Farmington Hills Real Estate and Events talk Michigan

 I got this comment on one of my blog postings.

I've been reading about homeowners essentially gutting their homes just before the foreclosure curtain falls.   They remove cabinets, appliances, sinks and anything of value they can find to sell before finally being forced to leave.    The result is a home that's no longer salable.  It's a dragdown to the neighborhood and affects the values of neighboring properties.   I understand the problem is particularly bad in the Detroit area.    Have you been seeing anything like this?   I'd appreciate your comments

 This is how I replied to it. 

Yes, It happens all the time.  I can't blame the people in foreclosed homes anymore.  The banks have taken our tax money and it has only benefited the banks.  The people that needed it only got a run around.  If you ever had to deal with them on a short sale you would take everything out of the house and then burn it.  You can't even get a phone call returned sometimes.  That is common courtesy.  Most short sales have documented financial hardships but it sometimes takes 4 - 6 months to get done if they even get done.  Lack of any decent business practices. 

Even on foreclosures the paperwork protects the banks.  The banks don't have to disclose water damage that will most likely cause mold problems.  The consumer doesn't know it has happened.  Health problems may arise because the banks don't have to disclose it. And they are not going too.

Then many of the banks are not good neighbors.  They do the minimum to keep up the house when they get it through foreclosure causing neighbors grief.  They have even started a website to push the banks to clean up the properties.

Unfortunately it is the same old, same old.   Take our tax money, send their executives on nice junkets, travel in corporate jets.   But they give people the run around on doing loan modifications or refinancing.  I know first hand.  I have had friends call banks to work out a deal.  They call 4 or 5 times get shuffled around and get no results.  I know people that have great credit but can't refi because the home no longer appraises. Do you think any banks are refiing those good borrowers.  Have they gone out of their way to help them.  No they haven't!!!!

Our tax dollars should have not gone to the banks directly, it should have gone to a fund to restructure the mortgages directly.  Not into a million dollar renovation for some executive office, or some executives bonus.  How can they say they are not using our money for the junkets.  If they were in financial straits they would have cut the junkets and bonuses out.  But because we the taxpayer bailed them out it is "business as usual"

Banks are cherry picking loans.  They are charging borrowers more even if they have "good Credit". They want the "excellent credit borrowers".  Those are the only people getting great rates.  The "good credit people" are paying more for their loans. 

Screw being a good neighbor, a responsible firm that cares about their clients and the community they serve.  The banks have shown they don't care.  I myself have moved some of my money to smaller credit unions that serve the community better.

So Mr & Mrs. Foreclosure feel free to take all the property out of your home.  Let the bank take the loss.  Just be sure to sell it or put it to good use.  Don't destroy the property just for vindictiveness.    

That's just my thoughts.   I apologize for my Sunday morning vent but it is a shame the way the banks are acting on our dime