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Reply #29: True, my example probably went too far. [View All]

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Xithras Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-04-10 08:13 PM
Response to Reply #25
29. True, my example probably went too far.
You're correct in that most loans give the bank a right to "repair" damaged property, so my example of allowing an expensive property to decay probably wouldn't work.

I can, however, offer a different example that not only WOULD qualify, but that really happened: I knew a couple, several years ago, who purchased a newer home at the height of the market. The home had granite counters, tile and wood floors, a pool...the works.

The granite counters were ripped out and replaced with tile. The flooring was replaced with wall to wall carpets. The pool was FILLED IN, because it took up their entire (small) yard, and they wanted grass for their dogs. They even knocked out a bedroom wall, converting a 4 bedroom home into a 3 bedroom, because they wanted to use the room as a play room for their kid. All told, they probably shaved $50k off the value of their home with their "improvements". They didn't care, because they were just tailoring the home to suit what they wanted.

The bank got stuck with it last year. Because they were homeowner modifications, there was nothing the bank could do about it.
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  -Police officer and wife trash foreclosed home - $200K damage, charged with felony Liberal_in_LA  Oct-03-10 07:51 PM   #0 
  - People can become so destructive when things go wrong for them  KingFlorez   Oct-03-10 07:58 PM   #1 
  - I looked at a few foreclosures when I was house shopping a few years ago  tammywammy   Oct-03-10 08:23 PM   #8 
     - some banks give the foreclosed upon a few thou to leave the place untrashed  Liberal_in_LA   Oct-03-10 08:29 PM   #9 
        - According to the link in the OP  tammywammy   Oct-03-10 08:37 PM   #10 
  - A Police Officer should,  Bravo Zulu   Oct-03-10 08:03 PM   #2 
  - Pretty childish behavior, but something I've always wondered: if you have a mortgage,  petronius   Oct-03-10 08:07 PM   #3 
  - Technically, the mortgage holder requires you to maintain insurance on the property  SoCalDem   Oct-04-10 03:06 AM   #11 
  - Legally, you're incorrect.  Xithras   Oct-04-10 05:46 PM   #22 
  - Saying you don't own your mortgaged home is not accurate.  Hassin Bin Sober   Oct-04-10 06:02 PM   #23 
  - A mortgage is irrelevant to the condition you keep the property in.  Xithras   Oct-04-10 05:42 PM   #21 
     - That's not entirely accurate.  Hassin Bin Sober   Oct-04-10 07:29 PM   #25 
        - True, my example probably went too far.  Xithras   Oct-04-10 08:13 PM   #29 
           - That would be an interesting case if the lender got involved ...  Hassin Bin Sober   Oct-04-10 09:38 PM   #32 
  - A police officer with a six bedroom home in San Diego?  charlyvi   Oct-03-10 08:10 PM   #4 
  - a few years ago, everyone in southern Calif felt they could afford a big house  Liberal_in_LA   Oct-03-10 08:14 PM   #5 
  - I have other theories, and they don't involve the wife.  Commie Pinko Dirtbag   Oct-03-10 08:17 PM   #6 
  - No doubt  alcibiades_mystery   Oct-03-10 08:21 PM   #7 
  - People living beyond their means is ultimately what tanked the economy  Kievan Rus   Oct-04-10 04:51 PM   #15 
     - And that includes lenders who marked as profitable loans they knew would never perform.  Hassin Bin Sober   Oct-04-10 07:42 PM   #27 
     - If by people you mean bankers, they yes you are correct.  asdjrocky   Oct-04-10 07:43 PM   #28 
     - That is NOT what tanked the economy.  sabrina 1   Oct-05-10 12:12 AM   #33 
  - People here would probably be cheering the homeowner if he wasn't a LEO.  proteus_lives   Oct-04-10 03:54 AM   #12 
  - .  Commie Pinko Dirtbag   Oct-04-10 04:50 PM   #14 
  - Hey, I calls them likes I sees them.  proteus_lives   Oct-04-10 08:24 PM   #31 
  - ..  BarryMeNot   Oct-04-10 07:37 PM   #26 
  - I suppose they could have just waited  eilen   Oct-04-10 07:25 AM   #13 
  - There'll be ads for "moving sales" in Denver.  kaiden   Oct-04-10 05:27 PM   #16 
  - I've seen those here in Chicago on Craigslist.  Hassin Bin Sober   Oct-04-10 05:41 PM   #20 
  - You think this is NEW? People have had claw-hammer parties for YEARS.  Dreamer Tatum   Oct-04-10 05:29 PM   #17 
  - As always, it will come down to proving when the damage happened.  Xithras   Oct-04-10 05:37 PM   #18 
  - You know what really steams me? They uprooted trees and shrubs and  joeybee12   Oct-04-10 05:37 PM   #19 
  - +1000  northernlights   Oct-04-10 06:04 PM   #24 
  - The bank should re-write thier mortgage now and let them keep it :-)  crazyjoe   Oct-04-10 08:20 PM   #30 

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