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This is what non-recourse mortgages get you. When the banks can't go after people for the difference between the outstanding mortgage and the sales price of the house, this is the result. They are just being spiteful, because they blame the banks for there situation. No personal responsibility it's all someelse's fault I'm losing the house. Not themselves who often purchased a house they really couldn't afford in the first place. If they were held responsible for there actions, they wouldn't do this kind of crap.
If I was losing my house, I'd document the condition of the house with a video camera before I left. This way if vandals damage the house while it sits vacant, I'd have proof it wasn't me that damaged it.
Except it really is the banks fault, how do you know they could not afford the mortgage at the time, lots of people are loosing their jobs and the banks are taking a ruthless stance in light of the fact that WE bailed them out. I do agree that the vandalism is wrong but I strongly support non-recourse loans becuase why should the individual have to eat the equity loss that the banks stole through manipulation of the housing market.
The more corps, banks and govt take these ruthless stances the more you will see things like OWS where people basicly tell them screw it and they stop working and paying any debts until the govt resolves the issues.
The banks need to fail for issuing loans that they shouldent have and manipulating the market sky high and leaving the little guy holding the bag when the market poped. Same thing with student loans, why are academic institutions allowed to charge such rediculus tuition when its in the nations best interests to have an educated population, the only thing I worry about is will I get a rebate check for the amount that I paid back already? Education and homes are not penny stocks and the average person should not be expected to pick up the pieces when banks leverage them like they are penny stocks.
There are fundamental problems in this nation when people think individuals should be held acountable for investing in such things because the banks and schools soured the deal.
When the rubber meets the road the individual has to make sure that himself and his family have a nice standard of living and not letting that standard be robbed by the banks, govt and courts.
Sure. Why not? So long as the individual can pay cash for that nice standard of living.
Most of the folks who trash their former homes had no skin in the game. How dare those nasty banks evict them from the home they have been squatting in for the past 2-3 years?
My sister has an old friend who inherited her mothers home free and clear.
Friend took out $300K loan against the place and used it to finance a lifestyle she felt she deserved, despite not being able to afford it. She never made a single payment on the loan and continues to live there without paying a mortgage or property taxes or insurance.
This woman is bitter and tells everyone and anyone how the bank is trying to steal her mother's home. She plans to open up the drywall and insert fish and reseal when she is finally forced out. There is no doubt this woman feels she has been screwed over by the bank. There are millions just like her, everywhere.
We rented a condo that was siezed by the condo association and rented out 'as - is' to us at a high reduced rate. To make it livable we had to put in window treatments, ceiling fixtures, new locks and even a new stove.
The owner is trying to pay off the debts by doing a short sale. I've seen the offers that are comming in. Standard is with window fixtures and appliances.
From our point of view, we will be leaving with what put into the place. fixtures, drapes, blinds, all ceiling fixtures including the track lighting and the stove we will pack up when we move and we have told the agent
I have to be home when he sells it. I feel very uncomfortable about this.
Would I get in trouble if I handed the prospective buyer a list to say these are ours and we will be taking them when we leave?
I would return the condo to its original condition before it is shown to any prospective buyer.
My sister has an old friend who inherited her mothers home free and clear.
Friend took out $300K loan against the place and used it to finance a lifestyle she felt she deserved, despite not being able to afford it. She never made a single payment on the loan and continues to live there without paying a mortgage or property taxes or insurance.
This woman is bitter and tells everyone and anyone how the bank is trying to steal her mother's home. She plans to open up the drywall and insert fish and reseal when she is finally forced out. There is no doubt this woman feels she has been screwed over by the bank. There are millions just like her, everywhere.
Unfortunatly free and clear is never free and clear, if you cant pay your taxes you will loose the place anyhow, people vandalizing homes they dont own is about the ONLY thing the banks can pin on individuals. Almost seems diversionary considering what the banks and govt are doing to honest people.
Someone taking out a $300K loan and not repaying it isn't exactly honest. She should go to prison.
We agreed as a nation long ago that we would not have debtors prisons. However you are slowly getting your desire, one can now be jailed for owing back child support and I have heard the department of education has a SWAT team to collect on debts, its only a matter of time before that is expanded to mortgages and cars and thats about all the common things the average person can get into debt for so we will eventually have fully functioning debtors prisons. Since the prisons are over populated with dope smokers as it is we will need to build more to house the people that cant afford their exorbant child support, student loans or mortgage deficiancy. We could probaby start with OWS and sending them all to golugs. Right now they pick and choose who they actually put in jail for such debts carefully as not to create a media frenzy, but debtors prison in the USA is alive and well.
I guess if they can prove an intent to defraud then there may be some valid prison time there but all they have to do is forclose on the house and they have their collateral so I dont see the need for prison time.
This woman is bitter and tells everyone and anyone how the bank is trying to steal her mother's home. She plans to open up the drywall and insert fish and reseal when she is finally forced out. There is no doubt this woman feels she has been screwed over by the bank. There are millions just like her, everywhere.
I can't wonder but that where we've gotten to, that somebody wants to screw the bank so they do something like this, and then an innocent buyer like me buys the house, wanting to have a home, and then smells the rotting fish and has to pay their hard earned cash to have it fixed.
Maybe the person wanted to screw the bank but instead the bank got off scott free and they screwed an innocent party.
Is this what America is coming to? Please explain to me why screwing the bank ends up screwing me (the new buyer) and ends up bypassing the bank and putting it on me. How did that help the seller screw the bank?
We looked at a forclosure a couple of years ago......they took the stove. Funny thing though, they just cut the cord.....didn't want to unplug it?
Toilets were gone.
They must've been nice toilets.
Not a single faucet in the place.
Heater & AC?
Gone.
They're cracking down around these parts lately, especially with the AC/Heat being ripped out.
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