Foreclosed homes and copper wire thieves (mortgage, mortgage, sale, housing)
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There has recently been an epidemic in the Duluth, MN area of thieves stripping foreclosed homes of their wiring, which is re-sold to recyclers, allegedly most of the time for drugs (meth, pills, etc.). The thefts have been reported on in the local media, but I was not able to find many links other than this:
One person I know even got in trouble for stripping a rural school while classes were not in session.
Is this a problem in your area? If so, what measures do you use to combat this type of theft?
Also, have people in your area stolen other things from foreclosed homes? Do you view borrowers who have been foreclosed upon but rip doors, bathroom fixtures, etc. out as thieves?
Do you view borrowers who have been foreclosed upon but rip doors, bathroom fixtures, etc. out as thieves?
Yes, because they are.
Houses being stripped of metal and anything of value is a very big problem in Detroit. It's not just foreclosed houses, but any house that is vacant--and some that are still occupied!
Our house is not foreclosed on, but is for sale and is vacant. We live in NY. Three weeks ago the realtor was showing it and was greeting by 28 inches of water in the basement. Yes, it was the copper wire that was cut and some was stolen.
It is horrendous as now the insurance company is fighting paying for it. No matter what, it seems like the deadbeats always win and the decent people end up paying for it.
Bad for some, good for others....... As an investor, I love it when places get stripped of wire and plumbing. It can easily knock $50k off the price of the house because it no longer qualifies for a mortgage and only costs me about $2k to replace.
Last edited by 399083453; 06-08-2012 at 07:58 AM..
Bad for some, good for others....... As an investor, I love it when places get stripped of wire and plumbing. It can easily knock $50k off the price of the house because it no longer qualifies for a mortgage and only costs me about $2k to replace.
In the Austin area, people were stealing AC units from foreclosed and vacant homes. It was a big problem about 6 months ago, but it seems to under control now. Maybe the police caught the thieves? I don't know, but AC units are pretty easy to cut loose and load up in a truck.
I've seen a lot of theft and vandalism in foreclosed homes. Some were probably former owners. Some were theives that came in after the foreclosure. Some just bored kids in the neighborhood.
Either way, it does reduce the value of the home and make it harder for someone to get a loan. Bad for the neighborhood, good for flippers. That's just how it is.
FYI - I believe that many of the theives are the cut rate service providers the banks hire to maintain the property.
How can it not be considered theft? That's like saying it isn't theft if someone only takes one of your tires because they left the rest of the car there.
How can it not be considered theft? That's like saying it isn't theft if someone only takes one of your tires because they left the rest of the car there.
It's more complicated with houses, because people conceive of them as immovable property. They might think of "movable" objects within them or attached to them as their property.
For example, you're not going to expect the owners of a foreclosed home to leave their furniture and TV. What if they did a remodeling project, and bought the lighting fixtures, doors, sinks, and cabinets themselves? Are they entitled to take those, too?
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