One man's foreclosure solution: Bulldoze his home
His business, which is scheduled for auction next week, may be next on his list.
How far would you go to send a message to the bank that was foreclosing on your home?
Terry Hoskins of Ohio went what some would consider all the way. Of course, his situation is far from normal in this current age of the housing crisis.
WLWT-TV says the Clermont County man didn't just fall a few months behind on his mortgage payments, like most people who lose their homes to foreclosure. Rather, RiverHills Bank claimed the $350,000 home that Hoskins built himself as collateral after his one-time business partner -- his brother -- sued him.
The bank also has placed liens on Hoskins' carpet store and commercial business in the nearly decade-long legal battle that culminated with the bank starting foreclosure proceedings on his home, WLWT says:
Hoskins told News 5's Courtis Fuller that he issued the bank an ultimatum.
"I'll tear it down before I let you take it," Hoskins told them.
And that's exactly what Hoskins did.
Two weeks ago, Hoskins used a bulldozer to level the home to "send a message," he says in the above video.
"Took three years and eight months to build," he also says. "It only took two hours to take it down."
And he might not be done yet. His business is scheduled for auction on March 2, and Hoskins told WLWT he might bulldoze that building, too.
Hoskins knows there may be consequences for his actions, and he even sought legal counsel before taking this drastic step. But he still tells WLWT that he has no regrets.
The article also says Hoskins has received praise from around the nation since his story broke last week, and its online poll shows readers are overwhelmingly in favor of his actions. More than 21,000 say, "Good for him," while just over 2,300 say, "Not a good idea" and more than 3,500 say, "He should be prosecuted."
What do you think about his solution to foreclosure? And what would you do?
About Teresa Mears
Teresa Mears is a veteran journalist who has been interested in houses since her father took her to tax auctions to carry the cash at age 10. A former editor of The Miami Herald's Home & Design section, she lives in South Florida where, in addition to writing about real estate, she publishes Miami on the Cheap to help her neighbors adjust to the loss of 60% of their property value.