Skip to comments.Report: Owners of Foreclosed Homes Steal Appliances, Leave Houses in Disarray
Posted on 02/04/2009 8:50:28 AM PST by LibWhacker
Some owners of foreclosed homes are stealing appliances and leaving the houses damaged and in disarray, MyFOXOrlando.com reported.
Realtors complain the trashed houses are harder to sell.
Homeowners upset at banks that are forcing them out have been hauling items from their houses and selling them, the station said. They're also damaging walls and floors.
(Excerpt) Read more at foxnews.com ...
Don’t they own most of the appliances they are “stealing?”
Gee, people who took out mortagages they could not afford are now stealing?
Color me surprised/sarc
Why can they not be charged with vandalism?
Not if it’s a stove, dishwasher, etc. Anything that is a permanent attachment to the house.
So people are pissed off at the fact that they bought a home they couldn’t afford. Then are now asked to leave when they dont make the payments???
Unbelievable, people never cease to amaze me.
Obviously people that should never have been given a loan in the first plac.
We need a Foreclosure Guy. ..similar to the famous Looter-Guy?
Sure do, I would say 20% is low. They take anything that is salable with them. Just doing the jobs Americans won’t do.
>> Dont they own most of the appliances they are stealing?
By definition, if they “steal” them they didn’t “own” them. ;-)
I don’t think they’re talking about refrigerators, microwaves and such.
I think they’re referring to dishwashers, range/oven, garbage disposer, and so forth that are built in and need to remain in the house.
This is nothing new. People who lose their houses usually trash the place, steal the light fixtures and appliances. Often times they bought the houses with the appliances installed and so therefore the appliances, light fixtures, etc., were financed in the loan as they are considered part of the real estate. I’ve seen people tear out dry wall, bust windows, rip out toilets, leave food strung throughout. You name it.
>> They take anything that is salable with them.
When this sort of thing happened back in the ‘80s, they would dig up the trees and bushes out of the yard! Pure destructive spite.
No, that would be things like ovens, fixtures, etc. that they are absconding with that were built into the home and are actually owned by the mortgage holder until the home is paid off.
Just like the libs in the Clinton administration when they vacated the WH for GW.
No, the bank owns them (and the kitchen sink)!
I bought foreclosures in the last market downturn. I went into one house where they had removed all the copper pipes and the cabinets and had taken a chain saw and cut five-foot holes in all the wood floors.
Americans didn’t used to be this way.
This mentality was created by liberalism.
Because what they’re doing is not illegal.
As long as they own the home, they may wreck it to their heart’s content. However, once the forclosure clears and the bank owns the home, then this activity becomes vandalism.
The way to end this nonsense is for a bank to stop the foreclosure after the owner severely trashes the place. Then the owner gets to stay in the mess he created.
Childs play. Put 100 pounds of ready mix cement down the main drain pipe. Now thats revenge!
This is nothing unusual. A number of mortgage companies have partnered with non-profits to allow homeless people to stay in their foreclosed properties until they can sell them. Just wait until they see the damage left by the squatters once they try to kick them out.
Being in real estate, this is why I never ever broker repos....yes there are some deals but many are simply trashed properties....that require more repair dollars than the discounted price of the repo.
They have nothing to lose when the house loses value - the bank is the loser. Lots of people never invested a dime in the house - no money down on loans. They lived there for several months or longer, never making a payment and waited for the bank to force them out. What did they have to lose? They had a free place to live!
Well now how would this work. When I bought my house there was a piece of crap stove in it, I couldn’t even sell it on craigslist. I replaced it with a top of the line beautiful stove. If I move I swear the new stove comes with me!! I will put in another piece of crap. Obviously telling the buyers the stove comes with me. Does the mortgage company own my stove??
Yes back in the 80’s I would meet the sheriff at these places and a locksmith. The former owners or renters, rip out all the wire too and in some instances, rig shotguns to go off when you open the door. I never saw so many frightened locksmiths in my life, lol
“Why can they not be charged with vandalism?”
Because they can say that they did the damage prior to the foreclosure. They are still the owner of record up and until the foreclosure paperwork is recorded.
You can't be prosecuted for damaging something you own. The bank doesn't own the home, they own the mortgage - with the home as collateral. The home doesn't become the property of the bank until the judge in the foreclosure proceeding says they are the owners. So, by law, the people can't be prosecuted for destroying their own property.
