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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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