Sorry we don't agree Tiger. But I don't see it as you do first very few people own their homes the mortgage companies own them. Secondly those that do own their own house they are slaves to the communities in which they reside. Thirdly the renter/homeowner is tied to the land and can be considered a serf . When the undesirables move in you can't pick up a move in a moments notice. You spend all your life keeping up property that may never become yours.
Just suffer till you die is not my idea of living !
Trashed! $2 million oceanfront home in shambles
March 29th, 2009, 3:00 am · 79 Comments · posted by Marilyn Kalfus, real estate reporter
Tom Moon has seen plenty lot of vandalized foreclosed homes. He says some homeowners who lose it all really lose it — and take their anger out on the property to get back at the bank.
But even this top realtor, who specializes in bank-owned properties, was amazed at the condition he found a repo’d multi-million dollar oceanfront front home in Huntington Beach recently.
Missing bathtub
Moon gave me a tour and let me photograph the damages. He estimates it could cost $100,000 to fix it all.
CLICK on photos to enlarge:
Among the ruins: Stair railings, built-in cabinets, shower doors, double doors to the master bedroom and other doors are gone, a fireplace was yanked out, the hardwood floors are torn up, carpeting was taken, the toilet was removed from a bathroom. There’s nasty mold. There are no appliances in the kitchen. Even the sinks and garbage disposal are missing.
“The hot water heater was also removed from the house. One entire bathroom and the kitchen was stripped from floor to ceiling, including all drawers, cabinets and even the counter tops,†Moon adds.
In fairness — and this is a question reporters have to ask — couldn’t some vandals have broken in and ransacked the place after it was vacated? The Realtor just laughs.
But no, he says, he can’t absolutely prove who did it.
There are plenty of stories all over the country on stripped foreclosed properties, either by random thieves or the owners.
“Some misguided home owners, angry at the bank for foreclosing, think it’s somehow permissible to turn the home into a total nightmare,†writes California broker associate Elizabeth Weintraub on about.com.
“I’ve seen homes where every window looked like it had been whopped by a baseball bat,†she writes. “Some previous occupants deposited feces on counter tops or in the middle of the living room floor … Sometimes home owners turn on all the water faucets and plug up the drains before departing.â€
Weinstraub, who once worked in Orange County, quotes a bank saying it’s the home owners’ insurance companies that are most likely to go after people who vandalize or strip homes — after the bank takes title to the home and puts in a claim with the insurance company.
OK, back to this Huntington Beach home. Who knows who did all this damage. But obviously, this house is not on the market yet and will take some time to put back together again.
No price has been set yet, but Moon says it probably will be in the area of $2 million. He figures the home would have fetched about $3 million at the peak.
Read more:
# Waterfront home sells for $1.4 million less
# ‘Castle’ dweller who wrestled a Grizzly now fights city hall
# ‘The Real Housewives’ link to this Surf City home
# Surf City Realtor: ‘Under $550,000 is the hot market nowâ€
# A Surf City Craftsman sampler
# These Surf City homes are about to be foreclosed (3/19)
# ‘Cha-Ching!’ countdown: How soon will this home sell?
# Surf City getting more repo notices, firm says
# Beware these real estate ‘bargains,’ agent says
# Should you shoot for bankruptcy if a foreclosure looms?
# Realtor on Surf City cottage: Don’t remodel, raze it!
# Surf City homes hold value better than most SoCal markets
# These Surf City homes are about to be foreclosed (3/12)
# Waterfront home gets $1.59 million price cut
# Steal, deal or ‘get real?’ Fair price for fixer upper?
# Is it worth the risk to buy homes on the cheap?
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Posted in: Foreclosures
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79 Comments
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Gerry says:
March 29, 2009 at 4:38 am
A police detective can polygraph former residents
o
pat says:
April 8, 2009 at 7:57 am
Probably a rental
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Dina says:
March 29, 2009 at 6:08 am
Sounds like criminal prosecution is due.
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rick4us says:
March 29, 2009 at 7:22 am
Who is the former owner? They should be considered suspected criminals and I hope they are punished. Although it’s stated that the banks and insurance companies will pay for the damage, banks and insurance companies are owned may shareholders and most require taxpayer funded bailouts.
Why should we all suffer due to the poor choices of a relatively few greedy speculators.
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Nope says:
March 29, 2009 at 7:50 am
This is exactly the quality of people that inhabit OC today.
