Foreclosures are at an all time high and something needs to be done to address the growing amount of damages to property. Defaulted borrowers are resorting to damages, stripping homes, stealing appliances, etc.
Foreclosure is a process no one wants or expects to go through. The emotions of the default borrower are the most important part of this. Emotions from anger to sadness can dictate how the defaulted borrower feels and results in their actions.
Borrowers have to be aware that if they damage or strip a home the bank will pursue them criminally thereby making matters worse. The bank has all of your information and tracking you down is not that hard for local law enforcement.
It is terrible when it happens and for the varying reasons, but homeowners should think twice before trying to "leverage" their loss by theft or damages.
http://Equicore.com
I saw on the news in Arizona that some banks are tearing down homes that are too badly stripped of copper and romex rather than fixing them back up.
ReplyDeleteI think the banks should do more in notifying the owners of what can happen if they do that.
What protects a person from being sued if someone comes in and steals stuff after they leave?