One man's way to fight foreclosure

[KevinB]

This local guy stuck it to the bank.

Read the story....

Frustrated Owner Bulldozes Home Ahead Of Foreclosure - Cincinnati News Story - WLWT Cincinnati

 

[1 in 2000]

Hoskins said he'd gotten a $170,000 offer from someone to pay off the house, but the bank refused, saying they could get more from selling it in foreclosure.

He must have had some massive liens on the property above and beyond the remaining mortgage amount.

 

[lenc23]

thats is great! i know alot of people going through the same thing.

 

[Warp6]

HAHA! That is awesome! Guy has some balls.

 

[GNBRETT]

lol.... that's the spirt. Now instead of walking away he will owe the bank and have to pay in civil court for the next 20+ years for destroying property no longer owned by him. In reality he stuck it to himself.

What would make that guy think that the bank has to entertain a low ball offer so he himself could walk away without oweing anything? The bank owns the house and they dictate the terms as to what they want to do with it, not him.

That's like getting a loan for a GN and then failing to make the payments resulting in the car getten repoed and then wanting to sell it so you can get out of the payment when the cars value is worth several thousand dollars more.

When YOU make the required payments on your home then YOU can decide what it's worth. Otherwise, it aint up to you. Banks are in business to make money, not break even. So if they feel they have an asset that they can get better money for then that's their prerogative.

Banks have been getten whacked with forclosures over the past two years and need every opportunity they can to make money that they have lost due to people biting off more then they can chew.

What an idiot!

 

[quickt]

lol.... that's the spirt. Now instead of walking away he will owe the bank and have to pay in civil court for the next 20+ years for destroying property no longer owned by him. In reality he stuck it to himself.
!

He still owns till the hammer drops on the foreclosure proceedings. Old boy will go bankrupt and just walk away owing nothing.

 

[GNBRETT]

He still owns till the hammer drops on the foreclosure proceedings. Old boy will go bankrupt and just walk away owing nothing.

No, not when your arrested for criminal mischief. No different then being evited by the landlord and then running the water to destroy the house with water damage. There are statutes in every state that address situations like that pertaining to landlords who own the property and tenants who are in disagreement with being told they have to leave.

When you wilfully damage property and are subsequesntly arrested for such you will be required to pay restitution in court and that is NOT something anyone can claim as a debt in any bankruptcy proceeding.

Foreclosure proceedings were obviously underway, otherwise he would have not stated how the bank refused an offer so he could get out of his debt. Items from the house can surely be removed but the structure itself cannot be destroyed.

If he had destroyed his property prior to the bank starting a foreclosure proceeding then that would be a slightly different story. But that would still not relieve him from a civil suit that the bank will surely pursue if the police do not arrest him which I find highly unlikely.

Civil suits that have been won are not eligible as a bankruptcy attachment.

 

[KevinB]

I would have figured it was his house until the foreclosure was final? It will definitely be a situation that ends up in court.

Lonnie, that's in your old neck of the woods lol.

 

[quickt]

No, not when your arrested for criminal mischief. No different then being evited by the landlord and then running the water to destroy the house with water damage. There are statutes in every state that address situations like that pertaining to landlords who own the property and tenants who are in disagreement with being told they have to leave.

When you wilfully damage property and are subsequesntly arrested for such you will be required to pay restitution in court and that is NOT something anyone can claim as a debt in any bankruptcy proceeding.

Foreclosure proceedings were obviously underway, otherwise he would have not stated how the bank refused an offer so he could get out of his debt. Items from the house can surely be removed but the structure itself cannot be destroyed.

If he had destroyed his property prior to the bank starting a foreclosure proceeding then that would be a slightly different story. But that would still not relieve him from a civil suit that the bank will surely pursue if the police do not arrest him which I find highly unlikely.

Civil suits that have been won are not eligible as a bankruptcy attachment.

You might be correct.

"The ad Reads Man bulldozes home ahead of foreclosure." Its not against the law to destroy your own stuff even if there is a promissory note. Unless of course a court order is involved. The police dont collect debts in Ohio.

I am sure a slick attorney will make a good case that the house is still present on the property. Its just been rearranged a little. Never the less the guy was an idiot.

 

[quickt]

I would have figured it was his house until the foreclosure was final? It will definitely be a situation that ends up in court.

Lonnie, that's in your old neck of the woods lol.

Yes it is. I actually know the guy. Not a friend but an acquaintance. LOL

 

[GNBRETT]

You might be correct.

"The ad Reads Man bulldozes home ahead of foreclosure." Its not against the law to destroy your own stuff even if there is a promissory note. Unless of course a court order is involved. The police dont collect debts in Ohio.

I am sure a slick attorney will make a good case that the house is still present on the property. Its just been rearranged a little. Never the less the guy was an idiot.

