March 30, 2008

"Home Rage": Banks are now offering foreclosed homedebtors cold hard cash to not destroy their homes before they clear out



Do you have any comprehension now about how ugly it's getting out there?

Thank you realtors. Thank you mortgage brokers. Thank you housing gamblers. Thank you Alan Greenspan.

This mess is only gonna get messier now. The screwed sheeple are getting pissed.

Buyers' Revenge: Trash the House - After Foreclosure Banks Pay People Off To Deter Home Rage

The stucco subdivisions of Las Vegas are caught up in the nation's foreclosure crisis. 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, according to a new survey by Campbell Communications, a marketing and research firm based in Washington, D.C.

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.

37 comments:

Anonymous said...

Forget trashing their home they should be out trashing their REALTOR'S home

BizNiz said...

I hate Vegas and the people that reside there. Full Disclosure: I grew up there/graduated from high school in 1992. It used to be a great town, now it is the Detroit of the west. I could expand on this, but do any of us care? RIP Vegas; see you in hell.

Stuck in So Pa said...

Another problem is that the bank has no incentive AFTER a trash-out to clean up the property or make repairs.

If the mortgage INS that the bank required the FB to take out had a foreclosure clause, the bank gets paid anyway, so it doesn’t care. Even more ironic is that the damn bank in many cases DOSN"T EVEN OWN THE STINKING NOTE!

A small local government can't slap a lien on an owner to fix/repair blighted property, when they can't even find WHO the owner is, and don't have the manpower to try.

It's happening here!

Anonymous said...

Is Home Rage connected to Roid Rage?

Anonymous said...

And these borrowers are the scum that the government want to save and bail out and tax the rest of us .

These are the borrower scum that the lenders thought should have a home . These are the scum borrowers that always have their hands out to get something for nothing. This is the scum that always wants your tax dollars .

Jeff said...

These are the type of people who should not have a house anyway. I mean who trashes a house, due to their own reckless behavior that got them into the loan in the first place.

eric in vegas said...

Stick a bunch of dead fish and manure in the walls.

Anonymous said...

Does anyone else see the moral hazard in paying people to obey the law and do the ethical, legal and moral thing?

This just compounds the moral decay that has occurred during the past 7 years.

Anonymous said...

Over half are trashing the houses?

Welcome to the new, lawless America. No values, no ethics; just make as much as you can and stick it to the next guy.

Anonymous said...

ahhh the old 'cement in the toilet trick'.

new plumbing system:$30,000

joy flushing cement on evil banks home: PRICELESS!!

visa- its everywhere u wanna beeeee!!!!

Anonymous said...

this is hardly anything new. I have been doing foreclosures since the 90s and this is called Cash for Keys. The y don't get the money until I come with check and make sure everything is clean and they are out and I secure it at the same time.

DOPES said...

MY CHECKS ARE REALLY ADDING UP...

I GOT MY CASH BACK FRAUD CHECK WHEN I BOUGHT THE PLACE...

I'VE GOT MY MORTGAGE PAYMENT CHECKS I NEVER SENT...

I'VE GOT MY PROPERTY TAX CHECK I NEVER SENT...

I'VE GOT MY HOA CHECK I NEVER SENT...

I'VE GOT MY UTILITY CHECKS (ONLY GIVE THEM UP WHEN THEY SHOW TO CUT THINGS OFF)...

WAITING ON MY BUSH BAILOUT CHECK...

AND SOON I'LL HAVE ORANGE MAN'S "PLEASE DON'T HURT OUR HOUSE" CHECK...

DOPES

Anonymous said...

"It's a win-win" is a cliche used by people who cannot think too deeply.

Anonymous said...

This is what happens when you make interest-only, no-money-down loans to white trash. Maybe banks will now learn from their mistakes and require 20% down like they did for many years.

bobby jones said...

"Does anyone else see the moral hazard in paying people to obey the law and do the ethical, legal and moral thing?"

no; I don't see a moral hazard here.

a small payment is much cheaper than a court case which would seek "pain and suffering" money from the predatory lends.

Afterthought said...

Virtue:

There is no conception of manhood that does not involve self-sacrifice.

America has been sold via Hollywood a culture of Me first! That may work for children;but real men know the score. Life isn't about you AT ALL! It's about family, and community.

The Ayn Rand society is unnatural and won't work.

i've had it said...

I was in ft. lauderdale and south beach the past few days and boy is it bad down there. The Sunday Miami Herald had a 3 inch by 3 inch bright yellow sticker plastered on the front section for 200 bank-owned houses going to auction (miamihouseauction.com). I've never seen anything like that before for a major newspaper...a special auction sticker on the front section!?

In the pullout real estate guide there were some choice ads:

"Why buy when you can rent?" (this one was put in by a Realtor!).

"Bank Owned" - "Use my money and make millions. I am known to accept even unreasonable offers"

"Bank Owned" - "Don't be bashful - offer any price, any terms".

Foreclosed Home Auction: Over 875 homes must be sold. (ushomeauction.com)

There was lots of "Reduced" and "New Price" language in the ads.

On the way to the ft. lauderdale airport there were two condo buildings advertising units with small sized balloons on their roofs that said "From the $120s". I mean, that is so cheesy...they must be so desperate to promote their units in that fashion.

Also, there were lots of articles in the Miami Herald over the time I was there about how housing is imploding in florida and that it is leading the rest of the country because it got so out of control there. There's definitely panic in the air.