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digitaldude says:
March 29, 2009 at 8:14 am
I’d expect that at least one of the neighbors can shed some light on the situation.
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Ken says:
March 29, 2009 at 8:39 am
Perhaps they should pass laws making it illegal and punishable by a hefty fine or if you remove appliances or anything else in the house that you replaced or upgraded?
Obviously there should be some consequences for intentionally vandalizing or degrading a property.
I guess it is in mans nature to retaliate for the seizure of his home even though he is the one who did not met the obligations that he promised to meet.
And it is coming out of everyone’s pocket because that is why some of these mortgage backed securities are only fetching 20 cents to the dollar and not 50 or 60 cents - that bailout banks like Citi and BofA are holding.
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gsyoung_1@yahoo.com says:
March 29, 2009 at 8:50 am
If the homeowner made all the improvments (tub, kitchen, etc.) they should be allowed to take the belongings with them. If I spent 10,000 in cabinets to upgrade my home, you bet your a#$ I am taking them with me when I leave.
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OCD says:
March 29, 2009 at 9:08 am
The perfect house for Slade Smiley — outwardly appealing with nothing but empty space and trash on the inside.
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Tom M says:
March 29, 2009 at 9:09 am
The banks are getting what they deserve.
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What Freedom? says:
March 29, 2009 at 9:20 am
This is a civil matter. They owned the property until it was foreclosed and had every right to alter or change the living arrangments as they saw fit. The bank will sell it “as is†and if the amount received is less than the amount owed to the bank, they will attach the rest of the balance on to the persons credit as money still owed.
The banks could care less what condition the homes come back in as it is only going to be liquidated. They are not wringing their hands about the condition. Business as usual.
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MyTwoDollars says:
March 29, 2009 at 9:24 am
Gerry Says:
“A police detective can polygraph former residentsâ€
___
I’m willing to bet police won’t be using polygraphs in 20 years. They’re not that reliable.
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Republicans are TRAITORS says:
March 29, 2009 at 9:45 am
I don’t think you can go after them, criminally or civilly. If they are the owners of the property up until the moment the bank takes back the loan, their is no law preventing the property owners from doing anything to their home. It is their home until it’s not. The banks might have recourse if they wrote something into the contract when the owners purchased the property, but these are the same institutions that lent to these people in the first place so I doubt they thought past their own commission.
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cynical says:
March 29, 2009 at 9:51 am
Thanks for all the creative ideas though!
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MV Mom says:
March 29, 2009 at 9:55 am
I think it’s stupid this article doesn’t address the fact that for a foreclosed owner it’s probably less about vandalizing the property out of spite and more about pulling out and selling anything (and everything) of value. Take a peak on Craigslist–there’s a ton of stuff like this on there right now. It’s a good time to remodel! Haha if you still own your home that is.
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Democrats areTRAITORS and ruining our Country says:
March 29, 2009 at 10:50 am
You sometimes run across people in Craigslist selling an entire kitchen appliance set that explained their property has just been placed on foreclosure and they need some money fast. Criminally prosecuting these former homeowners is often costly for the banks, so some of them have recently resorted to offering the delinquent homeowner a sort of a bribe to leave in exchange for hundreds, or thousands of dollars. It makes the homeowner feel better about the situation and the bank saves money in the end.
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hbrealist says:
March 29, 2009 at 11:32 am
somehow, looking at this just makes my day. My father was diagnosed with cancer, and the medical bills that followed did not allow him to keep up with his bills. He was unable to pay his mortgage in full for 3 months, explained his situation to the bank and sent in any money he could, but it was not enough. He lived in the house for over 15 years and yet the bank foreclosed on him. My father couldnt handle being kicked out of his home that he worked so hard for, and because of his bills and the foreclosure, he was unable to rent an apartment. he eventually got drunk and took a bunch of anti-depressants and committed suicide. obviously the wrong course of action, but i suppose when you feel like you are backed into a corner and have no way out, people do some stupid things. i only wish my father would have ransacked his home and sold off everything of value in it, maybe then he would still be here.
