Stripping Assets from Homes in Foreclosure

Elizabeth- Very interesting article.  As you know here in the central valley we have tons of REO properties.  I have seen just about everything removed from homes from built in cabinets, to entire kitchens to AC units.  I didn't realize that the banks could file an insurance claim against the loss.  I've had a couple people ask me about that, now I know.  Thanks for the information.

Wow, great article.  That is really sad the lengths that some people will go to because they are so angry about losing their homes! 

Very interesting information.  I have not worked with any foreclosures, so I had no idea that this kind of thing happened and the consequences to homeowners who vandalize their former home. 

Thanks for sharing the article. It always makes sense on why some loose their homes - look at how they run their lives.

So funny - not the article - but the fact that this very afternoon - directly across the street from me in a home that was a multi-family dwelling and a problem for our neighborhood - the people moved out - and the last thing they did was load up all the appliances in various trucks and drive away.

That's the first time I've heard of someone want to remove the cabinets....

Great article Elizabeth.

Those who "strip" assets from homes they are being foreclosed on are in my opinion classified as criminals. It's bad enough to have to lose your house and credit, but is it worth going to jail for?

Why some don't look at the real culprit in the mirror when all seems lost (and a house is replaceable, your reputation and good name well..)but blame "the bank, the economy, etc." is beyond me. I know many fall on hard times but there is always a higher road one can take to get back on the right path, no matter how bad the situation seems. Good financial counseling is available and if they search, there are free resources too.

You mean I can't remove the copper plumbing?? &$^!#*  That stuff is 'spensive, ya know. 

Years ago I saw many homes stripped or vandalized, its sad that people resort to these crimes.

Elizabeth

There are actually people that take everything out of the house? What do they do with it, and where do they store it?

That's wild.

Sincerely

Tom Braatz

Well I agree with everything except the range and dishwasher, they are not fixtures at least not hear in NY.  and while I do not condone it, I understand why people take out and sell certain things like boilers and cabinets.  After all they are broke.  I have one local bank in my area that actually lets the occupants stay, charges them nominal rent excluding utilites so that they do not tear up the home. The bank also then avoids the utility charges and the home gets sold like an occupied home instead of an REO.

Elizabeth, amazing isn't it? Happens all of the time though. They get themselves into deep doo doo, and then punish the lender by stripping and destroying the home.

Thanks for bringing this point to light.  I always wondered what the potential liability was for sellers who destroyed their property because they were angry.  It makes sense the insurance companies would get involved.