It's funny though; I was talking to a guy who lives in jacksonville and he thought that the worst of the crisis was over...a smart, up-beat guy..a lawyer; definitely sharp guy. I told him the worst has not hit and went into all the reasons why...he got a bit somber by the end of my explanation and said "well, it's good to get the bear perspective", meaning: while he heard me he didn't agree with me. clearly he's still in the denial stage...perhaps he heloc'd and doesn't want to face the music just yet...or he bought high and is upside down now in a big way....

Anonymous said...

So why aren't these people being arrested and prosecuted? Certainly local governments STILL have that authority, and these people are guilty of felonies. They belong in prison. Those who abandon pets should be prosecuted even faster. What trash.

Anonymous said...

what would jesus do to the house.

Anonymous said...

DUDE


Shakster

The Banks deserve it all said...

Take it out on George W. Bush, Cheney and Greenspan.

Guilty. Now on to punishment...

Anonymous said...

Bear in mind the source of this report. It's like the bank manager telling the police and insurance company that the bank robber made off with $1,000,000 in 5's and 10's stuffed into her handbag.

Anonymous said...

50+ community!

BOOMERS!

k.w. - southern ca. said...

"A Win-Win Situation??"

What a bunch of vultures, what bullox.

The *only* people winning here are the banks - they don't lose, and any losses they can write off.

The house debter has to walk away and start over as a somewhat poorer renter than before.

Anonymous said...

.


"We will pay you to not destroy this property"!

Sounds like extortion to me... only in reverse!

k.w. - southern ca. said...

"Is Home Rage Connected to Road Rage"?

You bet.

You'll see more speeding, quick lane changing and cursing as well.

~~~~~

Anonymous said...
Is Home Rage connected to Roid Rage?

Anonymous said...

.


afterthought said,


excellent!

Doc the ZEALOT said...

what would jesus do to the house.

"You have heard that it was said, 'Eye for eye, and tooth for tooth.'But I tell you, Do not resist an evil person. If someone strikes you on the right cheek, turn to him the other also. And if someone wants to sue you and take your tunic, let him have your cloak as well. If someone forces you to go one mile, go with him two miles. Give to the one who asks you, and do not turn away from the one who wants to borrow from you.

Jesus, Sermon on the Mount

For by the grace given me I say to every one of you: Do not think of yourself more highly than you ought, but rather think of yourself with sober judgment, in accordance with the measure of faith God has given you.

Paul, Epistle to the Romans

Cause you are special, special, everyone is special, everyone in his or her own way!

Barney the Dinosaur, Television

60 Minutes on 'Millenials', Part 1

60 Minutes on 'Millenials', Part 2

Anonymous said...

"Forget trashing their home they should be out trashing their REALTOR'S home"


You got that RIGHT !!!!!!

Anonymous said...

They are only going to buy a Plasma with it - or drink it, so dont worry about it. Like sand through their fingers

stocksystm said...

America has become a society with a very large percentage of sociopaths. The house next to my girlfriends has been in the process of being stripped for the past 3-4 weeks. I called the police on the crew that was obviously hired to take anything of value out of the place. The police showed up, nothing was done and the looting continues. We will all pay for this as the lender (Washington Mutual in this case) gets bailed out.

Anonymous said...

I am a cop in Chicago. I have seen numerous homes in which the "owners" or home debtors were forced to leave by the bank. Then the bank locks up their property. Then, someone (most likely the former home debtor) breaks into the house and opens up the water from the basement and the entire basement ends up flooding and they also do other devious things. Then someone notices there was a break in and calls the cops. We go to the location and see the destruction. So far I have seen about three homes in which someone purposefully turned on the water in the basement and this caused a lot of damage and also they did other damage like pour motor oil all over the house.

gekko said...

"not to destroy THEIR homes"
let me get this straight...who owns the house/land? isnt that one of the great arguments against renters..that if you buy you can paint the walls? how is this any different? let's say you 'take' the appliances? who's to say they were there in the first place. or what if the appliances arent as good as the they were when you bought. does the lender have some kind of recourse or something in writing that the house must maintain 'x condition'?

this is completely bogus...the lender has no finite condition the house must maintain.
the collateral is basically the land when you take out a mortgage, they cannot expect the house to be whatever condition they want.

good for these guys, stuff the banks!

Anonymous said...

Hilarious. Living on 2+ acres has so many advantages. This is one of them. Those who bought turd homes in cookie cutter neighborhoods were retarded to begin with.

Anonymous said...

wall street is gonna get your money one way or another
http://tinyurl.com/57t4ut

Anonymous said...

To Homeowners: Destroying these properties decreases the value of YOUR home because they sell for lessand are used for comps in the area!
To Future Landlords: These people that were foreclosed upon, if they don't pay the rent and need to be evicted, they will trash YOUR house too!
To Banks that foreclose: Why not offer a good letter of reference to the owner being foreclosed upon so that they can rent elsewhere?
Why does money always speak, but reputation means NOTHING?

Anonymous said...

I've shown my friends in countries that are 1-2 years behind the USA (ie. their housing is still rising). I'm in Moscow now, where you can buy a one bedroomed 1960s "Kruschev-slum" house (yes this is what Russians call them!) for $US600,000. I try and tell Russians that this is insane and you are going to lose your money, but the viscious cycle is here - The agent who gives the owner the biggest sale-price gets the listing, this agent gets a valuation reflecting this price for the buyer's bank. No money down... (does this sound familiar???)