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heretosay says:
March 29, 2009 at 11:33 am
gsyoung, would you have paid $10,000 from money you already had stashed away in cash or do you think that would have been money borrowed based on the equity in your home? Most homeowner who do expensive upgrades do so on borrowed money. So none of that was paid for and “owned†just like the house wasn’t “owned†by them. And, when the house is purchased it came with those basic features. Does that mean when you steal the tub, sink , cabinets etc. that you are going to put back the lesser valued items that the house came with . Because remember, you haven’t even finished paying for that house or the upgrades and someone else like the bank/lender footed the bill for all of that, not you. So feeling entitled to take it is ridiculous just because you paid some small portion of it. Why don’t you sell a car to someone and make a payment agreement over 5 years with them. It is now their car and they have now put in a premium stereo system, upgraded seats, tires, etc. They stop making payments after 2 years and you want the car back. Sure you can have the car back, but I paid for all of those upgrades so when you finally repo it, there is no steering wheel, tires, stereo, seats . . . hell it was my car and I paid for those upgrades so you better believe I’m going to take it.
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Josh says:
March 29, 2009 at 11:39 am
Sorry, it is not legal for the owner to do anything to his “own homeâ€. It is civil fraud, and most likely criminal fraud, to cause damage like this to a home which is subject to a mortgage when the intent is to abandon the property and stop making payments on the mortgage.
.
By the time owners leave these properties, it has been months since they have made a payment, and their clear intent in causing this damage is to defraud the holder of their mortgage company and/or insurance company. I suppose some on this board think that the owner can burn his house down because “he owns itâ€, too.
.
Sadly, this is what happens when you expand home ownership to those with no financial stake in it. It’s the same thing you see in public housing projects. Many residents, thinking they’re entitled to better housing than they can afford, yet angry at those who have provided it to them, trash the premises and find some twisted way to justify it.
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john says:
March 29, 2009 at 11:48 am
Its the old owners home and he has the right to do what ever he wants to the property until the bank actually takes it back. Good for homeowner I say!!!!!!
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CB says:
March 29, 2009 at 11:50 am
When my husband and I were looking for a home last year we saw a lot of this. It was pretty
ing. I guess you can’t buy class!
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jill92802 says:
March 29, 2009 at 12:08 pm
I agree with gsyoung_1 : These are things bought separately from the home. The homeowners rightfully own them and SHOULD take them with them. Why should the bank get all my upgrades, that I paid for out of my own pocket? I’d do the same thing…
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Eliz says:
March 29, 2009 at 12:10 pm
If I were a victim of foreclosure & decided to vandalize the house, I don’t know that I could think of all the things to do that were done to this house.
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johhn says:
March 29, 2009 at 12:10 pm
sorry but it was trash in the first place.
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jeb putzer says:
March 29, 2009 at 12:29 pm
If I hear the term “top realtor†one more time I’m going to puke. Wait, just got a customer at my snake-oil stand, gotta run….
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Rog says:
March 29, 2009 at 12:29 pm
Hope whoever did this dies in a fire.
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Rick4us says:
March 29, 2009 at 12:49 pm
Thanks Josh for a reasonable response.
I think it’s amazing how many commenters think it’s ok for a defaulting home owner to leave a property with over $100K of damage without any recourse by the lender. Ironically the cost of repairs is probably more than they would get from selling used appliance. Very sad so many think this behavior is justified and appropriate.
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born n raised oc girl says:
March 29, 2009 at 12:54 pm
LOL @ OCD! Brilliant.
I can’t believe some people. And you know what? The biggest douchebags seem to be people who move here from the Midwest trying to live up “The OC lifestyle,†when all they are is nothing but trash.
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lwps says:
March 29, 2009 at 1:04 pm
Strippers were flippers who couldn’t make their million dollar profit. Whaaa!
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Theresa says:
March 29, 2009 at 2:43 pm
Lack of accountability, integrity and responsibilty. Hmmmm..I think these personality traits go hand in hand with the foreclosure crowd.
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ocbear says:
March 29, 2009 at 2:48 pm
This reminds me how naive the Wall St “smart people†were to create these complex financial instruments that bought into the housing bubble. Not only did they severely underestimate the risk, but they also underestimated how there is no way to prevent people from further trashing the value like this.
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j says:
March 29, 2009 at 3:10 pm
This is exactly the quality of people that inhabit OC today.
sadly, this is true.
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Jenny says:
March 29, 2009 at 3:47 pm
While they may have put improvements into the property and want to take some back, these seem to be more of a temper tantrum because the poor babies tried to live beyond their means, could not pay their bill, and got mad at others.
