Foreclosure // Current TV

Foreclosure Option: Bulldoze Your House

Do go away mad. Get even.

JonRaymond
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Frustrated Owner Bulldozes Home Ahead Of Foreclosure

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.
Bulldozed Home Photos
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.
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.
Hoskins told News 5's Courtis Fuller that he issued the bank an ultimatum.
"I'll tear it down before I let you take it," Hoskins told them.
And that's exactly what Hoskins did.
Man Says Actions Intended To Send Message To Banks
The Moscow man used a bulldozer two weeks ago to level the home he'd built, and the sprawling country home is now rubble, buried under a coating of snow.
"As far as what the bank is going to get, I plan on giving them back what was on this hill exactly (as) it was," Hoskins said. "I brought it out of the ground and I plan on putting it back in the ground."
Hoskins' business in Amelia is scheduled to go up for auction on March 2, and he told Fuller he's considering leveling that building, too.
RiverHills Bank declined to comment on the situation, but Hoskins said his actions were intended to send a message.
"Well, to probably make banks think twice before they try to take someone's home, and if they are going to take it wrongly, the end result will be them tearing their house down like I did mine," Hoskins said.

http://www.wlwt.com/news/22600154/detail.htmlMOSCOW, Ohio -- Like many people, Terry Hoskins has had troubles with his bank.... more

bundlebear
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Citi to let distressed homeowners stay for 6 mos.

Citigroup Inc. plans to let homeowners on the verge of foreclosure stay in their homes for six months — if they turn over the deed to their property.

Citi said Thursday it is launching the pilot program, dubbed "Foreclosure Alternatives," this week in Texas, Florida, Illinois, Michigan, New Jersey and Ohio. Initially, about 1,000 homeowners are expected to participate. Citi may expand the program nationwide.

In a normal foreclosure, a lender assumes legal control of the property and evicts the homeowner. But Citi's program, like other "deed in lieu of foreclosure" efforts, allows the homeowner to avoid a completed foreclosure. While the owner must still leave the home after six months, the program results in a less severe hit to the borrower's credit score.

The policy is an attempt to deal with what lenders see as a growing phenomenon: borrowers who choose to default on their mortgages. Close to one in every three U.S. homeowners owe more on their mortgages than their homes are worth, according to Moody's Economy.com.

Many housing analysts say these borrowers — particularly those who owe at least 20 percent more than their home's current value — are choosing to walk away because they see little chance that home prices will come back.

Also, many states have lengthened the time it takes to complete a foreclosure, making the process more time-consuming and expensive for the lending industry.

"Why should we all go through the foreclosure process and evict people?" said Sanjiv Das, Citi's top mortgage executive. Avoiding foreclosure, Das said, is "less painful for our borrowers as well as for us."

Borrowers in Citi's program will still need to pay their utility bills. But Citi will pay at least $1,000 in relocation costs and will consider helping out with other expenses. Citi also plans to provide relocation counseling.

The program is intended to help borrowers who don't qualify for a mortgage modification or a short sale — one in which the lender agrees to sell a home for less than the total mortgage amount.

Citi's policy is similar to one announced in November by Fannie Mae, the government-controlled mortgage finance company. Fannie is allowing homeowners to hand back the deed to their properties, then rent them back at market rates.Citigroup Inc. plans to let homeowners on the verge of foreclosure stay in their homes... more

HowdyDo
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Fighting on Frontlines of the Foreclosure Crisis: Citizens Take on the Monster Banks | | AlterNet

East Boston is one of those urban neighborhoods that is easy to pass through and hard... more

WeAreChangeKy
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Americans Need Debt Relief -- Is Obama Brave Enough to Make It Happen? | | AlterNet

Stung by the election of Scott Brown in Massachusetts, the abandonment of his health... more

WeAreChangeKy
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Faith Group To Lead 'Exodus Of Our Money From Bank Of America'

A network of religious community organizers is calling for its members to pull their money out of Bank of America after the bank failed to meet their demands during negotiations on Tuesday evening in Antioch, Calif.

"Just as Moses led the children of Israel out of Egypt, it is time to lead an exodus of our money from Bank of America," said Rev. Mario Howell, pastor of Antioch Church Family, according to a statement. "It is time to go to a bank which will serve us."

The faith-based divestment effort is separate but parallel to the "Move Your Money" campaign.

People Improving Communities through Organizing, a coalition with over 1,000 member congregations across the country, threatened to launch the divestment campaign if Bank of America officials did not agree to their demands, which included a 90-day moratorium on foreclosures. Other groups, including the SEIU and the NAACP, joined PICO at the negotiating table with bank officials.

"Bank of America had nothing -- no new ideas or proposals to offer to keep families in their homes and end the suffering in our communities," said PICO's Rev. Lucy Kolin, who led the negotiations, according to the statement. "We offered them a clear statement of the bottom line: Keep people in their homes. Do no harm. Put in place a moratorium so that Bank of America can get its act together and stop hurting our families and our communities. We went into this meeting willing to be hopeful, but we were disappointed."

