on his house but owed money on a business loan that he pledged his house against. Perhaps he doesn't understand what pledging collateral means. It means it ain't his house if he doesn't pay his business loans.

hmmm

under common law there is a legal concept called "unclean hands"....

http://en.wikipedia.org/wiki/Clean_hands_doctrine

"Unclean hands, sometimes clean hands doctrine or dirty hands doctrine[1] is an equitable defense in which the defendant argues that the plaintiff is not entitled to obtain an equitable remedy on account of the fact that the plaintiff is acting unethically or has acted in bad faith with respect to the subject of the complaint—that is, with "unclean hands".[2] The defendant has the burden of proof to show the plaintiff is not acting in good faith. The doctrine is often stated as "those seeking equity must do equity" or "equity must come with clean hands".

A defendant's unclean hands can also be claimed and proven by the plaintiff to claim other equitable remedies and to prevent that defendant from asserting equitable affirmative defenses. In other words, 'unclean hands' can be used offensively by the plaintiff as well as defensively by the defendant. Historically, the doctrine of unclean hands can be traced as far back as the Fourth Lateran Council."

and though I do not know the specific facts of this case, imho there are a lot of bankers, brokers, officials running around this country with very, very dirty hands...

[Serge_Tomiko]

Re: Ohio Man Has No Regrets Over Bulldozing House - Says Actions Intended To Send Message To Banks

Yes. He didn't mind spending the banks money, but feels cheated when they want it back? The world is full of people with this type of mentality. Reminds me of my seven year old.

While this guy wasn't making this point, the entire system of financing the purchase of homes is destructive and antithetical to the free market. Someday, we will return to 50% financing at the most, like other sane countries and like what was common for most of US history.

[Shakespear]

Re: Ohio Man Has No Regrets Over Bulldozing House - Says Actions Intended To Send Message To Banks

Do we have all the facts? I think NOT.

In the video he mentions that the bank raised his interest rate on his loan. Fair response against someone who IS making payments but is having problems keeping his head above the water?

This story rang my little bell as to what the Credit Card companies have been and continue to do to "allow equitable access to credit for all". Interest rates in the 20+% range. Yepp, the delinquent and those out of bankrupcy are their best candidates for credit cards because they make 50 % of the banks earnings, was a comment of a bank top manager in the video "Maxed Out".

With the snippet of data we have here it is a little fast to say

So apparently he thinks he doesn't actually have to make payments on his house and just tough luck for them that lent him the money. What he did was criminal and I hope charges are pressed.

Guess the guy is small enough to allow to fail. :rolleyes: