Frustrated Owner Bulldozes Home Ahead Of Foreclosure

WLWT ^ | 18 Feb 2010 | Staff

[Getsmart64]

criminal damage and defrauding a secure creditor

[Wpin]

The home was legal collaterol for the loan, his destruction of the home is an act of fraud, he even admits it is to cheat the bank out of it’s money owed...

[Bullfrogg]

It appears to me that some one else wanted his home....and that is why the banks were not cooperating with him....duhhh!

[cquiggy]

This can still be worked out and everything will be fine. All Mr.Hoskins has to do is offer his home in its present condition to the city of Detroit. They will in turn with Barack Hussein Obama’s blessing buy it from him for the full value of $350.000 with stimulus money. After the sale is closed they will offer it up for sale to someone who would be willing to rehab it for the sum of $1.00 and all will be fine. In its current bulldozed condition it is still in better shape than most of Detroit’s public housing.

[motoman]

“Paying off the loan with the proceeds of the sale will clear the title.”

Not sure how that would have solved his business debts.

If someone/institution offered to pay off his mortgage for $170k, then he no longer can be the title holder, and would have still been forced to either vacate the property, or rent it out from the new owner.

And, with his home listed as collateral, there is no way for any other buyer to assume ownership of his property, even if they purchased it by paying off the mortgage balance - can’t transact the sale of the property if their is a lien placed on it. In this case, it was the bank that had it listed as collateral against his business loans.

Times are tough, and small businesses are in a fragile state, but if this person overextended himself and made some bad decisions in retrospect, it is not the bank’s fault. He did offer to put up the house as collateral.

One avenue for providing relief to small businesses that are on the brink of default would be TAX RELIEF, assuming that they were not running their business in an incompetent manner.

[r9etb]

Wow. Talk about a damned fool. Oh, well ... he won’t have mortgage payments in prison, and the food is “free.”

[r9etb]

There is no jail term since the bank didn’t own the home yet....proceedings hadn’t gone through .....He will have civil proceedings filed against him that I expect he will cure with Bankruptcy....

They're not foreclosing on the structure, they're foreclosing on the loan, which no amount of bulldozing is going to erase.

What he did here, is destroy real property that the bank still owns.

He's going to jail. And deservedly so.

[DTogo]

People are tired of getting pushed around by a non-responsive government and non-responsive corporations. I say good for Terry Hoskins!

[IrishCatholic]

Well, I can’t argue against speculation.

What you “know” apparently trumps facts.

[DuncanWaring]

Got a copy of Send in the Waco Killers?

[VegasCowboy]

I don’t understand the bank’s stand here.

Probably because it isn't true. The bank can't tell him not to sell his home.

[VegasCowboy]

People are angry. There’s a storm comin’.

Angry that they are expected to pay back their loans? Good grief.

[SnakeDoctor]

When facts don’t make sense, its worth questioning whether the fact can be right. In this case — they can’t.

SnakeDoc

[Mad Dawgg]

"Frustrated Owner Bulldozes Home Ahead Of Foreclosure"

The sheeple are starting to fight back...

This is going to get ugly fast!

[VegasCowboy]

I say good for Terry Hoskins!

Yes, what a guy. A bank gives him a business loan and takes his land/home as collateral, so that if his business fails they are protected. When his business does indeed fail, he stiffs the bank and then destroys the collateral. What a hero!

Community banks (which this one appears to be) can't afford to take many losses. If they do, guess what happens? They fail. When they fail all their investors lose their money and all their employees lose their jobs. But hey, Hoskins needn't worry about that! He was pissed that the bank was going to adhere to its contractual rights under the agreement he knowingly entered to, so he was perfectly justified in his actions.

[Mad Dawgg]

"People are angry. There’s a storm comin’."

word...

[Noumenon]

Why, yes I do. Vin’s stuff is always entertaining and inspirational.

[karnage]

I’m angry. Stop confusing me with facts!

[Noumenon]

It's a series of articles and essays in the libertarian vein, but it keys off one Carl Drega, another individual who was pushed a tad too far. It's a tribute to our restraint and common sense as a people that we haven't seen more of this. Although it looks like we're going to see a lot more of this sort of thing as time and 0bama goes on.

[DuncanWaring]

Looks like we’ve got similar libraries.