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Man bulldozes his foreclosed home
Friday, February 19, 2010
Terry Hoskins does what many other homeowners would probably love to do - bulldoze the house that the bank had planned on taking back via foreclosure.
His situation is different than most as he owes far less on his house than it is worth, however, due to business debts and a lawsuit, RiverHills Bank in Ohio wanted the house.
Now they'll have it. Don't they have Limited Liability Companies in Ohio?
8 comments:
Man, you can get a lot of house for a little money in Ohio.
Just another case of someone living beyond their means and blaming others for their issues (he should be arrested).
Of course, the scoundrels in the financial capital of the world exacerbated his downfall with their criminally deceptive packaging of underwater loans as securities.
And you can't leave out Greenspan who got this whole insidious mess started in the first place.
Living beyond his means?? He had not taken out loans on his home as he owned half of what it was worth. His business, like those of most in this economy, has suffered. What do you want, for everyone to live on the street? Would that make you happy and allow you to feel good about yourself?
Good for him! Screw the bankers who screw us over and over and over again!
However, if you have people doing things like this then it is their fault.
We have to start living within our means. Because you if you are destined to live beyond your means then you are destined to live beneath your means.
Damn Greenspan!
I'm sure they have limited liability corporations in Ohio. However it is commonplace for lenders to require owners of small closely held corporations to personally guarantee loans made to the corporation. It wouldn't surprise me if that's what happened in this case.
I'm sure they have limited liability corporations in Ohio. However it is commonplace for lenders to require owners of small closely held corporations to personally guarantee loans made to the corporation. It wouldn't surprise me if that's what happened in this case.
I think you are exactly right here. Only the TBTFs don't have to back their loans with collateral.
His problems began 10 years ago and have nothing to do with the current economy. He owes money to the IRS and his brother. He needs to go to jail. The bank mentioned is a small five branch bank that is active in it's community and is no way a flashy ny bank. The loss of the colateral which he agreed to forfit for nonpayment is a huge loose to the bank, and the comunity members will financially suffer and pay for this guys mistake. I look forward to seeing him go to jail.
There is some really bad reporting in this story, like the guy owed 160K on a 350K house. NOT exactly.
House is worth 300K, comm'l property worth appx 1.1 mil; total 1.4 mil value.
Banks holds mtg on both props of 1.1 mil total; Might be 160K and 950K, but the total is 1.1mil for release; cross colateralized.
The guy wants the Bank to accept 160K and release the house; CRAZY idea.
NOT paid State or Fed'l taxes in about 6 yrs. Owes 100K+ to Ohio and 150K+ to IRS.
Currently in Ch 7 Bankruptcy. He had destroyed property of the bankruptcy estate. Bad idea; the Feds don't go for this.
Probably going to be insurance fraud charges after the Bank files a claim due to additional insured clause in policy. More criminal actions.
So how we doing so far? This guy is hardly someone to empathise with.
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