A friend of mine is about to get foreclosed on. He is gutting the house and selling everything.

[Anonymous]

Anonymous wrote:All he is doing is wasting his time. How much $$$ will one get from the copper in his house? He will default on the loan, go thru foreclosure, the bank will own that which he is destroying, the bank will lose $$, and, his credit history will be kaput.
It sucks, but, he should've done some creative thinking long ago. Tearing out some fixtures does not fall under that category.

By the time this happens to someone, their credit history is the least of their worries. Copper is actually quite valuable and can be sold as scrap for $2-$3 per pound. There's probably at least 200 lbs. of copper in the house. Many foreclosed homes are trashed by their owners before they are forced out of the house. It's very common. If the bank winds up selling the property for less than the loan, they will come after him for the remainder.

[Anonymous]

People steal copper wires all the time, often in section 8 housing. It's worth a lot of money.

[Anonymous]

I can understand the copper.

But drywall?

[Anonymous]

Tell him to look up the NYT article where homeowner did that and got caught in a sting. Cops and FBI involved.

[Anonymous]

Okay, so, lets put things in perspective: a house might have 200 lbs of copper. Assume $3 a pound. The guy tears out all the plumbing, and now, he sells the copper(to whom I don't want to know) and gets $600 free and clear. Wohoooo!!!! So, he has $600 potentially. After all that exercise and work tearing it out, he decides he needs a drink of water, and, he needs to pee. Now what?!?
Folks, that is an example of someone not operating with a full set of marbles.

[Anonymous]

Anonymous wrote:Okay, so, lets put things in perspective: a house might have 200 lbs of copper. Assume $3 a pound. The guy tears out all the plumbing, and now, he sells the copper(to whom I don't want to know) and gets $600 free and clear. Wohoooo!!!! So, he has $600 potentially. After all that exercise and work tearing it out, he decides he needs a drink of water, and, he needs to pee. Now what?!?
Folks, that is an example of someone not operating with a full set of marbles.

What everyone is failing to see is this person has nothing to lose, they are at the end of their rope and he'd rather pocket that $600 vs. letting the bank have it. He's sticking it to the Man. Get it?

[Anonymous]

Why not drive down to your local bank, wear a coat, point your finger and announce "This is a stickup", and see how that pans out? In about 30 seconds he will either have a) successfully robbed a bank, I would guess getting at least $1,000 in the process. or b) he gets arrested, and shamzam - he is tossed in jail, where housing is free, you get three meals a day, free clothes, and he hasn't a care in the world.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Okay, so, lets put things in perspective: a house might have 200 lbs of copper. Assume $3 a pound. The guy tears out all the plumbing, and now, he sells the copper(to whom I don't want to know) and gets $600 free and clear. Wohoooo!!!! So, he has $600 potentially. After all that exercise and work tearing it out, he decides he needs a drink of water, and, he needs to pee. Now what?!?
Folks, that is an example of someone not operating with a full set of marbles.

What everyone is failing to see is this person has nothing to lose, they are at the end of their rope and he'd rather pocket that $600 vs. letting the bank have it. He's sticking it to the Man. Get it?

At the end of his rope? C'mon.
OP, does your friend have a job? Has he been looking for a job? What about part time work? He isn't at the end of his rope - he simply screwed himself up financially, and now has to pay for his poor choices. Such are some of the outcomes in a free society. However, he is offered the ability to declare bankruptcy, and, begin to set a base to re-create his life. So, with logical choices available, does he really think any rational person will agree with him tearing out all those pipes makes sense?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What he's doing is not uncommon -- foreclosures are frequently stripped bare.

Data? Source? Are u op?

No, but I'm someone who's purchased a foreclosure. They are frequently stripped of as much stuff as can be sold and frequently vandalized.

I've heard the same from multiple realtors and friends who tried to buy foreclosures. They even mentioned in some cases how the ex homeowners would pour concrete down the drain. Obviously, that doesn't earn the ex homeowner money. It's done to spite the bank.

[Anonymous]

Anonymous wrote:

Anonymous wrote:All he is doing is wasting his time. How much $$$ will one get from the copper in his house? He will default on the loan, go thru foreclosure, the bank will own that which he is destroying, the bank will lose $$, and, his credit history will be kaput.
It sucks, but, he should've done some creative thinking long ago. Tearing out some fixtures does not fall under that category.

By the time this happens to someone, their credit history is the least of their worries. Copper is actually quite valuable and can be sold as scrap for $2-$3 per pound. There's probably at least 200 lbs. of copper in the house. Many foreclosed homes are trashed by their owners before they are forced out of the house. It's very common. If the bank winds up selling the property for less than the loan, they will come after him for the remainder.

Agree to the above.

I've heard of people pouring concrete down the drains too.

Metals are valuable. There are a few scrap metal places in the dc area that will take everything from kitchen sinks to the hvac fan and anything metal in between. So I can see how your friend is trying to make an extra buck that way.

The problem is the bank always seems to win in the end. Your friend might get a few hundred bucks from gutting the house, but the bank will still gets its money too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What he's doing is not uncommon -- foreclosures are frequently stripped bare.

Data? Source? Are u op?

Flip or Flop.

[Anonymous]

Anonymous wrote:I've heard the same from multiple realtors and friends who tried to buy foreclosures. They even mentioned in some cases how the ex homeowners would pour concrete down the drain. Obviously, that doesn't earn the ex homeowner money. It's done to spite the bank.

And since the bank doesn't give a shit what condition it is in, the only person you hurt is the innocent person who buys the foreclosure.

[Anonymous]

Op, u r the " friend", aren't u?

[Anonymous]

Several years ago (this was before the recession), our next door neighbor went into foreclosure. Not sure why it happened, it was a strange event. She worked, lived there for several years, etc., but for some reason she stopped paying the mortgage. It was a nice neighborhood, nothing fancy, but nice. The day she moved out, she took a dump on the living room floor. So trust me, people lose all perspective when crap like this happens. She also peed in some of the rooms. We learned all of this from the person who bought the place. He got the house at a excellent price.

[Anonymous]

If you live in a recourse state, the bank can come after you for the difference between what you owe and what they could sell it for. Some states are non-recourse, though.