Take a pre-school child to a store, give them .50¢ and tell them to buy something. Just watch the fireworks when they can’t buy that candy bar or box of cookies because they haven’t enough money.
Like these little children, adults have to learn when they enter a contract and fail on their part, it isn’t the lender’s fault, unless there was deceit on the part of the lender, in which case they have recourse.
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jim s says:
March 29, 2009 at 4:59 pm
The realtor will put a lot into fixing this up, which with a $2m home will probably be immediately ripped out in favor of the new buyer’s tastes.
I wonder if this might have been a start at refurbing it to try to sell it before the old owners were thrown out as well. I don’t know what else was there in the way of collateral damage, but this looks a lot more like a demo job than a vandalizing job. Vandals would have put feces, paint and holes in the wall.
Pulling out to expose mold, and perhaps check for damage (can’t speculate about the pulled hardwood floor, but might have had water damage or mold damage there) but this just doesn’t look totally like a job of pulling for spite.
why pull the utility covers, etc? all the outlet covers are pulled where the demo was done, which is a sign of plans, not necessarily spite.
I have seen a real out of control house, as one of my neighbors in irvine was a druggie who was put in a house by her parents, and she and a boyfriend made my “fixer upper†back in 2004 look like a luxury palace. The commodes were smashed, there was decorations all over the place, in paint carvings, and above mentioned animal material. Also dead animals, and plenty of mold and rot.
A total gut job. This really looks like a $10k fix up and flip deal, as all the fixs will go out in the dumpster 1 week after the sale.
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Homatlast says:
March 29, 2009 at 5:16 pm
hbrealist ~ my condolences ~ truly.
When I was a Realtor many years ago I accompanied my buyers to their new home after closing, to discover the sellers had removed all the light bulbs, toilet paper holders, and other inane household “things†~ and we thought THAT was bad. This is just plain
ing.
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Tom M says:
March 29, 2009 at 6:47 pm
If the banks had any idea of what they are doing they would have gave these people some key money to stop this from happening. I’ve never seen such a clueless bunch. These CEOs should be out of work because they have no idea of how to run a bank. I’m tired of hearing these are the only people who know how to get us out of this situation.
PS- I’m glad I did not buy when I moved from the NYC area in 03.
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Howard Rich says:
March 29, 2009 at 7:25 pm
This is an issue that involves Real Property vs: Personal Property rights. Personal property is anything in the home that is not permanetly attached such as plug in lamps, throw rugs, furniture,etc., and as such is the property of the occupant and may be legally taken when they vacate. Real property is anything permanetly attached to the structure such as built in appliances,water heaters, furnaces, hard wired lighting fixtures, bathtubs, etc., etc…When the bank makes a loan on a residence the lien created includes all of the aformentioned items along with the land and building.
Anyone that removes or destroys any of the real property items is just a plain thief and should be prosecuted. If the banks would start going after these folks perhaps newspaper coverage of their sentences would help stop this practice……..after all it’s the rest of us that ultimately pay the bill.
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sunnsea says:
March 29, 2009 at 8:43 pm
The smart Wall St people got all their money out of this and other OC houses a long time ago through their derivatives and credit default swaps via the fees the garnered through each bundled package of debt and sale. They may be a lot of unpleasant things, but naive isn’t one of them. It is we who are the naive ones for allowing banking deregulation to take place over the past 30 years, to allow banking institutions to take speculative positions in the financial markets that had been prohibited from doing so until the repeal of Glass-Steagal. Also, the foreign banks who bought into the derivatives were very naive. Too many photos of the OC and Disneyland, I guess made them think this would go on forever. The results of all this are seen in the photo. There will be many, many more like this photo before this all over. And when it is, if you have $7,500 in the bank, you will be considered a wealthy person.
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jack says:
March 29, 2009 at 9:17 pm
More classy homeowers with a failed get-rich-quick plan that failed and decides to blame others
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glow22 says:
March 29, 2009 at 9:28 pm
What do you expect when they have invested nothing themselves? They wanted something for nothing, got what they thought they deserved…then finally got what they really deserved.
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snarf says:
March 30, 2009 at 6:58 am
“I can’t believe some people. And you know what? The biggest douchebags seem to be people who move here from the Midwest trying to live up “The OC lifestyle,†when all they are is nothing but trash.â€
Not defending anyone from the Midwest, but having lived there for a couple of years, in my experience most of them have no desire to move to California, they think it is a trash pit overrun with illegals with a very high cost of living. If you are from California and move there, don’t expect a warm welcome. Take the California plates off of your car pronto or expect to hear an earful daily. Just my experience.
