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I am missing something. Why are banks and mortgage companies so reluctant to prosecute for damages.
During this "mortgage crisis", we have been shown and told of instances in which the former owners sabotage their homes before losing them.
I have heard of cabinets being removed from the kitchen, plumbing from the walls, even cement poured into toilet drains. We have seen photos of walls smashed out and floors destroyed.
So, why don't these companies prosecute? Just another thought, but how about lawsuits to force the homeowner to be responsible for the damages.
I recognize that this day, they might not be able to recover. However, get the judgement. If these morons ever are able to get a job, attach their salaries. If they ever go to buy another home, they would have to satisfy their judgements.
Allow me to point out the obvious, these are not people who got caught up in economic issues, they are CRIMINALS, committing criminal acts. This is a modern version of "scorched earth", no more, no less.
Well, I have a few thoughts as to why they don't prosecute .......
First of all, somebody foreclosing on their mortgage doesn't have money, so there is no money to get for repairs. ALso, a lender is not into the real estate holdng business and wants to get rid of its REO as quickly as possible. And last .... it would cost more to prosecute than it would cost to discount the list/sale price ......
I am missing something. Why are banks and mortgage companies so reluctant to prosecute for damages.
During this "mortgage crisis", we have been shown and told of instances in which the former owners sabotage their homes before losing them.
I have heard of cabinets being removed from the kitchen, plumbing from the walls, even cement poured into toilet drains. We have seen photos of walls smashed out and floors destroyed.
So, why don't these companies prosecute? Just another thought, but how about lawsuits to force the homeowner to be responsible for the damages.
I recognize that this day, they might not be able to recover. However, get the judgement. If these morons ever are able to get a job, attach their salaries. If they ever go to buy another home, they would have to satisfy their judgements.
Allow me to point out the obvious, these are not people who got caught up in economic issues, they are CRIMINALS, committing criminal acts. This is a modern version of "scorched earth", no more, no less.
For a couple of reasons........
The people bailing on the loans have no assets.
Second, the "front line" banks (acting as brokers who sell the loans to Indymac and Countrywide et al) are not coming to this with "clean hands." They are frequency complicit in the predatory lending.
The problem is the county attorney would have to prove who did the damage. Was it the owners, owners friends, or squatters that moved in to house after the people were evicted. We all "know" who it was, but for the police to charge and a jury to convict, the bar is very high.
Allow me to point out the obvious, these are not people who got caught up in economic issues, they are CRIMINALS, committing criminal acts. This is a modern version of "scorched earth", no more, no less.
Actually they are people who got caught up in the economic issues, but they are also criminals.
So many people are falling into foreclosure because of the economy, businesses closing, and losing jobs. These are not just foreclosures they are tax sales as well that are being destroyed, I can understand some of these people getting angry that have paid on their homes for several years and now are losing them due to the economy and the ignorant leader of this country. It is the same as the people that get evicted cause they can not pay their rent, it sucks and it ruins a lot of lives.
I am not saying it is right for these people to destroy their homes, but until you have lived in their shoes or had the hard times they have maybe you should not judge so harshly.
These banks and finance companies have so many foreclosures these days that they are not willing to work with anyone or cut them some slack, so a lot of these banks are starting the process after only 2 missed payments and with the economy the way it is no one can get a loan with a score under 720 anymore so it is not like they can refi or get a second to cover temp issues they may have.
All I am saying is maybe you should see it from these homeowners point of view before you judge too harshly. If you have never been in that situation you do not know how you would react.
you should see it from these homeowners point of view before you judge too harshly.
It is a fine line to walk.....we looked at a TON of homes during our search, mostly on the newer end (built since 2003/4), and and can literally count on one hand the number of those listings with only ONE mortgage owed. In most cases, there were 2, 3 and even 4 liens against the house for HELOC's or whatever. The great majority of these houses were financed with interest only ARM's. The great majority of the ones we viewed were significantly upside down as a result (like bought for 375 but now OWE 750 ). Only a few were upside down from original purchase price.
So when we did write an offer on a short sale great home in a great neighborhood, it was frustrating to have to wonder what else was going to disappear from the house between offer and close. As is was, nearly everything not concreted in was already removed; all electrical fixtures, door knobs, window trim. Even the closet shelves were removed. We wondered if the kitchen sink would still be there. Ultimately we walked away from this situation.
Maybe because DH and I have always lived in our homes (rather than lived OFF our homes) and invested in our homes, we did have a difficult time coming to FL and seeing the financial disaster area we were moving to. It is hard to view so many of these people as "getting caught up in an economic issue." It was sheer stupidity.
I may not know exactly how I would react if I had to lose my house, but I know with 100% certainty that I would not trash the house. If people were trashing their neighbor's house, there would be an uproar, but what, since it is their house, it is ok? Destroying your house because you can't keep it anymore is highly immature, vindictive, selfish and yes, criminal. Being angry is not a justification for this kind of behavior.
Because paying lawyers where you still might get zero even when you win is not a good business decision... I would go after people who could afford it but when you know they can't, what's the point? Except to lose more money to hire lawyers to do the job...
I don't understand why you'd trash a house you're leaving (unless you're pawning off the salvage for money), so people doing this don't get much sympathy from me. With that being said -
Under what theory would the bank be able to win a judgment against someone who did damage to their own house? And what crime is being committed here, specifically? It's not against the law to damage your own property, it's not against the law to be foreclosed on, so why would it be illegal when the two happen together?
All I am saying is maybe you should see it from these homeowners point of view before you judge too harshly. If you have never been in that situation you do not know how you would react.
I am not buying into this. There are many reasons why someone ends up in foreclosure,. There is only one reason why a foreclosed owner ( and the term owner is misleading, as most never had any skin in the game) trashes a house.
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). Only a few were upside down from original purchase price.
