Neighbor Planning to Strip Home Before Foreclosure - My Rights/Responsibilities? (Murphy: insurance, mortgage broker)

[hamiltonpl]

Tell him he is only hurting himself. The less that house is worth when the bank sells it, the more he is going to continue to owe to the bank. He's not ever going to be rid of that debt.

[MaryS80]

eh, I don't feel sorry for the guy. Too many people get in over their head and want a lifestyle they can't afford all so they can have this illusions of being something they aren't. I loathe when people make poor choices and are irresponsible and then want to feel like they were victimized. As others have said there is little you can do, but it is such idiots that helped put this economy in the crap hole.

[lh_newbie]

Some banks offer a "cash for keys" program - have them ask about that. They do this to encourage people to hand over the home in good condition and not clean it out/damage the home. It might be worth mentioning it to him - and while you're at it, request that he not do anything that would negatively affect the property value, because that would negatively affect all the neighbors and you. He may not have realized that (after all, if he's stupid enough to consider what he is considering, he's probably not the sharpest pencil in the drawer).

[Debsi]

If this is what you call a good guy, I wonder what a selfish jerk is like...

[nsumner]

Originally Posted by lh_newbie

Some banks offer a "cash for keys" program - have them ask about that. They do this to encourage people to hand over the home in good condition and not clean it out/damage the home. It might be worth mentioning it to him - and while you're at it, request that he not do anything that would negatively affect the property value, because that would negatively affect all the neighbors and you. He may not have realized that (after all, if he's stupid enough to consider what he is considering, he's probably not the sharpest pencil in the drawer).

The cash for keys doesn't pay more than $1500. It doesn't sound like the guy would be interested in that since he seems pretty angry. However, may be he has had time to cool off since his conversation and can consider doing a short sale. That would at least allow him to purchase another house sooner that he can afford.

Naima

[loves2read]

why would a person who has just gotten out of a bad house-purchase experience WANT to get into buying another home anytime soon

renting for a while and learning how to manage his money is probably the best bet for this guy

[nsumner]

Originally Posted by loves2read

why would a person who has just gotten out of a bad house-purchase experience WANT to get into buying another home anytime soon

renting for a while and learning how to manage his money is probably the best bet for this guy

I didn't mean for him to purchase again immediately but a few years down the road when he is ready. That foreclosure will follow him a lot longer on his credit than a short sale.

Naima

[EDS_]

That's just great. The guy is failing at home ownership prompting him to gut the same home he can't pay for-.

Just a little bit more evidence that we are circling the drain culturally.

[MurphyPl1]

Big G, provided you can even find the right person at the bank to notify, they won't care. They are in over their heads right now and can barely manage to keep up with knowing that they own a property. And chances are the office handling the foreclosure isn't even local.

Two scenarios in my neighborhood. First was my neighbors. Out of town landlord and the tenants bailed on the house in the middle of the night. We noticed they'd left the garage door in the gated porte cochere open - and a fridge in there. And the gate wasn't locked. I checked the front door, not locked. We went in to make sure they didn't leave anything in the inside fridge to rot and to close the garage door so it wouldn't attract kids. We notified the police (and yes we knew it was technically trespassing, but even the cops said they understood the concern) What we saw of the house was a mess - corners on the risers on the stairs broken off, stuff glued to the walls, switchplate covers all cracked. So we could only imagine how much worse it was where we didn't go. But the police couldn't do much. And when the bank finally sold the house, it was "as is"

The other was a foreclosed home that was broken in and vandalized over spring break. Sinks plugged and water left running. Spray paint on the inside and outside of the home. Windows broken. Nothing the neighbors could do, not much the city could do beyond following the citation timeline. And nothing the HOA could do other than following TROPA. The neighbors ended up mowing the front lawn. Finally we made the case to the HOA that this was a safety issue for the neighborhood, using the "broken window" theory that it was an open invitation to vandals and petty criminals that we didn't care about our stuff and do with it what you will. Took another two months for our Mgmt company to find the person at the bank who could authorize repairing the windows and cleaning the brick. And they sold the house as is.

I get wanting to do something, but the banks are useless.

[5stones]

It's sad that people have such bad ethics that they feel "justified" in doing this. They made the choice to buy the home and accept the terms of the mortgage. I'm a firm believer in personal accountability.

I am with you and it pisses me off!
We had this situation in VA in 2007 when the RE market crashed there. NEVER missed a house payment as prices spiraled downward. We lost 90k in our house, we went to closing WITH the money we OWED the lender to get out of the loan. No government money to help us out in an "upside down loan"! Instead ofthe government bailing out people that are fiscally irresponsible how about giving those of that paid off our "upside mortage" and kept the property from foreclosure a break and give up the money we lost back. I can guaruntee you will invest it much more wisely than a guy who decideds he just not going to pay his mortage anymore!