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republicans ruined this country says:
March 30, 2009 at 8:07 am
THOUGHT i’D JOIN IN!
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garrett says:
March 30, 2009 at 8:07 am
Looks like the 909′S made a late night rondevous! Quality job to the neighbors who had no clue this took place.
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observatory1969 says:
March 30, 2009 at 8:29 am
Tom M has a point - If it was the former owner of the home, one can certainly understand the level of frustration. When you read and hear about all the different financial institutions that are begging for and receiving bailout money and then read about the bonuses and parties, one cannot help but feel angry. And then to have your house repo’d by one of these financial institutions, well, maybe it was just too much. Again, I am not saying it was right, but some people certainly may feel the banks are getting what they deserved. Take care.
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Amy says:
March 30, 2009 at 9:05 am
Last I checked, banks own the property…not its contents. The former owners have every right to take anything and everything from the house that they so choose. I really don’t see how the bank would have any grounds to prosecute the former owners.
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We simon says:
March 30, 2009 at 9:27 am
I am 52 and stll live at home with mom
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Octimes says:
March 30, 2009 at 10:09 am
why not just sell as is….and lower the price!
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JadedintheOC says:
March 30, 2009 at 10:12 am
I remember back in the early 90’s the finance company I worked for (when I was kid & we were in a recession) would offer folks who were being forelcosed on a couple of hundred bucks not to trash the property. Which worked because something was better than nothing.
Unfortunately this kind of vandelism by the defaulted borrower has been going on for some time.
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Octimes says:
March 30, 2009 at 10:13 am
For those who think the owner had a right…you are so wrong. Those are fixed assets, part of the property itself. Those are not ‘upgrades’ as in a tract home.
And I’ve lived in OC, in the same house for 30 years. Not all OC is a bastion of wannabes. Some of us are native Californians. Trying like heck to preserve what is left of this state….
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R says:
March 30, 2009 at 10:47 am
What is the mentality of this??? You can’t have it, so destroy it? What kind of thinking is that?! I don’t understand that at all… if you can afford a home worth this much…you would think you understood the conditions you bought it under (the loan terms)… so whose fault is it if you can’t make the payments?? Even if they hit ‘hard times’ and lost it, you roll with the punches…. and yes, I know hard times… growing up as a very poor teen in Arkansas (born/raise in SoCa). I worked hard, now make over $100K a year (not much for OC but a lot for where I’ve come from)… I only finished 9th grade - I feel I am of normal intelligence - but common sense says do not destroy…. grrrr!
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AHA says:
March 30, 2009 at 11:32 am
I still say prev home owners did it. I actually watched a guy who house was repo’d take his fake grass out, some pallm trees the appliances and such and gutted the place…..
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Mick says:
March 30, 2009 at 11:42 am
These are brats who never learned responsibilty and throw temper tantrums when they don’t get their way.
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the voice of reason says:
March 30, 2009 at 12:55 pm
THESE AND ALL THE LIARS AND THIEVES who lied on their applications to get homes they clearly couldn’t afford should be prosecuted to the fullest extent of the law and IMPRISONED for blatant and intentional purjury on a legal form. Vandalizing the property=ADDITIONAL PRISON TIME. It’s enraging to think this TRAILER TRASH performing these horrific stunts and turning our great Country into a moral and literal cesspool just smugly skip away on their merry way. Severe punishment is the only deterrent to this HUMAN GARBAGE. They may think they got away with it, but they’ll get “theirsâ€. IT’S TIME TO TAKE BACK OUR COUNTRY.
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sal says:
March 30, 2009 at 1:25 pm
Despicable.
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Liberace says:
March 30, 2009 at 1:58 pm
No Gerry, you cant polygraph a suspect.
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Mike says:
March 30, 2009 at 2:01 pm
Huntington Beach!!! Woo Hoo! Home of the spoiled and the lack of respect for others and property! Glad I left.
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OC4truth says:
March 30, 2009 at 2:13 pm
This isn’t new. About 10 yrs ago I worked temp at a mort co in Irvine in the dept that was putting repo’d houses back on the market. I was handling files on the homes which included photos. There were some that were similar, although obvious vandalism with painted dumped on nice wood stairs, porcelain bathroom fixtures removed and broken.
