Posted on 02/19/2010 3:14:32 PM PST by Rodebrecht
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.
(Excerpt) Read more at wlwt.com ...
Don’t give him the keys to a plane.
Just cause he can’t pay his bills, there is no reason to destroy the property the bank had a lien on.
Nice LONG jail term IMO.
Its Larceny, right? he took their collateral away. If the house was worth 350 they would have auctioned it and given him the remainder after they where paid.
The man owed $160,000 to the bank on the house and someone offered to buy the house for $170,000 but the bank refused thinking they could get more by selling it in foreclosures. If they hadn’t been greedy this wouldn’t have happened.
We are going to see more “rational” people resort to irrational behavior as the reality of these times sink in.
Maybe so. But, it’s certainly a new way to send a message to a lender.
In any case the person took a loan, couldn't pay and destroyed the property.
Major jail time should be given to this loser. No excuses.
The person acted like a spoiled child due something.
Huh? That doesn’t make any sense; the bank would be entitled to the $160K they were owed and nothing more.
As has been pointed out, the excess would have been returned to the owner ... at least that’s how it works down here in the Great State of Texas. :-)
I hope they take the time to throw the book at them.
eh, one less overpriced house on an already glutted market.
We really don’t know all the specifics and numbers in the case, we only know about the crime of the person taking the loan.
The bank can take the original payoff amount and add whatever legal costs they claim once the foreclosure proceedings start. Possibly padding the total to a much higher amount. I see the I.R.S. was making things hard as well.
It’s a sign of the times. Given the already crumbling state of this economy and country, I predict we’ll be hearing more stories like this between now and April 15th (take the guy who flew his plane into an IRS building for instance. fact is, this seems pretty mild. Nobody got killed after all.
How can a bank refuse that? If the owner last minute comes up with money from realatives to payoff the mortgage note and penalties, how can the bank refuse the payment? Something is not right here or not all the info has been presented in the article.
The pilot and one person in the building was killed.
I bet this same story ran on DU and the 24 year old Poli Sci grad students over there thought this guy is some sort of folk hero, sticking it to the man. He just opened up a can of whoop as* himself, years of wage garnishment, liens, etc. Should have let the bank take it, there is zero market for REO real estate in that part of Ohio. The guy is a moron and a deadbeat.
I think that this isn't the entire story.
If the bank forecloses and sells the house for more than is owed to them, they must refund the difference to the (former) homeowner.
The man must have owed more than $160K, or the bank didn't think the buyer was legitimate. The bank has no reason to turn down that offer, unless....
State or federal law may prohibit the bank from short-selling the house (and accepting less than the market value) because it would be perceived as unfair to the former homeowner that should be getting the excess funds.
Sounds like our California politicians.
The don't need to think they can, they know they can. Here is an example of how and why the bank can make more in foreclosure at taxpayer expense.
As an aside and before you see this video have you noticed a number of small banks springing up whilst you hear of the FDIC closing banks. This may be why.
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