Foreclosure bulldozer: Man demolishes house rather than losing it to the bank

If Terry Hoskins can’t have his home in Moscow, Ohio, then no one can.

Hoskins claims that he used a bulldozer to raze his house after the Internal Revenue Service (IRS) placed liens on his carpet store. He apparently used his home as collateral, according to The Washington Post.

So when the IRS came to collect on its insurance policy, Hoskins did what any normal red-blooded American male would do (sarcasm) and knocked it down with his oversized tractor.

The report indicates that he still owes $160,000 on his home loan.

But chances are once the lender, RiverHills Bank, requests a Brokers Price Opinion (BPO) to estimate the current value of the home, the number will be considerably lower.

And it’s probably too late to ask for a loan modification.

Weekly Twitter Digest from Foreclosure.com (2010-02-20)

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  • Top 10 tips to help avoid foreclosure and scams in 2010 http://bit.ly/9rrCNy SC #
  • Deal of the Day, Olympic edition: 4 bed/4 br Vancouver (Wa.) foreclosure. Pot. equity = $113,400 (31% under) http://ffs.cc/a/idrbm3 TM #
  • Thanks to all you judged and applied for our scholarship! http://bit.ly/9lL3kC LY #
  • Efforts to modify loans with easier terms will delay, not prevent, the loss of homes to foreclosure http://bit.ly/chMKai SC #

Whistler Blackcomb: Latest report on Intrawest’s Olympic real estate foreclosure (Video)


Weekly Twitter Digest from Foreclosure.com (2010-02-13)

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Foreclosure.com formally announces the winners of its 2009 scholarship program

Andrew Dewar

2009 Scholarship Program $5,000 winner, Andrew Dewar

The results are in.

More than 1,000 current and/or college-bound students nationwide answered the call during the 2009 Foreclosure.com Scholarship Program, submitting essays of 1,000 words or more on ‘How to Solve the Foreclosure Crisis.’

Andrew Dewar, a senior at Kennesaw State University located in Kennesaw, Ga., however, was voted to the head of the class by our panel of judges, winning the $5,000 top prize.

“It’s been thrilling to hear the news — I’m so thankful that Foreclosure.com put this together,” said Andrew, a former business owner and new father of a one-year-old baby girl, Avery. “I have some personal experience with [foreclosure. So this was just a natural extension of trying to solve my own mini housing crisis.

“This is tremendous -- it’s so generous,” he continued. “Being an adult student and father, there are a lot of costs that come with going back to school … there is a lot at stake. So the $5,000 will pay for at least an entire semester at Kennesaw State. It’s huge.”

The program, which ran from Sept. 1 to Dec. 31, 2009, also awarded four $1,000 scholarships to the contest semifinalists:

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