I feel horrible for this Bank in which their customer took the entire front entrance and replaced it with shed doors and the entire kitchen and I do mean the entire kitchen, including the cabinets and granite counters. I am absolutely amazed at just how selfish some people are, leaving their neighbors with an absolute disaster, lowering everyone's property value.
I spoke to someone in the know and they told me the Bank will now sit on this particular property for a good 5 years and you can only imagine just how bad this, (at one time) $2,000,000.00 waterfront home will fall into further disrepair.
So the question I have is, while this is a Bank owned property, should the person who resided there, (for free) be arrested for theft?
0 sympathy for banks. Didn't see them looking out for the common man during the bubble.
ReplyDeleteKinda sorta, but when the Appraiser values the home at 5 million dollars and the bank loans you that and charges you interest on that, then a year later you find out your house is only worth 2.5 million and the bank still wants you to pay what's going to turn out to be 15 million, shouldn't the Appraiser and the Bank people get arrested as well?
ReplyDeleteWho is the criminal here?
Yes, you should just walk away and quit the whole deal, but you will still be punished with a ruined credit score and the Bank will have a perfectly good weapon to use to steal 4 million from the next sucker in a couple of years?
Too bad banks can't go to jail.
I will NEVER feel horrible for a bank. If a bank can let a million dollar property sit for 5 years that should be telling of how much money the bank has...
ReplyDeleteif they can prove he took it . yes
ReplyDeleteSuch a selfish ignorant individual.....to assume they know WHO or WHY this foreclosed home was stripped. Let the cost , the blame and the shame fall on frank/dodd and the rest of the banks and yes even local bankers that destroyed not just the economy, not just the housing market...but the millions of lives/families destroyed by their fraudulent practices! Prison for them ALL including the selfish individual who cant see past their own over priced lot!
ReplyDeleteThink about this, the Banks own this house. Bubble? well, buying a house now a days is like investing in the market. It is not the Banks fault that the bubble happened. Its the fault that "Everyone Should Own a Home" mentality. Just like "No kid left behind" It took me 25 years to purchase my first home, no fault of the bank, it was all my fault.
ReplyDeleteEven now, I dont own the home, I am renting it long term for 30 years. If you did not pay on a car loan, they would come take the car, then if you ruined the car - you be responsible for the difference owed.
The owners should take what belongs to them, and leave the house. People who do this are lower than life itself and never deserved to own this home.
Grow up 8:13am, Banks are not evil, making bad decisions are. Financing a house at 100% then losing money on the bubble is stupid. The government made these deals to make everyone a homeowner. NOT everyone should own a home.
Without knowing anything about the situation it's hard to say. The bank likely wouldn't work with them on settlement of the mortgage payments. Seen it 100 times.
ReplyDeleteIf you're unable to read the contract that you signed then maybe you should not have bought the house. Don't blame it on the bank blame on greed and trying to keep up with the neighbors. I've seen it a hundred times going into these homes with 15 credit card bills lying on the kitchen floor, new iPhone boxes, new gaming systems boxes and the rest of the things they didn't need left behind. I Know this is new for a lot of people but it's called personal responsibility!
ReplyDeleteNone at all. Screw the banks. Let them fail. You know whose responsible for the credit rating system? Lazy, consolidated banks. In the old days, if you wanted a loan, you went to your local small bank and had a chat with the loan officer- who knew you and knew the community has was allowed to use his good judgement and intuition to confirm or deny the loan. Then, as banks consolidated and cut staff (funny how that happens) they invented this stupid credit rating system so you wouldn't have to talk face to face with a human being.
ReplyDeleteThen the credit rating Equifax things gets hacked. A thing which should not have existed AT ALL in the first place. So no sympathy for banks.
No - the owner should not be arrested - and I will tell you why. You see Obama's bailout for the banks right after the 2007 depression - allowed the banks to not have to take a 'haircut' in their non-performing real estate loans. Thus, the US treasury department paid 100% of arrears and allowed the banks to essentially escape unscathed.
ReplyDeleteSo in essence - the entire banking industry - no one was ever arrested, incarcerated, or served time for setting up the real estate collapse of Fannie Mae & Freddy Mac. We all saw Bill O'Reilly confront Barnie Franks & Maxine Waters for defending and supporting these two institutions to continue to make real estate home loans knowing full well that the notes could never be repaid.
I call it bad Karma to the banks.
I still think that if you take out a loan and don't pay on it--should be criminal as well.
