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Ohio man destroys house with construction equipment in the face of foreclosure

Thursday, February 25, 2010

A man in Ohio tore down his house with construction equipment because of foreclosure.
A man in Ohio tore down his house with construction equipment because of foreclosure.

Most people would use a piece of construction equipment in order to build a home, but one Ohio man recently used a bulldozer to tear down his home to avoid foreclosure.

According to Cincinnati television station WLWT, Terry Hoskins decided to bulldoze his home after having trouble with RiverHills Bank for more than 10 years. As a result, the bank was starting the foreclosure process on the property, though Hoskins had a different idea.

"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," Hoskins told the television station.

Hoskins said that he received an offer of $170,000 to pay off the home loan, but that the bank refused because it could get more for the property through selling it. As a result, the resident of Moscow, Ohio, made good on a threat to destroy the house before the bank got hold of it.

Though Hoskins may be alone in pulling down his home in the face of foreclosure, he certainly is not the only person in the country who is having problems with mortgage loans. According to RealtyTrac, the total number of properties that received a foreclosure notice increased 21 percent in 2009.
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