Buyers' Revenge: Trash the House After Foreclosure

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mikepdx

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Banks Pay People Off
To Deter Home Rage;
Loose Pets, Paint Spills

These days, bankers and mortgage companies often find that by the time they get the keys back, embittered homeowners have stripped out appliances, punched holes in walls, dumped paint on carpets and, as a parting gift, locked their pets inside to wreak further havoc. Real-estate agents estimate that about half of foreclosed properties to be sold by mortgage companies nationwide have "substantial" damage...".

The most practical way to ensure the houses are returned in decent shape, lenders and their agents say, is to pay homeowners hundreds or even thousands of dollars to put their anger in escrow and leave quietly.

story at the Wall Street Journal:
http://online.wsj.com/article/SB120665586676569881.html?mod=fpa_mostpop
 

RC54730

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mikepdx said:
Banks Pay People Off
To Deter Home Rage;
Loose Pets, Paint Spills

These days, bankers and mortgage companies often find that by the time they get the keys back, embittered homeowners have stripped out appliances, punched holes in walls, dumped paint on carpets and, as a parting gift, locked their pets inside to wreak further havoc. Real-estate agents estimate that about half of foreclosed properties to be sold by mortgage companies nationwide have "substantial" damage...".

The most practical way to ensure the houses are returned in decent shape, lenders and their agents say, is to pay homeowners hundreds or even thousands of dollars to put their anger in escrow and leave quietly.

story at the Wall Street Journal:
http://online.wsj.com/article/SB120665586676569881.html?mod=fpa_mostpop
LOL. Interesting parallel between military service and home loans today:

Home loan:

1. Lie on an application to get a loan you can't afford.
2. Claim you're the victim when the bank asks you to make your payments.
3. Government tries to bail you out.

Military Service:

1. Sign a contract agreeing to serve 4 yrs active/4yrs reserve OR active.
2. Claim you're the victim when the military wants you to do the last 4 active.
3. Hollywood tries to bail you out.

We're really developing a huge population of self-absorbed losers, that's for sure.
 

Austin4Wyo

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RC54730 said:
LOL. Interesting parallel between military service and home loans today:

Home loan:

1. Lie on an application to get a loan you can't afford.
2. Claim you're the victim when the bank asks you to make your payments.
3. Government tries to bail you out.

Military Service:

1. Sign a contract agreeing to serve 4 yrs active/4yrs reserve OR active.
2. Claim you're the victim when the military wants you to do the last 4 active.
3. Hollywood tries to bail you out.

We're really developing a huge population of self-absorbed losers, that's for sure.

Where in this article did it say anything about the government bailing the homeowners out?

In fact, never mind. How a person manages to make the jump from an article in the Wall Street Journal about homeowners lack of discretion and a bash at Hollywood and/or liberals or whatever is more than I care to wrap my head around. That sort of (non)logic just gives me a headache.
 

mtindor

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Austin4Wyo said:
How a person manages to make the jump from an article in the Wall Street Journal about homeowners lack of discretion and a bash at Hollywood and/or liberals or whatever is more than I care to wrap my head around. That sort of (non)logic just gives me a headache.
Me thinketh there is a reason this forum is called "RR Wasteland" :)

Mike
 

kb2vxa

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Methinks there art a reason this country be called US Wasteland. Perhaps because thou Americans cannot speaketh thy King's English? No comments about King George please, he didn't standardize the language, he made up his own. Thou mutht learneth proper thpelling and grammar or thee thoundeth like Daffy Duck in Camelot.

"...or whatever is more than I care to wrap my head around."

Plastic Man returns to Marvel Comics! (;->)
 
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mastr

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Most of the people doing this probably don't fully realize that "trashing" a house only results in larger figure that (the former homeowner) will eventually become liable for. Of course, those same people lack the discretion to quit spending money they don't have, so the result is to be expected.
 
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RC54730

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mastr said:
Most of the people doing this probably don't fully realize that "trashing" a house only results in larger figure that (the former homeowner) will eventually become liable for. Of course, those same people lack the discretion to quit spending money they don't have, so the result is to be expected.
Yep - of course since they're deadbeats in the first place it's pretty hard to recover any damages. Unfortunate, but that's what happens when banks and mortgage lenders decided to cultivate large crops of losers.

People will be paying for this for a long time to come. On the upside, it's improved the home market quite nicely for those of us who can actually pay our bills. If you're building or buying a new home right now, and have excellent credit and income, it's a total buyer's market - the lenders have really closed the tap on deadbeats, so that's causing a really nice adjustment in pricing.
 

RC54730

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Austin4Wyo said:
How a person manages to make the jump from an article in the Wall Street Journal about homeowners lack of discretion and a bash at Hollywood and/or liberals or whatever is more than I care to wrap my head around. That sort of (non)logic just gives me a headache.
It's called abstract thought - it's tough at first, but you get used to it...
 

Austin4Wyo

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RC54730 said:
It's called abstract thought - it's tough at first, but you get used to it...
Still not sure where the government was bailing any of these people out. If they were, wouldn't they, ya know, not have their homes being foreclosed?

And insofar as your first "comparison" went, it still makes no sense. The two have little to do with each other, and I don't think a parallel is effectively drawn there. However, if you care to post some demonstrable evidence to the contrary, I'd be interested in seeing it.
 
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