ReplyDeleteHire vets to provide security for foreclosed homes.He/she could cover any # of homes nightly & during the day.The 90 minute (or so) time frame between visits to each home while mixing up the order of the visits would make the theft of large objects much more difficult.One person could work for any # of banks or mortgage companies.
ReplyDeleteLooks like a house near Pemberton built by a builder who is no longer in business. I knew when this house was built because I worked on some of his homes. These houses sold right before the recession..I knew that anyone buying these houses would have a hard time making this kind of money to keep this house. They were beautiful homes on the river, it's a shame.
ReplyDeleteDon't worry about the banks. Obama saw to it that they weren't harmed with his HAMP (Home Affordable Modification Program) initiative. It bailed out the lenders and did very little if anything to help homeowners. It was designed to help the bankers. Of course it was sold to the idiot democrat voters are homeowner relief which was just another democrat lie. Time to face the facts. Democrats are liars and their supporters are both liars and completely lacking in any brain functions. All they know how to do is repeat the propaganda rammed down their rank throats.
ReplyDeleteThere was a rancher (house) near me that the deadbeats let go into foreclosure and they stripped off the aluminum siding and sold it for salvage before they moved out. God only knows what they did to the inside.
ReplyDelete8:13 remember it is not the fault of the banks. They were forced by the Clinton admin to loan to risky borrowers because democrats pushed for everyone deserves a home. I forgot the name of the program. If they didn't lend they couldn't bundle and sell the loans to Freddie and Fannie Mae.
ReplyDeleteNow the democrats being the constant liars that they are blamed Bush and since the democrat voters are brain dead fools they fell for it. The fact is not only Bush but McCain called for congressional hearings because they saw the crisis coming but the democrats who were in charge of congress refused. Committee head at the time democrat Barney Frank even said publicly there was nothing wrong with any of the entities.
So the fact is the whole mortgage crisis which was a major factor in the economy downfall is the entire fault of the democrats and if they deny this they are only proving that they lie constantly.
Republicans at that time never brought the bill forward for a vote. So it is not the 'entire fault of the democrats'. Mccain only chimed in 2 months before the bubble popped so alot of good he did. More excuses from the TOP. No wonder they can't get anything done now even-too busy blaming democrats for everything
DeleteIt's the democrats seating on 300 of Trump's bills for approval. I believe it is called a blockbuster.
DeleteAs long as the owner IS the owner he can tear it down if he wishes. That is a CIVIL matter between owner and mortgager. Look to the contract for redress.
ReplyDeleteThe government (Fannie & Freddie) (taxpayers) are the losers, not the Bank.
ReplyDeleteMake a great chicken house. Might as well get a little cash flow.
ReplyDelete8:39. It was banking system the caused the home price/mortgage collapse. The banks were giving out money to whoever wanted it. That's exactly where were got the "to big to fail" nonsense. It was the banks who got bailed out for their ridiculous non accountability.
ReplyDeleteBanks are very slow in actually acquiring the deed to an abandoned property. They don't want to deal with the code violations for grass cutting, maintenance, trash, etc., so they let it sit in the name of the former owner.
ReplyDeleteBANKs are not the victims !
ReplyDeleteThe TAX PAYERS ARE.
DeleteLook at all the Liberals blaming the Bank. The Bank foreclosed on this property months ago. I will be updating this post a little later today showing the Sheriff's Department present and a crew removing the contents inside. I will also show you some of the interior images of what the former resident took from the property, it will blow you away.
ReplyDeleteLiberals = No Accountability. It's always someone else's fault.
Yes I think they should be fined. I find in Salisbury a lot of foreclosed homes are left in deplorable condition which brings down the value of their neighbors homes, which if they maintain nicely is an injustice. The most I see of even the grass being cut on bank owned homes is twice a season. The weeds become trees pecans grow very fast and will reach a second floor in a season or two. If their are vines left to grow they wrap themselves around everything including the house. If the City of Salisbury wants people to move here they have one of the worst looking cities anywhere. Abandoned businesses and homes are not what new people want to move to---the city needs to get on the ball--Jake needs to get away from selfies and take some responsibility and and he wants this big 3 year fair here they will walk away with disgust--better rethink it!
ReplyDelete9:38 This is the problem with you low information people. It was NOT the fault of the banks. The government more specifically the democrats starting with Clinton FORCED them to lend to risky borrowers. The democrats came up with regulations the banks were forced to abide by.