But my impression of that and this is that, as was mentioned in the article about the realtor, he indicates he knows but can’t absolutely prove who did it.
Pretty sick any way. And as others have said, this drives up the cost for everyone. I think stuff like this is a major reason for PMI–insurance that covers the lender if they get a house back worth less than the loan–usually required if the 1st is for more than 80% of the value of the home. That is money that home buyers have to pay that costs them money but doesn’t really benefit them. And you can bet that things like this raise the cost of the PMI as insurance is all about covering risk and still making a profit.
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OC4truth says:
March 30, 2009 at 2:14 pm
So all you who are cheering on the ones that did this, remember this when you go to take out a loan and have to pay PMI.
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LMG says:
March 30, 2009 at 2:31 pm
For those of you that do not understand the following clause in a Deed of Trust please do not get a mortgage. Fully educate yourself before you sign your DOT.
Preservation, Maintenance, and Protection of the Property: Borrower shall not destroy, damage, or impair the property, allow the property to deteriorate or commit waste on the property etc…
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AK says:
March 30, 2009 at 3:02 pm
I’m with those who say this looks more like the aftermath of a flopped flip or remodel. Especially since the remains of the original flooring, cabinets, trim, etc. don’t look like $2 million quality to me.
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AHA says:
March 30, 2009 at 3:05 pm
I say go after the prev home owners insurance
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OCBlauski says:
March 30, 2009 at 3:17 pm
What many of you seem to forget here is: Unless the homeowner paid cash for the home, the bank still holds the note. I.e.: it’s not the redidents’ home if they owe money on it.
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sunsetbeachguy says:
March 30, 2009 at 4:45 pm
OCR readers are imbeciles, at least the ones that post here.
If a homedebtor buys any personal and attaches it to real property it is part of the real property and subject to the liens from the mortgages that they signed up for.
Wherever you people came from please go back and leave California.
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graphrix says:
March 30, 2009 at 5:38 pm
Exactly what sunsetbeachguy said.
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Marc960 says:
March 30, 2009 at 7:08 pm
You guys can argue all week about who owns what, I don’t care but I am curious.
Who puts in MARBLE stairs with a wood handrail? That is just tacky designing, yuk!
And hey, what’s with the old tile design behind the (missing) fridge? You know you are cheap and low class when you PAINT AROUND APPLIANCES!!
Plus taking all the plumbing, are the copper pipes ripped out too? Maybe this guy was a plumber and thought he had the stones to own a 2 Mil house? Might explain some of the decorating trends, and the missing sinks and such. Check Ebay, this guy was a genius.
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jenyfurg says:
March 30, 2009 at 8:59 pm
It is interesting the people who respond “I put those upgrades in, they are MINE… etc.†because in all likelihood, the person put them in using that last refi the BANK gave them. I’ve been looking for items on Craigslist and you can search for household items and find people openly listing that they are losing their homes and stripping/selling the home of all valuables (built-in appliances, flooring, molding, plants, etc.) and you had better bet they are pocketing that money and none of it goes to the bank! Another example of why we are in this economic mess ENTITLEMENT + Taking NO Responsibility = where we are right now!
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Toma says:
March 30, 2009 at 9:05 pm
I agree with sunsetbeachguy as well. Also sounds like some of you are as greedy as the homeowners in this situation. Regardless of the poor interior designing, there is no excuse for destroying something that is not yours. It is the BANK’S home until you pay off the loan. If it were yours you wouldn’t be having it repossessed.
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Neil2112 says:
March 31, 2009 at 1:56 am
Typical loser who “bought†a house with a no-down, no-doc, no-credit-check loan. They all walked around with their noses in the air because they were “homeowners†and now they’re all back working on the stripper pole or behind the bar or at McDonald’s.
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fcprop says:
March 31, 2009 at 7:53 pm
It might be Jay Photoglu who recieved the restraining order from the Desperate OC Housewife, he did lose his home.
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Privacy First says:
April 1, 2009 at 8:52 am
So the banks steal several trillion dollars, and the tiny minds here get upset at someone who salvaged a few of their things that were left over after they got robbed?
Never forget the banks are the ones who stole it all. Keep it focused on the real monsters.
