Anonymous
07/29/2015 10:30
Subject: A friend of mine is about to get foreclosed on. He is gutting the house and selling everything.
Anonymous wrote: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.
True - but depending on the state, you can lose the non-recourse protection if you intentionally do something designed to diminish the value of the collateral. Stripping the house would probably apply.
Anonymous
07/29/2015 09:36
Subject: A friend of mine is about to get foreclosed on. He is gutting the house and selling everything.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Scum of the earth, he is devaluing and hurting everyone else as well
He is selling what is legally his
The house and its contents are not legally his. Any portion that is mortgaged or under a deed of trust shares an ownership interest with the lender
Your friend is "wasting" the property by devaluing it. Under his mortgage or deed of trust he agreed to care for and maintain the property and its contents.
So, no, he is not acting legally but as someone with the lack of character that lead him to the foreclosure initially. From the tone of this post OP, I wonder if you are more than a friend to this man and are trying to justify his actions
How cavalier of you to suggest that a foreclosure is caused by someone's lack of character. Let's hope you never fall on troubling financial times.
Anonymous
07/29/2015 09:22
Subject: A friend of mine is about to get foreclosed on. He is gutting the house and selling everything.
Anonymous wrote:Taking anything more than personal belongings and items not affixed to the house is illegal. We need to crack down on these freeloaders and jail them. Even worse are scumbags that live in the home without paying a cent for years http://www.washingtonpost.com/local/a-million-dollar-mortgage-goes-unpaid-for-years-while-couple-fights-foreclosure/2012/03/01/gIQAb4DBpR_story.html
The best part of this article "In five years, they have never made a mortgage payment, a fact that amazes even the most seasoned veterans of the foreclosure crisis."
Anonymous
07/29/2015 09:12
Subject: Re:A friend of mine is about to get foreclosed on. He is gutting the house and selling everything.
Anonymous wrote:Anonymous wrote:What he's doing is not uncommon -- foreclosures are frequently stripped bare.
Data? Source? Are u op?
Not PP, but we looked at a number of foreclosures when we were house hunting and many of them had been stripped of appliances, fixtures, flooring, etc. most were filthy, too. Dog and cat crap all over and bathrooms and kitchens in a disgusting state.
Anonymous
07/29/2015 09:02
Subject: Re:A friend of mine is about to get foreclosed on. He is gutting the house and selling everything.
Anonymous wrote:Anonymous wrote:Anonymous wrote:What he's doing is not uncommon -- foreclosures are frequently stripped bare.
Data? Source? Are u op?
My DH is a home inspector and sees this with foreclosures. It can range anywhere from 1-2 big items stripped all the way to what is described here. Not too often that even the drywall is gone though.
I can back this up as well as an agent who listed a number of REOs during the downturn and saw many houses like this for buyers as well.