Thread: Frustrated Owner Bulldozes Home Ahead Of Foreclosure

[quote name='Pragmatist' date='19 February 2010 - 06:22 PM' timestamp='1266621752' post='118501']

The guy sounds like an idiot. It also sounds like he owed a lot more than 160k to the bank too.

[/quote]



Damn you were right! How were you so smart to know this?

Man Bulldozes House, but Media Only Tells Half the Story

The internet is abuzz with stories about Terry Hoskins, the man who bulldozed his house to prevent his bank from seizing it in foreclosure. People are cheering him, calling him a hero, and telling him "Way to stick it to the banks!"



There are several basic points, however, that most of these articles, and, it seems, most of the readers, are missing.





He claims that the bank was going to foreclose on $160,000 worth of mortgage, on a $350,000 house, that he was current on. Last I checked, though, banks can't just do that. Passing mention of his business debt is made, but no mention of several relevant details; the loan on the two properties (commercial and residential) appears to be cross-collateralized. Total amount he owes the bank = 1.1 million.

I think I know why the bank said no fuckin way to his idea to sell the house for 170k.