Man Bulldozes Own Home to 'Make Banks Think Twice About Foreclosure'

[Lars77]

Run time: 02:09 https://www.youtube.com/watch?v=Dqb6ZIXoX2w   Posted on YouTube: February 20, 2010 By YouTube Member: Views on YouTube: 0   Posted on DU: February 21, 2010 By DU Member: Lars77 Views on DU: 3516

 
"When I see that I owe $160,000 on almost a $350,000 home and somebody decides they want to take it -- I wasn't gonna stand for that so I took it down." -- Terry Hoskins, Moscow, Ohio

[midnight]

1. There is more to this story than we can get from this clip.... But it is

curious as to why the IRS has had a ten year issues with this guy, and Palin is not getting any feedback on her two cabins?

[icee]

2. What?

We live in a country so crooked it is hard to describe. Within our quasi government, there are powerful Palin supporters. Why they are, who knows? But, nevertheless, these supporters steer trouble away from her when they can. Then, along comes a Spitzer, who is not afraid of these people and goes after them. But Spitzer, for whaterever reason, makes a mistake and sees a hooker. And OH MY GOD! how terrible this is, so much more terrible than a Sarah Palin getting her house built for free. And the beat goes on... People will understand so much more when the majority of the population is eating Cocoa Puffs for dinner.

[Cha]

8. Yeah, republicons are fucking crooked.

[cartach]

10. Cocoa Puffs ? Nah !

Rice cakes for sure.

[izquierdista]

18. Mud cakes

Haiti is their economic model.

[Cirque du So-What]

3. In other news...

man cuts off own nose. Face is spited. Film at 11.

As you say, there's more to this story than meets the eye, but if he believes his act was anything other than a futile gesture that will cause him more trouble than he bargained for, he's sadly mistaken.

[heliarc]

11. Grand Spectacle.

I would agree that he will likely achieve little, but anything that draws mass media attention to the housing crisis and away from the Glenn Beck show is welcome theater IMHO. I don't think he's the model actor to deliver this message and he sounds pretty disingenuous, but things out there are getting more and more unfair. People are going to take more of a stand, wherever they choose to take it.

[AlbertCat]

16. cause him more trouble than he bargained for, he's sadly mistaken.

Yeah.... I mean.... if he owes so much on the house, then it's not his to destroy.... He doesn't own it.

[CLANG]

24. What a dumbass

Now instead of owing 160K he will owe 350K! Must be a freeper (basic math flunkee).

[okieinpain]

31. exactly, they don't care if you bulldoze, blow up, set fire, to your

property at all, your still going to pay for it. especially once dumb-butt runs right into the republican bankruptcy law. where they are probably going to slap a lean on his ass for the rest of his life.

[tanyev]

4. Crazy, but at least he didn't take any innocent people out.

[davidhilton]

5. and what exactly did he accomplish?

[heliarc]

12. A big News Story. Some Publicity.

Who knows. Maybe people will start sending him money... Weirder things have happened.

[1monster]

19. This story was on DU a couple of days ago, and, if I remember correctly, the man offered the bank

one hundred seventy thousand dollars to settle his one hundred sixty thousand dollar mortgage. The bank said "No." And the man got mad.

It was my understanding from that article that he was in business with his brother, who then sued him for some reason or another and caused the failure of the business.

Don't know anything about the tax liens, the nature of the fall out with the brother or the failure of the business, or even if the story had the facts straight.

[okieinpain]

32. that house had to be more then 160 grand. well at least from the

pictures I saw.

[1monster]

34. The house is worth $350,000.00. The mortgage remaining was $160,000,00. The bank was going to

take it and sell it for much more than $160,000.00 and use that to satisfy any moneys left owing after the business that went bankrupt was auctioned off in foreclosure.

What is not clear is whether or not the homeowner had agreed to have his home as collateral for the business or if the bank decided to foreclose on the house using whatever means they allowed for in the original mortgage.

Have you ever read your mortgage contract? I promise you, the banks have a lot of different reasons they can foreclose that have nothing to do with whether or not your mortgage payments are current or not.

[icee]

23. Your posting name seems very congruent with your post here?

[Moostache]

6. Getting radical is always the response to gridlock and tyranny...

The more people who are being pushed to the edge, the more we will see people act out and respond in increasingly violent ways.

We have now seen:

- one lunatic shoot police officers in Pittsburgh area (thought they were coming for his guns)
- multiple lunatics show up at political events brandishing arms
- another lunatic fly a plane into an IRS building
- and this guy bulldozing his house rather than allow it to be seized to settle his debts

Soon we will see things like sheriffs being shot for serving eviction notices, houses being booby-trapped and exploding when residents are forced out, large suburban areas with high foreclosure rates becoming slums and burned out shells standing where once a neighborhood thrived...

