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Property preservation is a hot topic these days. If a servicer determines that a house is no longer occupied, they will enter the property by any means, change the locks, and start performing interior and exterior maintenance.
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45 Comments on Can a loan servicer forcibly enter a property prior to foreclosure?
If you have been behind in your payments and EVER call in. One of the questions they ALWAYS ask are "Are you occupying the property" There's a reason for that.
I have found it helpful to befriend the contractors working for the property preservation companies so they will call and check with me on my listings before changing the locks. If they do have to change the locks, they will not change them all and will put the lockbox in a safe place for me to retrieve. The bank will send the listing agent the new key if the locks are changed while it is listed.
Like Janna (Comment #27), I have seen properties with additional lockdown protection. This certainly is an interesting topic for discussion....
Interesting point. What if the property is still occupied . . . by either the owner or a tennant?
Local laws may prevail and I will tell you this...A woman screaming has the final say on this no matter what the paperwork may say
We deal with this once in a while. We call field services and make it abundantly clear that the house is just vacant and not abandoned. They usually leave it alone then or send us the keys if they've already changed the locks.
I have seen lenders drill through locks and change them before they foreclosed! I have always wondered about the legalities of it.
It does seem like an invasion of privacy. I am not suprise at what they do anymore.
I love seeing a sticker on the door that reads "This property has been winterized" we're in FL!! I've seen where preservation companies have changed the locks on an occupied property as well. They have clear instructions in "most cases" from the lender to verify the house is indeed vacant/abondoned, however, they obviously don't always. I like the phrase "The new Real Estate reality" that is sooo true. Everyday is an adventure.
I think you would be hard pressed to find that the bank is breaking the law, and if they were...Who is going to fight them in court.
Had a short sale listing with a tenant. When the notice was put on the door, the tenant freaked out because she thought she had to leave within 72 hours. The tenant had so little furniture, guess they thought it was abandoned. Oh, and I think they threatened to shut off the water.
They do have a right to look at their asset. They do it every day for banks.
I would think that the papers the buyers sign at closing certainly would permit the lender to preserve the asset.
My first thought was, do they ever walk in on people who are totally, um, indisposed?
Richard - How many people actually read every line of their loan docs. It's probably in there.
Like others have said, I know of banks who've changed the locks and listing agents had no idea until someone went to use the key in the lockbox and it wouldn't work! Even after that, the bank still didn't give the agent a key to access the property for showings. Once listed as short sales, these properties were eventually bank owned and all because agents couldn't get access to show the home.