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Mnemosyne says:
April 1, 2009 at 9:13 am
“THESE AND ALL THE LIARS AND THIEVES who lied on their applications to get homes they clearly couldn’t afford should be prosecuted to the fullest extent of the law and IMPRISONED for blatant and intentional purjury on a legal form.â€
And the same punishment for the loan officers and mortgage brokers who encouraged and instructed people how to lie on their application, along with the return of any and all bonuses received for knowingly processing a fraudulent application, right?
You can blame the borrowers all you want, but no one forced the bank to give a $2 million liar’s loan without checking the borrower’s ability to pay it back. The bank thought they could make a quick buck so they went for it, and now they wrecked themselves.
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60th Street says:
April 1, 2009 at 10:51 am
Just a reminder: Banks, not just individuals, are walking away from foreclosed properties. And not just a handful of banks, but MOST of them. And not just sub-prime loans! ALL loans.
In many cases these mortgages were sold off so fast and shuffled around so many times that the banks don’t even have the paperwork.
It is a mess cuased by the coupling of the greed inherent in an unregulated “free†market and rampant consumerism!
So, the next time anyone wants to cry about how irresponsible people who dont pay their mortgages are and who bought beyond their means, that’s fine and necessary, but remember that the banksters ALSO pulled out all the stops to mislead and prey on peoples’ dream to to own a home. Many people took them on faith and the rest of us are trapped in a crappy market and a crappy economy!
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mynameisjaime says:
April 1, 2009 at 4:08 pm
sorry if this is a repost, but i just could not stomach reading through anymore of the numerous ignorant posts.
to all of you who think the home owner had the right to take what was “his†or what he “paid forâ€, try googling the word FIXTURES. and just for future reference, please don’t comment on something you know nothing about unless you are asking for more information. i absolutely hate it when people get on their soapbox and preach about something as if they are experts when they really have no clue.
thank you.
good bye.
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Elrod says:
April 1, 2009 at 6:46 pm
Folks are making a lot of assumptions about these ex-owners. They may not be sub-prime buyers. They might have lost a job or had a healthcare-related bankruptcy. Maybe they ran a Ponzi scheme that collapsed…
Either way, this happens often enough that there must be some reason nobody prosecutes for it. Yeah, these are fixtures and they belong to the bank. But the bank clearly doesn’t want to go through prosecution. Heck, the banks don’t even want to bother with a sheriff’s auction.
The people who left have no credit rating left anyway. I suppose that’s why nobody follows through.
But, hey, we can all stand on our highhorses and blame Midwesterners or 909ers or rednecks or Latinos or flipper speculators or whoever.
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doug says:
April 1, 2009 at 8:57 pm
I do not care how they lost the house. There is no excuse for stripping it like this.
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DG says:
April 2, 2009 at 8:32 am
Its all of these want to be homebuyers who *#%*ed up this economy. And yes the lenders too. But most of the people who thought they can make a quick buck by buying and turning the house around for a quick sell and make some quick cash. Stick to renting apartments.
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ocmtg says:
April 2, 2009 at 12:25 pm
Its huntington beach, what do you expect. The place has been going down since the 80s.
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tom alexander says:
April 2, 2009 at 5:36 pm
what is the address of this property?
Thanks,
Tom
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jeffcali says:
April 28, 2009 at 1:52 pm
i guess all the banks and it’s lender’s shouldn’t have made all those sub prime loans to people. all these problems could’ve been avoided if they kept with their typical lending practices. i can’t believe that more people aren’t in jail or their possessions taken back to pay for this calamity. every lender and mortgage broker who made one dime on sub prime loans to people without verifiable income should have all their incomes during this period taken back.
who in their right mind thought that people without verifiable incomes on sub prime/interest only loans would be able to afford the homes they were getting in to. this is totally moronic and kindergarten arithmetic.
no my house is 50% of it’s purchase price…i have trashy people buying up homes in the neighborhood. i’ve got vacant homes all around which invites more losers to vandalize. this whole country is a joke lately and i’m embarrassed to call my self american.
how long…if ever…am i going to have to wait till my house reaches its original value? why can i not get my mortgage re-evaluated and the house reappraised/loan readjusted to it’s current market value.
i’ll tell you why…because i’ve made my payments on time every month since the day i bought the house.
i’ve put 60k down and now it’s worth sh it.
i’m depressed now because i cannot put up with the insincerity of this government and the bankers who have turned this country inside out, and now we cannot take care of it without millions of people losing their jobs and homes.
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