ReplyDeletePlease please please educate yourself! It all started when the democrats said everyone deserved to own a home and how the banks were "discriminating" in loaning money. The democrats turned it into a racial thing as they always do.
The fault lies with the democrats exclusively. If anyone tries to deny this it only proves they are clueless.
The mortgage was a contract between the buyer and the bank. The bank has a responsibility to the neighborhood and neighbors to maintain its asset in code compliant condition. They need to repair it or sell it quickly. Not fair that neighbors should suffer from a business deal gone wrong.
ReplyDeleteLet's also consider this. Most people who foreclose on their properties get to live there anywhere from 2 to 3 years FREE. That's right, FREE. All the Bank asks is that you maintain the home for the time you are there. It's usually a win/win for the Bank to keep people in the home. So to you Liberals who blame the Banks, bite me!
ReplyDeleteThis reminds me a LOT of the City of Salisbury using space in the GOB where they haven't paid rent in some 20 years, nor have they paid for the new HVAC or Boiler in that building, which cost county taxpayers perhaps millions of dollars. I hear the only thing the City is paying for is their electric bill.
Kick them out, evict them!
"Anonymous said...
ReplyDeleteBanks are very slow in actually acquiring the deed to an abandoned property. They don't want to deal with the code violations for grass cutting, maintenance, trash, etc., so they let it sit in the name of the former owner.
November 14, 2017 at 9:43 AM"
No it's not the bands are slow it's obama's HARP program backlog. They will get most if not all and then some of their money back. Basically what they have to do is put the house for sale with the stipulation that it will be owner occupied. They have to list it like this for I believe like a month. After the time limit then they can sell to anyone like an investor. It's a scam because most lenders will not loan unless a huge deposit is put down for a house in this unlivable condition. But all they have to do is try and they are guaranteed their money from the government a.k.a tax payers.
Never heard that before. An HARP loan is offered to homeowners upside down on their loans. Other words owe the mortgage company more money than the house is appraised. HARp is a govt refinancing of a loan (Fanny Mae/Freddie max) without paying closing costs and lowering your interest rate thereby lowering your monthly mortgage.
Delete9:25 Not true. McCain who for the record I can not stand starting warning as far back as 2003. YEARS before the start of the burst.
ReplyDeleteThey had the cabinets for sale on Facebook.
ReplyDeleteShe is getting arrested thanks to FB.
DeleteI purchased items from this person the house was beautiful inside.
ReplyDeleteYou bought Stolen goods and will probably be getting a visit by the police.
DeleteNo they won’t.. they will claim they had no idea house was in foreclosure and that will be the end of it...
DeleteDo not forget. The loans create money out of nothing. The loan itself is a fraud, which the borrower is required to pay back with real money.
ReplyDeleteno sympathy for the banks, whatsoever.
It's time for some changes in this country and the world.
I have no sympathy for the fool who overspent on a mortgage. Just because the bank approved you doesn't mean you can afford it. Learn to live on what you make and not over extend yourself. Yes, it's theft. They didn't own that house in the first place, the bank did (at least a majority of it, if they had a mortgage). Then to destroy the house and take it apart, that is just wrong.
ReplyDeleteMy husband and I purposefully got a 20 year note, which meant a smaller house. So, hopefully we can own our home before the kids go to college. Be responsible with your money.
I know hard times happen. But it's not your place to ruin that home
Yes.
ReplyDeleteVery few smart buyers anymore.I rented until the bubble went away & then bought.By that time home prices and interest had both dropped drastically.
ReplyDeleteJust the tip of the iceberg. A lot of people in this county are living in homes that are now worth less than their mortgage. The economy sucks and people are force to take lesser paying jobs. They were probably making good money before the great recession started in 2008.
ReplyDeleteJust drive anywhere in Salisbury, or down old Ocean City road down by and past Kmart. You will see many foreclosed or abandoned homes. I live out side of Hebron, and there are home on Log Cabin road that has been abandoned for years that has been taken over by the woods. There is an old Farm House on White Lowe road that has been empty for years. The roof is gone and is now a home for bats and other wildlife. You don't have to drive very far to see this. I know a family who lived in their home for over a year before the bank finally foreclosed on them. He lost his job and she ran a daycare business out of this home. Because of the economy, she lost some business and they ended up homeless for a while.
