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Walk Away from Mortgage or Bulldoze House?

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By Tanya Roth, Esq. on February 22, 2010 1:10 PM

Distressed homeowners everywhere, here's a unique way to deal with your bank: When facing foreclosure, bulldoze your house so that the bank gets nothing. Well, no, please don't take that as actual advice of any fashion; it's actually a terrible idea for many reasons. But a man in Ohio certainly decided that bulldozing his house was a sure-fire way to vindicate himself against the banks.

Terry Hoskins was a struggling homeowner in Moscow, Ohio. After a bitter foreclosure battle with the bank, he decided that if they weren't going to let him have his house, he wasn't going to let them have it, either.

So, he bulldozed it to the ground. Here's an actual slideshow.   

Hoskins owed $160,000 on the home, which was valued at $350,000. He had found a willing buyer at a price of $170,000, but the bank refused the offer, saying that they could sell it for more in foreclosure.

So, he made the bank an offer they couldn't refuse. He offered the $170,000 to them, or told them that he would tear the house to the ground. Unfortunately for the bank, they refused his offer. 

Although some analysts are saying that we are at the tail-end of the recession, many distressed homeowners and taxpayers have yet to feel any relief. Sadly, such destructive and radical action is becoming commonplace as citizens are beginning to feel their options fade.  Last week, an irate taxpayer flew his plane into an IRS building in Austin, Texas, killing an IRS agent, after burning his house to the ground.

Although Hoskins will very likely be subject to legal liability from the bank for his actions, his message to the banks is loud and clear. 

And as he receives supportive feedback from across America, his message to irate and distressed homeowners is just as loud. 

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