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Old 03-28-2011, 12:15 AM
 
Location: San Francisco, CA
15,088 posts, read 13,447,778 times
Reputation: 14266

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Quote:
Originally Posted by Nocontengencies View Post
I think the trashing and looting of houses is due to loans being given to people that never should have been approved for them.
Bingo.
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Old 03-28-2011, 12:37 AM
 
Location: Coachella Valley, California
15,639 posts, read 41,032,900 times
Reputation: 13472
Quote:
Originally Posted by fallingwater View Post
I know this stuff happens but I was a bit surprised after a visit from a family member this weekend and told us they were doing this. They told us they are losing one of their homes. I personally believe it was an intentional dump from the beginning. They bought a second house a year ago and just seemed to forget about the first place. When most people move they discuss selling their house and so on but it was like their first house never existed. So they finally said they were in the foreclosure process with the first place. The home they currently live in needs a lot of work and they decided to strip the first house of kitchen cabinets, fixtures and bathrooms to put those items in their new place. I'm pretty shocked they are doing this. It just seems pretty trashy to me. We have another family member that lost their home and they were completely devastated by the whole thing. The wife even cleaned the house top to bottom when they moved out showing pride even though they had to leave. I'm wondering if banks actually pursue people for damaging a property like that.
In CA it is a crime.

Ex-homeowners charged in house damage | Local News | PE.com | Southern California News | News for Inland Southern California

San Diego Cop Charged with Looting Foreclosed Home - San Diego 6 (http://www.sandiego6.com/news/local/story/San-Diego-Cop-Charged-with-Looting-Foreclosed-Home/eKd231jNn0-v4Zj-JbYEuA.cspx - broken link)
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Old 03-28-2011, 01:53 AM
 
Location: Albuquerque
5,548 posts, read 16,080,139 times
Reputation: 2756
Quote:
Originally Posted by Nocontengencies
Homes in group 1 far outnumber group 2.
I'm really sorry to hear that.

I've got to assume that as time goes on, group 1 will become smaller than group 2
since group 2 people will tend to try to work on staying much longer and by their
very nature, will have un-American tendencies like having liquid savings to tap.

Don't get me wrong, I still hate the banks and blame them for allowing group 1
to exist in the first place. group 1 isn't hurting the banks by being dick-ish since
the banks don't own the loans nor the REO homes - Fannie and Freddie do.
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