Terry Hoskins ran into money problems, as many are prone to do, when the IRS placed liens on his carpet store and a commercial property after his brother, a former business partner, sued him. With more than half the loan paid, and only $160,000 remaining on his home loan, his bank moved to foreclose.
Hoskins told WLWT that after fighting the foreclosure in court, he even found a person who was prepared to pay off the loan with $170,000 – but the deal was rejected by the bank, who stood to gain a lot more by selling it at its full value. They also went after his commercial property.
Hoskins had other ideas and told the bank that he would tear down the house rather before they take it over. He sought legal counsel before taking action and after deciding that he was prepared for the consequences, he leveled it with a bulldozer.
When I see I owe $160,000 on a home valued at $350,000, and someone decides they want to take it – no, I wasn’t going to stand for that, so I took it down.
As far as what the bank is going to get, I plan on giving them back what was on this hill exactly (as) it was. I brought it out of the ground and I plan on putting it back in the ground.