Foreclosure Victims Vandalizing
Filed under: Foreclosure
The Wall Street Journal has reported that with a large number of people losing their houses to foreclosure more are venting their frustration by damaging and vandalizing the units before leaving. The lenders are more often than not finding that when they finally take occupation of the foreclosed houses the damage has been done. All the appliances have been stripped off and carpets splashed with paint. Gaping holes have been bored in walls and to top it all the aggrieved leave behind pets locked inside to give the finishing touches to the destruction. The St. Petersburg Times also reported on ‘borderline looting’ before the curtains are drawn on the foreclosure drama.
To avoid repetition of this situation the lenders are now offering hundreds and thousands of dollars so that the evictees can leave silently. This way both sides have something to smile about.
The law remains ambiguous on the lines drawn between property that is personal portable and that which is real and solid. It is a moot question whether the stained glass window panes installed after the purchase stays or goes with the evicted. The same question applies to built-in cupboards, curtain rods and chandeliers. All this is resulting in increased number of private sales to get rid of stuff that can’t be taken away. In the process some extra dollar is raked in. The sales are advertised listing the goods and the approximate round figure expected. A sentence is added about the plight of the seller – a victim of foreclosure. The items include cabinets, range, fridge, ceiling fans, window mount air conditioners, pool sweeper, double oven pedestal sink and more.
It is a trying time for lenders. Even if the evicted depart with a smile the abandoned houses, no matter how well boarded up, immediately attracts criminals and vandals. The hip hops stream in to celebrate with drug and drink parties which more often than not turns violent. Blood is shed. The neighbours cower with fear and the police have to be called. But the law enforcement forces are not equipped to deal with so much work pressure. Yet local government funds are low with more foreclosures meaning less taxes. The lenders are desperately trying to sell off the houses in a falling real estate market but buyers are scarce. This too leads to revenue loss for the government with drastic lessening of sale transactions.
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May 1st, 2008 at 3:57 am
They need to make a law that if a home is vandalized then the person who lived in it and did this should be put in jail…. Just take your belongings and leave because it was never your house in the first place.