The internet has been buzzing for the last few days with the story of Terry Haskins.  He is yet another innocent victim of the global financial collapse.  Newspapers and websites all over the world have picked it up.  It’s gone viral. 

Yes, folks, this Ohio man got so fed up and frustrated that he bulldozed his $350,000. home rather than cave in to the IRS and the local bank which held his mortgage.  He showed ‘em didn’t he?  Or did he?  Just who is the victim here and who the victimizer?

Both online and offline media hail him as a hero for sticking it to ” the man” by destroying the property so the bank couldn’t have it.  There’s a bad guy and a good guy, right?   Here’s a video from a local, Ohio TV station interviewing Haskins. That sure is the way he sees it. And he seems to be loving his fifteen minutes of fame. Do we all idenitfy and feel sorry for the guy?  Not so fast.  Let’s think this thing through.

 

 Looks simple doesn’t it?  But lets take a closer look. I found a thoughtful blogger who made me stop and re-think this whole incident.  To wit:

Nynaeve , a blogger on Loisville mojo.com  observes:

“He claims that the bank was going to foreclose on $160,000 worth of mortgage, on a $350,000 house, that he was current on. Last I checked, though, banks can’t just do that. Passing mention of his business debt is made, but no mention of several relevant details; the loan on the two properties (commercial and residential) appears to be cross-collateralized. Total amount he owes the bank = 1.1 million.

No mention is made of the fact that he is currently in Chapter 7 bankruptcy, and while the IRS is mentioned as having contributed to the situation, I have also read that he is 6 or so years behind on both state and federal taxes.”

 So, it seems this innocent victim is not quite so innocent or powerless when you take a close look at the facts.  Actually, he seems more like a guy who has gotten himself into trouble through bad financial planning. Get a load of the size of that swimming pool and the elegance of the horse-farm lifestyle he was living. Methinks he overextended  himself, got behind in his taxes, co-mingled his business and personal expenses and while juggling it all got caught in a bad economy.  Sadly, this is not a rare story. It’s happening to lots of people in this down economy.  It seems that Terry Haskins’ brother, who used to be his business partner is suing him as well.  I’d like to know more about that situation.  Wonder if the brother had a problem with his partner’s business practices. No accusatiions here, I’m just wondering. 

Haskins is a customer of a small local bank and since his business assets and personal assets are cross collateralized, of course they are going to have to foreclose.  Doesn’t look to me like the bank pulled a fast one at all.  In fact, I would bet River Hills Bank was doing it’s best to work with the guy. Wonder how they’ll feel now that he’s gone and bulldozed the asset?  Talk about cutting your nose off to spite your face!

I’m kind of left wondering who victimized who here. And I think this story is a good illustration of how we tend to sensationalize things and glide over the top of a story without really delving into the details.  Let’s find out what is really going on here. Is Terry Haskins victim or victimizer?  If you’d like to read more about this situation, here are some links— What do you think? If you find more interesting information please leave the links in the comments section and it goes without saying, your comments are most welcome.

AP News Item

Washington Post Article w. photos

Brisbane Times ( Australia)

Walletpop

Fox News

 and now the other side of the story: ( be sure to read all the comments)

Reason

Loisville mojo.com