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We the people need to wake up. This is only the beginning. You work hard your whole life to acquire some assets then Bammm! The Fed comes in, and tries to take your life’s savings away from you. Get ready, things are gonna get pretty interesting around here.

You got that right White guy –It’s going to be an interesting few years ahead.

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I don’t blame him at all! If this happens to more people I hope they do the same thing!

You think Obama might do that whne he leaves office?

He put his house up for collateral on another loan, and defaulted on the loan. Now he has destroyed the collateral, and still owes the money. This guy isn’t a hero, he’s an idiot.

Rob H. — Listen to the report again. His house was NOT collateral on another loan. This is a case of the IRS seizing property to satisfy tax debts, NOT loan collateral.

even if the loan was made with imaginary money created out of thin air?

It won’t be long before we see people bulldoze banks and bankster’s houses.

Don’t worry, they can rebuild using the huge bonuses we gave them when we bailed out their fraud and incompetence last year. Or if they’ve blown that already I’m sure Obongo will steal more trillions from us to bail their thieving butts out again.

Certain “elites” are just too special to fail no matter how outrageous their fraud and thievery. At least until America runs out of money and future.

@Rob H – 5.15am

Maybe his math is better than you think.

Everything we know about this story comes from WLWT an NBC, WSMBC, CNN affiliate. When was the last time we ever got the full story from that bunch?

It really does come down to what the contracts actually say. Was the house “cross-collateral” actually, or did the IRS decide to make it collateral? When the government steps in and bails out banks, how much do they interfere in the natural recovery process? Without all the government interference, would that bank have worked harder to help this man?

The phrase “life, liberty, and pursuit of happiness” has its roots in the phrase “life, liberty, and property”. When the government thinks it can justify taking all your stuff, it’s no longer the government our forefathers put in place.

I agree that we will see a lot more of this kind of thing. Thankfully, this man made a better choice than Stack down in Houston.

Now thats HOPE AND CHANGE WE CAN BELIEVE IN LOL

Hey stupid people, this guy didn’t “own” anything; the bank did. If he “owned” the house then they couldn’t foreclose on him. The bank owned it and he was paying them to live there. This would be similar to renting a house, not paying the rent, and then destroying it when faced with an eviction.

You people amaze me. You are all for individual responsibilities and choices and when some nut can’t live up to his financial commitments, throws a fit, and destroys everything, you cheer. Rob is right. This guy isn’t a hero; he is an idiot and should be held accountable. And if you think about it (I know that thinking is difficult for some of you), he is in worse shape now than before. Now he has nothing AND is responsible for the damages he caused. The fact is that he will never own anything of value again due to his actions.

Did this guy hold Title to the Home or Not?…If he held the Title, then he could do anything he wanted. Because it is, by law, his property. If he didn’t physically hold the Title, in his hand, then this is a criminal act. In my opinion.

Just wait till the food riots begin.

Don’t worry, he’ll pay a steep price for his disobedience.

But the reason we’re going to see more of this is because the law only applies to us little people. The PTB have proved it beyond the shadow of a doubt.

When the Tax Cheating thief who runs Treasury send goons to punish little people, while the elite pigs snuffle up our grand children’s future, despite our votes and our protests, then actions like this will become more common and more violent.

Too bad we the people can’t do this to Washington-just bulldoze the whole damn city and start over.

This man owed $160,000 on his home and someone offered $170,000 to him to pay off the loan, the bank REFUSED saying they could sell it for so much more. Then the IRS is involved also, but why are we not asking WHY they don’t use the same tactics with the politicans that haven’t paid their taxes? Shouldn’t we be outraged about the double standards here?

This man made bad choices and should (will) live by the consequences of those choices. Why not sell his home and pay his debt to the IRS? He’s only hurting himself by diminishing his own personal wealth. Of course, we are overtaxed and should cut “services” dramatically in order to reduce the tax burden. I say eliminate social security (I’ll never see it anyway), medicare and medicaid. Eliminate the department of Education. Stop farm subsidies. Fight wars to win them (they’ll be shorter and cheaper). These steps will reduce our tax burden.