The end is nigh unless we get some action from the government to recapture the stolen wealth of this nation from the banksters and their 1%-er controllers. This nation is doomed as long as 1% of its population controls 75% (and rising) of the wealth. We are not serfs and this type of feudal distribution of wealth cannot long endure. If the nation could not long endure 1/2 free and 1/2 slave, then it absolutely cannot endure long with 90% poverty and 1% obscenely rich....

[heliarc]

13. +1

Don't forget the census officer who wound up dead with things scrawled on him.

[Crowman1979]

7. Best use of non-violence I've seen for protesting the bank mortgage fraud.

[hmorehead]

9. I hate tea baggers. This was stupid. there's always more stuff. Does this guy own an airplane?

[CHelms]

14. The Bank Will Just Pass The Bill to the Taxpayers

They won't need to "Think Twice" about anything. Among the 23 trillion dollars in loans, giveaways, backstops, "facilities" and other taxpayer-funded trick or treats (We only hear about TARP but there's more. So much more) the Bush administration gave Wall Street when their own greed threatened to destroy them, they also created several Cash For Trash programs that allow the banksters to collect every dime the guy would have paid them over the life of the loan. The reason they've gone back to playing roulette is precisely *because* there is no longer any way they can lose. If the economy collapses and every house gets foreclosed on, they win. If they buy a billion dollars in oil, magnesium and Ice Cubes dot.com futures and it all goes belly up, they win. If they create one of their transcendental bundles of ethereal, incomprehensible derivatives but can't sell them to anybody, they win. They just take their lost bets, which is basically a huge stack of losing lottery tickets, to their nearest Federal Reserve Bank or US Treasury office, throw them down on the counter and redeem them for whatever they think they deserved to win.

[unblock]

15. they'll sell his land and if that's not enough, they'll take a cut of his wages

i suppose that last part might depend on the state.

but first FIRST person who lost was the crazy homeowner, who lost out on the excess of the house value over the mortgage value.
any loss the bank suffers will be very small compared to his loss.

talk about a scorched earth tactic, cutting off your nose to spite your face.

[AlbertCat]

17. talk about a scorched earth tactic, cutting off your nose to spite your face.

But it made him feel good. And, y'know, if it makes you feel good, it IS good! Right?

[WillYourVoteBCounted]

20. he may start a trend or else inspire a new business: "home wreckers inc"

for those having their homes taken away by the banks.

The bank should have accepted his offer.

[SkyDaddy7]

21. This guy will be thrown in jail...

Not only is he destroying property he does not own but I would have to imagine he is violating local/state ordinances/laws as well.

All I saw was stupidity brought on by anger! Does he honestly think this would hurt the bank or even make them think twice? SERIOUSLY?

This guy's problems have only just begun! I would imagine it would not be a far jump for this guy to turn violent in a way that will hurt people. But that is my opinion.

[CLANG]

25. My bet is that we'll hear from this guy again - tragically

[rapturedbyrobots]

29. maybe not

its very hard to prove ownership without the actual physical note. people have successfully defended foreclosure in california courts by challenging the bank to produce the note. most of the time the note has been shuffled around so many times in the process of securitizing the mortgage debt (often against state and local laws) that it can't be found. and if it can be found will be evidence of other financial crimes...gee why did this investment bank have the note to this guy's house when you weren't supposed to be repackaging mortgage debt and selling it off to that bank? sometimes its not worth pursuing for the bank that supposedly owns the property.

[icee]

22. I applaud this man's action as much as I can. If this was done

more, you would see a sea change of action among banks anxious to foreclose on people during the bankster created depression. These types of action are the only thing that will make fundamental changes in the way things are done. It is sure won't be writing congress crooks or posting on bulletin boards. Yes, this man will probably receive extreme punishment for his actions, including fines, jail and maybe eventual poverty. But this was an action done for the little people tired of being bullied. And some of the posts criticizing this guy's action made me ill. Do you not understand what is going on?

[CLANG]

26. If he had 170K laying around, why didn't he pay off the mortgage

before the foreclosed on him. He's a dumbass freeper - nothing more.

[icee]

27. Yeah, right. When all fails, it's "he's a freeper".

[CLANG]

30. And why are you so concerned what I think?

[Hassin Bin Sober]

33. I'm guessing he secured his other commercial loan with his house.

Cross collateralizing is common with commercial loans. I bet the bank holds the paper on both. Commercial properly being what it is these days, I'm assuming he is upside down on the commercial property.

I'm not sure how the IRS liens come in to play but the bank may be forcing liquidation to protect their collateral as the IRS lien can take first place. The bank may want to settle up with the IRS under controlled circumstances.

There is definitely more to the story. Destroying an asset that would go toward settling the IRS liens isn't smart. They will NEVER go away and you can't file bankruptcy against them. I would rather owe money to the mafia.

[WhoIsNumberNone]

28. No doubt Joe Stack is this guy's hero.