Tuesday, February 23, 2010

Dig Two Holes

MOSCOW, Ohio -- Like many people, Terry Hoskins has had troubles with his bank. But his solution to foreclosure might be unique.

Hoskins said he's been in a struggle with RiverHills Bank over his Clermont County home for nearly a decade, a struggle that was coming to an end as the bank began foreclosure proceedings on his $350,000 home.

"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 said.

Hoskins said the Internal Revenue Service placed liens on his carpet store and commercial property on state Route 125 after his brother, a one-time business partner, sued him.

The bank claimed his home as collateral, Hoskins said, and went after both his residential and commercial properties.

"The average homeowner that can't afford an attorney or can fight as long as we have, they don't stand a chance," he said.

Hoskins said he'd gotten a $170,000 offer from someone to pay off the house, but the bank refused, saying they could get more from selling it in foreclosure.

---- The opinion survey with this story showed 78% checked "good for him." That shows the animosity and aimless anger of folks. Mr. Hoskins basically bulldozed his own life.

Hoskins had to owe the bank more than the $170K offer - perhaps for loans on his commercial property or business loans and any monies from his business property would go to the IRS. In his own words Hoskins says the house is "cross-collateral" which means he's in hock with other loans to the bank. The IRS is always first in line. It also doesn't make sense to me why the IRS would place liens "after his brother ... sued him." The IRS places liens for taxes owed to the IRS.

Why did his own brother sue him, for business practices that brought in the IRS? If Hoskins paid attorneys for a lengthy battle, why not put that money toward the debts and liens? Were those attorneys to fight his brother's suit or the IRS or both? It's legal to transfer assets prior to an IRS lien, why didn't the man do that? He could negotiate a better deal with the IRS if assets are out of their reach. Did his business go under after the IRS liens? IRS liens ruin your personal and business credit.

No one likes dealing with the IRS, no one likes dealing with banks. For 15 minutes Hoskins can play the common man's hero, but he's dug himself a very deep hole, faces possible prosecution, and in more debt than ever as he owes the bank the full value of the home now. The new American breed - don't learn from your failures, just blame who/whatever and seek revenge.

As the old adage says - when you seek revenge, dig two holes - Hoskins did.

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