We all know that many people around the country are struggling financially, many are even facing foreclosure. Terry Hoskins found himself in this same position, but he took a different tack. Now, in addition to facing financial problems, he may be looking at jail time.
So what you think? Did Terry do the right thing? Or is he absolutely NUTS and deserves to go to jail? Leave a comment and let me know.
14 responses so far ↓
1 Joe McCall // Feb 26, 2010 at 8:52 pm
Very funny! I think he did the right thng AND he is completely nuts! Just kidding… Definitely shouldn’t have done it. But I bet you he had a great time doing it! If you’re going to go down, you might as well go in style!
Joe
2 Stella Bonin // Feb 26, 2010 at 9:41 pm
I don’t think that it is funny but he was frustated with the bank and that he was not getting any help from it and under the stress and the circunstances he did what he did. I don’t think that he deserves a jail time, the bank it is responsible too for not helping and be unable to find any solution to the problem.
3 Mike // Feb 26, 2010 at 9:57 pm
I personally do not think this is the best course of action to adress the financial pressures many Americans are facing today. This story posted last week and I have not heard of a wave of defaulting homeowners destroying their homes sweeping the country. I would be suprised if his actions resulted in the widespread anarchy he is hoping for. People are generally more responsible than this. It will be interesting to see what action the bank takes. The story indicates he may have some liabilty from the feds as well. It is my understanding that destroying or taking property from the house falls under both the criminal and civil court systems (waste and defrauding a bank). If the “system” decides to make an example he could soon be regretting this decision. I do not find the story inspiring. He would have faired better donating the property to charity or some similar solution to better his community.
The story does go to a greater discussion of what responsibility do the banks and mortgage companies have to defaulting home owners. I’m checking my mail box for my bailout check. It hasn’t arrived yet:-(
4 ALex // Feb 26, 2010 at 10:15 pm
That was a stupid thing to do and now he is going to jail….Now who LOL….The BIG BAD BANK!
5 george carter // Feb 27, 2010 at 12:16 am
It doesn’t seem possible that his home is cross collateral by accident or without his agreement. If this is so, he volunteered and had no right to destroy something that he put up in order to receive funds. He’s NUTS and needs a little jail time to find his lifeonaire side.
6 Jay Leigeber // Feb 27, 2010 at 5:26 am
Everyone needs a good laugh and I’m happy this is going viral.
But really, it demonstrates how it is easier to destroy wealth than create it. It also is a great lesson why you need non-recourse commercial loans.
And what are the chances this guy will EVER get another loan from a bank?
Jay
7 Bob // Feb 27, 2010 at 11:27 am
The news report didn’t make it clear that he was in foreclosure. It did make mention of the fact that the IRS was going after him. Sounds like there is more to the story that wasn’t reported.
Bottom line for me is, if he signed papers promising to pay for his house then he needs to take care of his financial respsonsibilty one way or the other.
I am not a big fan of the IRS, but there are also avenues for handling the IRS.
He probably will go to jail, but that should be for a judge and jury to decide.
8 Jim Heberer // Feb 27, 2010 at 12:07 pm
I guess he proved his point, but now where is he living at? What is the rest of the story on the tax liens? Lenders and the government can attach the liens to his personal residence. Seems pretty drastic to me????
9 Jay Heidel // Feb 27, 2010 at 5:47 pm
The bank was foreclosing when he never missed a payment…That’s wrong. No matter what issues he had with the IRS, the bank should have let it alone. Let the bank have the pile of sticks and rubble, it’s all they deserve.
Although, he probably could have kept his home another way one would have to think.
10 Shannon // Feb 28, 2010 at 12:44 pm
This is in my town! Sounds like he never separated his business from his personal life.
11 Ted Montoia // Feb 28, 2010 at 8:14 pm
Sad and Stupid.
A completely irrational response to his frustration.
I’m guessing he was the kid on the playground who took his ball home when the other team scored.
The house could have cleared his debts and tax liabilities.
Apparently he agreed to offer the house as collateral to get the business loans he needed then, when things went bad, he conveniently changed his mind and decided he didn’t have to pay back what he borrowed.
I have a name for guys like that but I won’t use it here.
12 Nick Baur // Mar 1, 2010 at 11:20 am
Wow, banks used to do deals on a firm handshake so I’m told. Wonder why they stopped doing business that way…
13 Vena Jones-Cox // Mar 5, 2010 at 12:51 pm
This guy is in my area. it took me 2 minutes in the public record to find out he took out a loan for $655K–not $160 as he keeps saying–on the property. He apparently used it to for his business, which he hasn’t paid the taxes on and is in a lawsuit with his brother over.
In other words, he took $655 from the bank, defaulted, and tore down the collateral. It makes me sick that he’s being treated like a hero. He’s a thief. I just wonder if all these people on the web saying “You go, dude” would have liked to have been the one to hand him all that money…
14 Shaun // Mar 5, 2010 at 1:01 pm
Vena, I couldn’t agree with you more. This guy is mad because the bank is taking back the house that HE PUT UP as collateral for his business endeavors. It amazes me that some people don’t think about what they sign before they sign it. If he didn’t want the house to be included in part of that business loan, he shouldn’t have ok’d it in the first place. Of course, he probably wouldn’t have gotten the loan if that were the case.
I do believe that this guy should go to jail for what he’s done. And I believe that it’s likely that this will happen.
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