This is probably not the best solution to the housing problem or the rising foreclosure issue, but that's exactly what one frustrated Ohio man did, according to an AP report this morning:
"An Ohio man says he bulldozed his $350,000 home to keep a bank from foreclosing on it.
Terry Hoskins says he has struggled with the RiverHills Bank over his home in Moscow for years and had problems with the Internal Revenue Service. He says the IRS placed liens on his carpet store and commercial property and the bank claimed his house as collateral.
Hoskins says he owes $160,000 on the house. He says he spent a lot of money on attorneys and finally had enough. About two weeks ago he bulldozed the home 25 miles southeast of Cincinnati."
Mr. Hoskins also spoke to local TV station WLWT and was quoted as saying: "When I see I owe $160,000 on almost a $350,000 home, and someone decides they want to take it — no, I wasn't going to stand for that, so I took it down."
Here's a clip of Terry sharing his story on WLWT:
This story is blowing up on the airwaves and the web and many are calling Terry a hero for standing up and sending a message. Others are speculating whether Mr. Hoskins will be prosecuted for his actions and end up in prison. What do you think? Share your thoughts in the comments section!
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Good example of what happens when people feel they have been abused by the current tax and banking systems. Unfortunately, now he’ll likely face criminal charges for intentionally destroying property belonging to the bank. And those tax liens won’t just disappear. More legal fees, fines, penalties, and restitution no doubt. He did not free himself from any of his financial problems. But if his action prevented him from “going postal” then we can be thankful for that.
Wouldn’t the logical solution for someone with a $350,000 asset and $160,000 in debt to sell the asset, pay off the debt and pocket the remaining $190,000?
Sounds like a better idea than bulldozing a house to me.