People have suggested I publish this on the public side. Not just for Realtors so here it is. I want to emphasis that I sympathize with most people that are foreclosed on. I have had my financial challenges in the last several years too.
I’m going on another rant and not sure if I should post this on the public side. I am really ticked off by what I see people doing to homes when they are foreclosed on. Wait before you tune out. I am going to suggest a solution at the end of this.
We have all seen or heard about the following acts. Counter tops ripped off. Hammer taken to walls, counter tops, fire place surrounds, patio, plumbing cut, wells and septic systems destroyed, tubs left on for water to overflow throughout the now empty house, AC and heating units taken, built in appliances taken, cabinetry taken, etc. The one I have heard about by not seen is concrete poured down all the toilets. If you’ve got one I’ve missed add it in the comments section. My favorite, a really big name Realtor around here did some of the above, cut the carpet out and damaged the tile floor on the way out of her former home. She should know better.
I might understand some people taking the built in appliances if they paid for them apart from the house and really can use them somewhere else, but most of this is just spite and those things will end up setting in the garage at the in-law unit they will be living in. I also understand that many people loss the ability to keep the homes up long before they are foreclosed on and many foreclosed homes are maintenance deferred.
This sabotage is a crime. However, in an era when violent criminals are being put back on the streets on a regular basis I don’t think the cops will have the time or the energy to deal with this. However, lenders should document the damage. At some point in the future there may be an opportunity for civil recovery, especially if the damage was done after the foreclosure. Remember I am only suggesting this against malicious and wanton destruction which is doing no one any good; lenders, buyers, sellers or tax payers.
My other solution is two tiers on the credit reports. Those that get foreclosed on and cooperate and those that do not. As part of the recovery plan those that have cooperated should have a chance to rebuild their credit and buy another home in as little as two years. I know some will not want to give them a second chance, but these are unique times with lots of causes and many people loosing homes who are honest and hard working. Those that have destroyed the homes should never be given any kind of government backed loan again, or at least until after they pay for the damage they did. The lenders should have the well documented file to back up the black mark on the credit report. I only think this should be done in the extreme cases and it is important to have it well documented so lenders do not abuse this.
What do you think? And should I post this on the public side? (You said yes and I just did!)
If you are interested in Buying a Home or Selling a Home in Brentwood or anywhere in East Contra Costa County, Antioch, Oakley, Discovery Bay, Pittsburg, Bay Point and others please contact me. For regular updates please subscribe to this blog.
Why Home Point Real Estate?
Home Point Real Estate is your partner in Buying a Home (Free MLS Access to Search for Homes) or Selling a Home (Get a Free on Line Home Evaluation). We are a Leading Internet Real Estate Company with the tools to meet the modern online Real Estate world combined with Traditional and Personal Customer Service.
Where is Home Point Real Estate?
Home Point Real Estate is Located in the East Contra Costa County community of Brentwood we also provide service to Discovery Bay, Antioch, Oakley, and Pittsburg. Click on the Community to see Homes For Sale Now.
Does Home Point Real Estate Handle Bank Owned Homes?
Yes! Go Here to: Get the Free Bank Owned Homes Buying Guide and Get a Free List of Bank Owned Homes.
What if I am in Foreclosure, having Mortgage Trouble, or Want to Short Sale my Home?
Home Point Real Estate is the company for you! Contact Home Point Real Estate and request a Free Consultation with a certifies SFR (Short Sale and Foreclosure Resource) to see if there is a way to save your Home or to do a Short Sale and help Save Your Credit. Get the Free Short Sale information Report for Buyers and Sellers too. Click Now for Short Sale Information and Free SFR Consultation.
Can Home Point Real Estate Help me with Real Estate Investments?
Get The Free Book of Real Estate Investing from Home Point Real Estate along with the Free Investor Calculator. This Book covers complex investing concepts in any easy to read manner with plenty of examples. Including Tax Issues, How to Evaluate an Investment Property, and more.
Make Home Point Real Estate your Partner in Real Estate Success – Call Now 925-260-4321
