Foreclosed owners trashing their own property- What's next?

By
Title Insurance with Key Title Corporation 63078

Watching the news yesterday I heard a story about a couple in California who had been arrested on vandalism and theft charges because they intentionally trashed their home.

 Source CNN

The couple had been foreclosed upon and took their anger and frustration out of the house. I guess they thought that they were attacking the lender by reducing the value of their property.

That was until they got arrested on vandalism and theft charges.  

How many times have you as an REO listing agent visited a property only to find the cabinets have been removed, the sinks have been removed, copper wire and piping has been removed, etc.

I often wondered what the banks did about this type thing if it was believed that the prior owners were complicit in the destruction.  Well now we know.  At least in this case they decided to go after the offenders.  I will follow this case with interest and will post more as the information becomes available.

 

Posted by

Charlene Perry
Key Title, Inc. 
35 Fulford Avenue
Bel Air, MD 20104
410-803-4800

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Rainmaker
282,444
Lisa Bear (RE/MAX REALTY CENTER) Waukesha,MilwWI Real Estate 2628935555
Buyers Agent/Luxury/Lake/REO, listing package options - Oconomowoc, WI

That sure happens alot.... it's a shame.  I can understand "cleaning" it out  -- but not trashing.  Thats uncalled for!

May 31, 2011 09:24 AM #1
Rainmaker
508,807
Jim Patton
Aspire Home Real Estate 209-404-0816 - Modesto, CA
Realtor - Stanislaus ,Merced, San Joaquin Counties

I'm sure most of us have seen this before.  It is pretty rare when any one gets charged though. 

May 31, 2011 09:33 AM #2
Rainer
535,624
David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

I have been in some amazing situations where houses have been ripped apart by the previous owner. It will be interesting to see what happens going forward. I was wondering how long it would take for someone to do something. Now we know..............

May 31, 2011 09:34 AM #3
Rainer
100,495
CHARLENE PERRY, CLTP
Key Title Corporation - Perry Hall, MD
Insuring the Past to Protect Your Future

As an REO title specialist I cannot tell you how many times I have heard these stories from the brokers and the potential buyers.  I can't believe it took the banks this long to realize that they had some recourse.

I do feel for all who have been foreclosed upon because of circumstances beyond their control, but really, this is uncalled for.

May 31, 2011 11:03 AM #4
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Rainer
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CHARLENE PERRY, CLTP

Insuring the Past to Protect Your Future
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