A Bank of America spokesman told HuffPost on Tuesday that a foreclosure moratorium would be unnecessary because the bank doesn't foreclose on a homeowner eligible for a modification under the Obama administration's Home Affordable Modification Program.

"In fact, blanket moratoriums put properties at risk, particularly if the property is vacant, and can interfere with the process of reselling properties at market values that could assist with the recovery of local housing markets," said the spokesman.

But PICO maintains that Bank of America has been foreclosing on eligible homeowners and even people current on their payments: "In Texas, Bank of America foreclosed on a family that was current on their payments," said PICO in a statement. "The family discovered this mistake when they returned from work to find they were locked out of their home."
(Delaney, A., 2009, December 14, para.1-8)

More details at the link:
http://www.huffingtonpost.com/2010/01/14/faith-group-to-lead-exodu_n_423067.htmlA network of religious community organizers is calling for its members to pull their... more

jmsrmy
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Will the 2 million foreclosed Americans see justice?

An inquiry into the self-inflicted "financial crisis" has finally begun yesterday to investigate the overt actions of financial institutions which in part set into motion the foreclosure of over TWO MILLION American homes.

As many people don't understand what happened if they didn't see the scam in action:
Basically the banks gave out loans on (self)inflated home costs, telling borrowers that this inflation trend would continue and the value of their home would go up. The banks then caused the market to turn down and then took people's homes based on the inflated cost that they caused. Even if Americans try to negotiate with the Bank system, they are met with obstructionism and loop-hole robbery.

From the article: Chairman Angelides questioned Blankfein on the propriety of Goldman selling subprime mortgage-related securities--to the tune of $40 billion in 2006-07--to investors even as Goldman itself was betting against those securities.
"Mr. Blankfein, you were actually creating these securities," said Angelides. "As someone that has been in business for half my career, the notion that I would make a transaction with you, and then the person I made that transaction with would then bet that that transaction would blow up, is inimical to me. How do you go to the rating agencies and persuade them to give [these products] the highest rating--AAA--at the same time you have credit information that leads you to believe those securities may fail?"
Blankfein went on and on about this being a part of Goldman's risk assessment of accumulated positions and addressing exposure, and concluded, "These are all exercises in risk management."
"I'm just going to be blunt with you," said Angelides. "This sounds to me a little bit like selling someone a car with faulty brakes, and then buying an insurance policy on the buyer of those cars. It doesn't seem to me that's a practice that inspires confidence."

WOW.... Our economy has become a casino ruled by thieves who destabilize it through speculation and manipulation. Foreclosures need to stop now, and cases should be re-opened on these criminal activities. Even if people call the scammed Americans "gullible" or worse - you shouldn't have to deal with monetary snake-oil peddling.An inquiry into the self-inflicted "financial crisis" has finally begun... more

Denica_Cassandra
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2 years ago
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Bailed-out bankers foreclose churches during Christmas season

Scrooge would be proud. Even Mr. Potter, the greedy banker in “It's A... more

Vierotchka
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2 years ago
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Home Sales Highest in 2 1/2 Years Due to Foreclosures

See? The economy is recovering. Sales are up. So what if a few hundred million people... more

JonRaymond
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New woes for Harry Reid in the Senate: Voters back home fighting mad

Congressional Democrats and mainstream media have heaped high praise on Speaker Pelosi... more

Kelly_Anderson
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Man sues after bank takes wrong house

Bank of America sends workers out to repossess a home. The workers take all the normal... more

evilbilly
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2 years ago
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Another Day OFFICIAL VIDEO by Jes Hudak

Amazing, beautiful and touching music video by up and coming director Edber Mamisao... more

littlescraps
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Plenty more foreclosures on the way

FROM THE NEWS BLOG: With the Dow back up over 10,000 and Goldman Sachs raking in... more

afitzgerald
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Neighborhood Assistance Corporation of America

As the country's home foreclosure epidemic claims more victims, homeowners in... more

YouthOutlookMultimedia
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Foreclosures Force Ex-Homeowners to Turn to Shelters

CLEVELAND — The first night after she surrendered her house to foreclosure,... more

tcmfan08
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2 years ago
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Foreclosures: 'Worst three months of all time'

Despite concerted government-led and lender-supported efforts to prevent foreclosures,... more

WakeUpPeople
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2 years ago
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The spoiled american

I've been a chef now for three years, and in that time I have worked in countless... more

goaliej87
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NACA Press Conference for Save the Dream Tour-Next Date Oct 16-18 San Francisco

Wed Oct 7, 2:00 pm ET Neighborhood Assistance Corporation of America's Las... more

kingfugazi
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2 years ago
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HuffPo: Obama Must See Michael Moore's New Movie (and so should you!)

The film also turns the spotlight on some underreported gems: an internal Citibank... more

asherp
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2 years ago
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"Produce The Note" Movement Helps Stall Foreclosures

Remember those playground words "prove it!"? As the foreclosure rate... more

ajcowley
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2 years ago
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