As an aside, this foreclosure mess is a untended consequence of deregulation. Back in the day, these banks would have been much more willing and able to send the mortgage through a loan work-out procedure. But, with the "securitization" of the mortgage business, there is no relationship between the home owner and the "paper holder".
We should go back to the days where the loan is originated locally and managed and owned locally. The result would probably be fewer mortgages, but they would be much, much more financially sound mortgages - only given to people that can afford them.
Bankruptcy and foreclosure are just another of the "old fashioned" taboos that have gone by the wayside.
I would think I own mine. I bought them at Best Buy last year.
Yep...I used to clean out abandoned VA and HUD homes for realtors as a weekend job to earn extra money when I was raising my kids, this is absolutely nothing new.
Moveable items like washers, dryers, refrigerators and freezers, yes. Attached items like ranges, dishwashers, light fixtures, thermostats, central AC units, garage door openers, no.
One house I just put into contract had all of the above removed, as well as a gas fireplace (left a big hole in the family room wall).
Not if the mortgage company is paid in full with the sale.
What did they expect...that these folks would have the house cleaned top to bottom for the bank to re-sell?
“Americans didnt used to be this way.”
I don’t consider these Americans. Or even human.
Just savages. With an attitude.
Thanks, as you say, to the weak, coddling liberal mentality.
Virtually EVERY property shown (we were looking at foreclosures only) was damaged. Light fixtures, kitchen cabinets, any and all appliances ripped out of walls. It seems for the last 3-6 months the former occupants lived there, their level of frustration and hate was taken out on the banks via trashing the property.
There is a silver lining though. Most of the damage is cosmetic, and appliances are really cheap on craigs, (probably the same ones taken out, lol).
Figure the cost of renovation and appliances, double it, (for labor) and subtract from the already low price. Many banks agree on the offer rather quickly.
We got a pretty good deal on our purchase. PITI is less than the going rate for rentals in the area.
It’s not a bad thing to have nice things. I want to have nice things, but that doesn’t mean I can afford to have them! I live within my means and try to better my situation so I can AFFORD to have the things that I want. That’s the only thing I can do.
All because you “want” something doesn’t mean you are entitled to it.
Still child’s play.We’ve had people here turn off the heat,open the windows and let the tub run over.Ice builds up until the floor collapses into the basement.
Look at who these homes were being “sold” to. I guarantee they would have left a rented apartment in the same condition. They probably didn’t trash it when they left. Truth be known, that’s what they were living in.
I’m surprised they weren’t yanking out the plumbing and wiring to sell the copper.
Technically, they own at least a level of interest in it that equals their prior stove. Of course, if you sell the home, or pay it off and keep it, then they own none of it, as you will have paid them in total.
Well, gee whiz! Go figure. Whoda thunk?
Our daughter and her husband just bought a house in NoVA. Almost everything they looked at had been trashed. In one house the water had been left on to flood the place and mold was everywhere. These were not cheap homes either.
why shouldn’t they?
you should see how NOT helpful the banks are with their alleged work outs.
The new loan payments are often HIGHER than the original because they banks tack on the forclosure expenses and do not account for the inflated appraisal at the closing.
The banks should just allow “occupant short sales”.
IF the home is going to be shorted for 1/4 of its loan value, then just allow the current occupant to do a “new buy” at the REALISTIC value of the house.
The bank gets its write off, the owner/occupant gets their house they asked for (old chinese curse, may you get all you ask for)
The banks are being penny wise and pound foolish. Then again that is how the banks came to hold their hands out.
As a landlord, that is one of my nightmares. I will not post the rest of them.
I am a contractor; one of my customers purchases reposessed homes. Probabaly 70% of the people purposely trash the homes on their way out. There are usually holes in every wall and oor in the home, they scratch countetops and tubs, we have been greeted with fesces on the walls, frozen pipes, writing on walls with blood..... such a nice class of people.
Why does it work that way, when car loans require the lender to have the title?
That's a good point. We did the same thing. When we sell the house, the dishwasher, fridge and stove are either going with us or the new owner will have to pay for them.
"Let them touch those things for once."
Make it known that you intend to keep the stove when you list your house, and most importantly, write it in the sales contract.
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