My question is, where can I buy such a nice house with a pool and so much land for only $350k? Around here, that house would be about $1.5M.

RuleOfLaw.

The reason is that there is no longer any rule of law!
We’re a kleptocratic oligarchy. The rules only apply to the serfs.

They aren’t going to eliminate anything except your rights and freedoms!

So you’re sending a message? I heard it loud and clear: “I’m an idiot.” Congratulations! We all heard you.

I think that there is more to this story than what has been given here. It would be interesting to see Part 2.

This fella may be upset, but he didn’t help his situation. More than likely the bank and the IRS can now attach liens against him personally. Normally, in the deed of trust, or the contract with the bank, there is wording there that prevents you from devaluing or doing anything major structurally that will destroy the property without the lender’s permisssion. That only makes sense, since the bank is lending money against what was then the current value of the property.

He may feel better now, but he’s going to continue to pay for this one for a long time. The bank, and probably the IRS, will have the last laugh.

This is what’s wrong with populist anger. It sounds good, but the reality doesn’t match up.

According to another site:
“Terry Hoskins owed $160,000 on a mortage on the home, which was valued at $350,000. Hoskins says the IRS placed liens on his business property and home after his brother, a former business partner, sued him. He says the bank then claimed his home as collateral and refused to accept a $170,000 buyout offer on the mortgage, telling him they could get more from it at auction.”

The bank cannot just “claim his home as collateral,” he had to put that home up as collateral on another loan. Regardless of why he eneded up owing the money, he did owe the money, and the bank was fully within their rights to foreclose, as any of you would do in the same situation.

So now he is doubly screwed because he destroyed his own collateral. He is a 100% idiot.

many of those who have gone into foreclosure are finding out years later that companies are coming back on them for the money…especially those with 2nd mortgages…many simply have to file bankruptcy because they still don’t have the money and their credit is trash…they have up to 20 years to come after you….

What a lot of people are finding out is that the mortgage companies will come after you years after you’ve been foreclosed on, especially those with a 2nd mortgage. They have up to 20 years to come after you for the difference and/or any 2nd you had. Their only option is to pay up or file bankruptcy. Many file because their credit is trashed and they still have not recovered.

Next time we hear from this guy he’s going to be shooting up an office somewhere, I’d be willing to bet.

@Rob H – 6.21pm

Excuse me if I’m wrong but it’s usually the lefties who go around shooting up offices.

The one last week was the Harvard Phd who killed three of her co-workers because they didn’t agree with her.

Rob,
Or crashing an airplane into a building.

I personally know Terry. He is not crazy. He is not an idiot. He is a hardworking American business owner that has morals and values. He worked tirelessly with the bank on this issue and they screwed him over. He didn’t hurt anyone and he didn’t hurt himself. He was standing up for something that he believes in for himself and others.

@Amy 7.57am

Thanks Amy, that’s what I figured.

The Lefties and the Rob H’s of the world are a bit lost. They’ve never run a business or tried to make a payroll.

This is what the MSM will not tell you.
http://snardfarker.ning.com/group/alexjones/forum/topics/james-traficant-on-alex-jones

I thought this took place in idaho.

As a fellow American, I suggest everyone use a little positive intent. I’m glad he stood up for what he felt was right. Most of you wouldn’t, you would conform and let them take it all. That’s what America is all about, we can do whatever we want….there just might be a consequence to our actions. And sometimes it just worth it.

I found this blog on google and it is very interesting. I'll include it in google reader. congratulations for the article.

~Foreclosures

Thanks a lot for posting. The information is really helpful with my research.

Cape Coral Properties

That's a great point to bring up. I offer the thoughts above as general inspiration but clearly there are questions like the one you bring up where the most important thing will be working in honest good faith.

~Cape Coral Rental Management

It's all about what you think is right. Can't argue with that guy co'z he's definitely right.

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