I bought my home in 1990. A basic 3 bedroom ranch that my wife and I could afford at that time. When our income when up, we were getting calls and flyers from realtors telling us, "don't you want to live in something nicer?" This was back in 2003. Even back then, I had a feeling that things would get worse, since they were outsourcing our production jobs to Mexico at that time.
ReplyDeleteSo we stayed in our original home and I am glad I did, because when the economy went south in 2008, I had my home paid off and when my job was finally outsourced to India in 2009, I was also laid off and had to take a job that paid half of what I made.
I have no regrets and to the ex friends and relatives who bought a McMansion and are now crying the blues, all I can say is, I guess you aren't laughing at me now! House isn't much, but it is paid off and now all I have to come up with is the yearly property tax and home owners insurance. It's a great feeling not to have this monkey on my back each month as was for almost twenty years.
I had a thirty year mortgage, but I paid it off in twenty just by paying an additional 100 per month in principle payments. We are nearing our retirement years, and that small house is now more that enough for us. My two sons will probably be moving out in a few years, I will have my man cave and my wife will have her sewing room/office back once again!
Shouldn't the bank be held accountable and required to at least fix up and upkeep the outside of the house? Such a waste.
ReplyDelete"Anonymous said...
ReplyDeleteNever heard that before. An HARP loan is offered to homeowners upside down on their loans. Other words owe the mortgage company more money than the house is appraised. HARp is a govt refinancing of a loan (Fanny Mae/Freddie max) without paying closing costs and lowering your interest rate thereby lowering your monthly mortgage.
November 14, 2017 at 7:02 PM"
HARP isn't a loan. It's a program. What most heard was one or 2 aspects-the *good* parts. The reality is it was written as a 1000's of page document that the average America can understand. The reality is very few under water homeowners benefited but the big banks and lenders did. As with anything implemented during the Obama admin it was a big scam meant to fool the masses and benefit wall street and big banks. Don't be fooled. Peon ghetto liar obama was and still is nothing but a slave boy to wall street. They say jump and obama being a slave jumps without question.
To 8:58 Poster that said - I still think that if you take out a loan and don't pay on it--should be criminal as well.
ReplyDeleteResponding - ordinarily I would agree with your statement. But in light of what transpired with the US Treasury Dept. - 'Mortgage Lending Set-Up Trap' which included Fannie Mae, Freddy Mac, and a plethora of other financial institutions - I say that those borrowers were fraudulently lured into the trap. And so I say to those homeowners that trashed the house, the banks have it coming to them. The entire loan criteria for borrowers was artificially set (home evaluations, loan to income ratios, real estate appraisals). Really and truthfully, some of these individuals including Barnie Frank, Maxine Waters, Ben Bernanke and many many more should have gone to jail.
People are always saying you shouldn't buy a house you cannot afford. And I agree. But sometime they can afford the house when they bought it but circumstances change. In my case my wife and I bought a medium priced home when everything was at it's highest value. That was in 2006. Then the bottom dropped out. Which was okay but we were living in a house while underwater on the mortgage. We made our house payments on time for years. But my wife died and I no longer have her income. So now I can't afford my house and in danger of being foreclosed. So you see it is not always buying something you cannot afford but things happen and circumstances change.
ReplyDeleteTo a point, the bank is somewhat to blame..... In some situations, example, during the housing bubble, there were "interest only loans" on homes.... to me, that raises a red flag.... another example, long before the housing bubble, i went to see if i could obtain a mortgage, i was given a pre-approved dollar amount, if you looked at my income and the amount the bank was willing to loan me, there was little left over for car, car insurance, food, utilities, clothes and gosh forbid, repairs to a car or home.... the only saving grace for me was i could some what do a budget, some people just don't think and are giving the loan, one little thing goes wrong and their finance begin to spiral out of control...
ReplyDeleteIt's obvious that most of the people blaming the bank either have never had a mortgage (renters), or they never read the mortgage contract that they signed. One only has the right to use the property as long as the payments are up to date, and property maintenance is required under the mortgage terms. The mortgagor (borrower) is obligated under the contract to maintain and protect the property from all perils. And the mortgagee (lender) holds a lien on the property until all the terms of the contract are settled, meaning when the loan is paid in full. Until then, the homeowner only has equity in the property, not ownership. Nobody forces a borrower to sign a mortgage contract. Borrowers agree to the terms. If someone is too stupid to understand what they are signing, then they should get legal advise from someone. Don't blame the banks when someone is too stupid to know what they are getting into. That's on them, not the banks.
ReplyDelete