They took everything, including the kitchen sink!

[annerk]

Originally Posted by AONE

Many of the banks are giving cash for keys in an effort to keep the property in tact. People are selling out everything in order to get something from the home they are losing. As they legally own it , they unfortunately can make it uninhabitable. It sucks for the bank but means it is a fixer and will be deeply discounted as a result.
For the most part owners aren't this bad but there are times where they are pretty upset.

It is unfortunate for those near the home when this happens, it takes a long time to resolve and with liens from the county it only prolongs the process. Cash for keys does work.....

Actually there is a clause in every mortgage about habitability and proper upkeep of the hosue. Perhaps they can't go after them criminally, but they can sure go after them civilly and slap a judgement outside of the judgement of foreclosure on them.

[Johnny Davis]

It is unfortunate that people strip the house. I have showed 100's of those this year that are just like that. I think this is why the banks should agree to the short sale a little faster...they are going to get burnt either way, so why not negotiate a short sale while the owner is still in the house? They get more money doing that in the long run.

[GregTraub]

Originally Posted by Johnny Davis

It is unfortunate that people strip the house. I have showed 100's of those this year that are just like that. I think this is why the banks should agree to the short sale a little faster...they are going to get burnt either way, so why not negotiate a short sale while the owner is still in the house? They get more money doing that in the long run.

If only the banks though logically....or even cared really.

Usually the "bank" you have to negotiate the short sales with is really only the servicer of the loan. The actual people that own the loan have put all the control as to what happens with it in the hands of the servicer. So the servicer has little to no incentive to hire on and train the type/quantity of people they need to expidite short sales, because it's not "the banks" money that is being lost when going through foreclosure rather than short sale.

I'd like to see the investors that own these actual loans start suing the servicers for not putting in the effort necessary to save them billions of dollars overall by going the short sale route instead of foreclosure. Afterall, do you know who the largest owners of these mortgages are nowadays??? Freddie Mac and Fannie Mae, government agencies backed and paid for by you and me....... /end rant.

[Parrotrosie]

Originally Posted by GregTraub

If only the banks though logically....or even cared really.

Usually the "bank" you have to negotiate the short sales with is really only the servicer of the loan. The actual people that own the loan have put all the control as to what happens with it in the hands of the servicer. So the servicer has little to no incentive to hire on and train the type/quantity of people they need to expidite short sales, because it's not "the banks" money that is being lost when going through foreclosure rather than short sale.

I'd like to see the investors that own these actual loans start suing the servicers for not putting in the effort necessary to save them billions of dollars overall by going the short sale route instead of foreclosure. Afterall, do you know who the largest owners of these mortgages are nowadays??? Freddie Mac and Fannie Mae, government agencies backed and paid for by you and me....... /end rant.

But didn't the goverment just bail out all of those bad loans?? (sincerest innocent little girl voice used with sharpest sarcasm intented)

[formerPA]

I went through a bunch of those houses when we were looking at houses a year and a half ago. My biggest concern was some of the homes I looked at were without working AC and I was worried about mold. We ended up buying a corporate sold home which had everything intact. We got to keep all the draperies etc and we could move right in. People don't realize how much money buyers will have to put into some of these foreclosed homes. These low prices from the wrecked homes are hurting all our resale values

[bottomforming]

Originally Posted by formerPA

I went through a bunch of those houses when we were looking at houses a year and a half ago. My biggest concern was some of the homes I looked at were without working AC and I was worried about mold. We ended up buying a corporate sold home which had everything intact. We got to keep all the draperies etc and we could move right in. People don't realize how much money buyers will have to put into some of these foreclosed homes. These low prices from the wrecked homes are hurting all our resale values

Hello!! Too bad that your resale value is tanking!! Buyer beware we are going a lot lower! sorry to rain on your parade. Bol