Well, the way I see it is if you buy or lease a car and the bank is financing it you are responsible for the payments and anything else that might happen with it as far as it possibly being used in a crime or such and you do own it per say and no one can take it from you without cause. I guess the cause part is where it gets a little sticky.

If the police for example arrest you for say having guns/drugs in ur car and try to seize it they will not actually beable to seize the property because the bank officially owns it even know you have 4th amendment privileges pertaining to it as you would with a house.

It's called innocent ownership and the police have to check to see if there is a lien against it before applying to take ownership of it thru the court. I know its apples to oranges but im just trying to cite an example of owning something doesn't always mean you really own it and have the right to do destroy it without consequence.

You don't officially own something until you pay it off and get the deed or title even tho you are afforded the privelages against unreasonable seaches/seasures. But destroying that property before you have the deed or title in hand is a different set of circumstances imo.

I can understand the guys frustration but he apparently didn't think his actions thru before acting.

But, the land is still there and probably worth as much as the house itself was so I guess it's not a total loss for the bank.

 

[whitehot84]

The foreclosure was not over payments due but a business transaction where he put his residence up as collateral. He had every right to tear it down. It didn't relieve him of the rest of the mortgage. His business was already in bankruptcy and I don't know how that will play out but in the long run I'm with him. Banks have no conscience nor feelings. He built this house himself and didn't want to see the bank make a profit from his hard work while he is basically homeless.
Legal - no
Right - maybe

 

[SGRIM]

You might be correct.

"The ad Reads Man bulldozes home ahead of foreclosure." Its not against the law to destroy your own stuff even if there is a promissory note. Unless of course a court order is involved. The police dont collect debts in Ohio.

I am sure a slick attorney will make a good case that the house is still present on the property. Its just been rearranged a little. Never the less the guy was an idiot.

I feel like a traitor for saying this in public but the truth is the truth...

In NC, every state is different, you can have mortgaged property of any kind and say it was destroyed or you threw it away and the mortgage holder can't do squat I am not 100% sure that applies to houses but it does to everything else for sure...

For example, say I finance a house full of furniture for a man. He quits paying 6 months later and he ignores the regular collection procedure and I have to take him to court to get a possession judgement... Well I get the judgement go to his house with the Sheriff to pick up the stuff, all he has to say is I threw it away in the dump If I can't prove he didn't there isn't chit I can do Cops do not like to get involved and will tell you quick they are no collection agency. I don't blame them as they have enough to deal with...

I can go back and get a money judgement on him for the debt. However like Lonnie said he can file B/R and that goes away too

It has happened to us with everything imaginable, from cars to tractors to tv's...

 

[Eticket]

I think this story just sucks. Shame on the man who tore his house down.
He obviously didn't build it with his own money. - and if he did, he sold it for the mortgage or the business loan.

In this case, he screwed all of us, not just the bank. This type of risk for banks just became real and will propogate through our financial system - whether you can ever see personally or not.

 

[rmar]

He must have had some massive liens on the property above and beyond the remaining mortgage amount.

Sounds like the opposite,He had tooo much equity and with the personal guarantees you sign they went after his house. If he would have had owed more on his house they would have left him alone. Probably some mortgage company (not a local bank).

 

[alwayscode390]

I just saw this on the news, crazy stuff ---

 

[tommyguns]

Its not criminal mischief to damage your own property. If I rent a big tv from Rentacenter, and I kick in the screen, then it's civil, not criminal. The company takes a risk in renting me the tv and knowsI may damage it. Look at the home as a similar case, but on a bigger scale. Sure the guy will be owing the Mortgage company for years, but sometimes right is right. If the bank could've had it sold and opted not to because they wanted to make more money, then yeah, good for him.

 

[TurboGA]

That guy is an idiot. If I can't keep it no one will, great way of thinking. He had to have borrowed the money to build the home on the property. Doesn't mean squat that he build it. To many people got themselves in the foreclose situation by "biting more than they could chew". Everyone wants the american dream home, but you have to make sure that you can pay for it in the long run. "Always blame someone else for your failures"

 

[rmar]

That guy is an idiot. If I can't keep it no one will, great way of thinking. He had to have borrowed the money to build the home on the property. Doesn't mean squat that he build it. To many people got themselves in the foreclose situation by "biting more than they could chew". Everyone wants the american dream home, but you have to make sure that you can pay for it in the long run. "Always blame someone else for your failures"

I do not agree..........

You work hard and start a business from the ground up. He had invested his time and $$ in a local business putting people to work and supporting the local economy. Small business owners struggling with the times competing with the Chinese and large companies is not easy. To do this you personally guarantee the money you borrow and leverage your home. It is enough to break some people mentally and physically. Some times things are beyond your control. Business/economy/Sales/

 

[Ranger X]

This guy is an ahole. From what I read he did not pay his taxes. He owes the IRS taxes.
Hope he goes to jail for this!