Terry Hoskins resorted to extreme measures when he bulldozed his $350,000 home to keep a bank from foreclosing on it. According to Terry, he strugged with his bank over his home for years and had ongoing problems with the IRS.
He claims the IRS place liens on his carpet business and commercial property and the bank claimed his house as collateral.
Terry claims that he owes $160,000 on the house. He tried to sell it, but the bank said they would make more money for forclosing on it. He has already spent a lot of money on attorneys, and he had enough. He went to drastic measures and bulldozed his home.
Avoid Drastic Measures: Is this dramatic move going to put Terry Hoskins in a better position with the IRS? Definitely not. There was still hope to negotiate for his property. if you ever feel as desperate as Terry, expensive, dramatic moves like this will not help. Continue to work with professionals. Sometimes, it may seem grueling and take forever, but there's light at the end of the tunnel.