Does It Really Belong To You?

The majority of American’s who are in danger of foreclosure or are in currently in foreclosure are incredibly upset with banks. Much of this website is based upon offering our thoughts and understanding of what is going on in the real estate marketplace and helping to give ideas on how to resolve the American’s problem.

Many webpages are dedicated to debating who is at fault for the real estate crash; whether it was banks or Americans. The conclusion of who is to blame is for the reader to decide. However, as Americans we need to move on into the future and correct our and the banks mistakes. No matter how bitter a consumer may be at the banks they need to try to move on with their lives, though this is easier said than done. Many Americans are so disgruntled with banks because they did not show compassion for deceiving the consumer, lying to the homeowner, or the extenuating circumstance the borrower may be in that some homeowners are retaliating against the banks.

Remember banks are a business and they are looking to survive in this economy. Most businesses will show no compassion if it is between their survival or your survival. This is why when a homeowner defaults on their mortgage the banks are foreclosing on their homes. The majority of banks have heard the same hardship story so many times that if your situation does not fall within a legal obligation to them they will put you at the end of the line for help. The banks do not even hesitate to foreclose on homes. This is why it is so important to obtain legal counsel; however, some individuals have taken matters into their own hands.

Some consumers have retaliated by stripping their home of all its accessories and selling them in hopes of recuperating some of their financial loss. While this may feel good for the consumer in the moment it is a federal offense. When the bank forecloses on your home they own the home and everything on the homes property that is attached. Therefore, what these ex-homeowners are doing is a felony. Stripping homes has become so prevalent in Arizona, California, Nevada, and Florida the FBI has created a division just to deal with the matter. The FBI tracks their targets down by pawn shops, Craig’s List, Ebay, etc. Additionally, stripping became so common that it has made national news. Below we show a piece done by NBC where it can be found at from the Today show. The story was a collaboration by News Anchor Matt Lauer and Report Miguel Almaguer.

Remember even if you are going to lose your home, credit, and current living status it is nothing compared to being thrown in a federal prison and compromising your moral standards. This is why American’s need to rally and fight the good fight in the court system. Find a way to make every crooked banker pay for their mistakes while maintain your own integrity.

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Matt Lauer: We are back at 7:47 AM and this morning on Today’s Money Pits it is a growing crime involving the struggling real estate market. Brazen thieves who are stealing anything of value from a foreclosed property and oftentimes the suspects actually lived in the very homes their targeting. Here’s NBC’s Miguel Almaguer.

Real Estate Agent: We have 3,474 sq. ft…

Miguel: For homebuyers like the Parishes…

Real Estate Agent: They took everything…

Miguel: …buying a property asis can mean going without.

Real Estate Agent: Here we have the sliding doors missing that need to be replaced.

Miguel: Nearly every foreclosure they see requires vision.

Real Estate Agent: And this would be your kitchen island.

Miguel: What makes a house a home unceremoniously ripped out. The properties are just a shell of what they used to be; it is called foreclosure stripping. A problem so rampid in Arizona the FBI is now involved.

FBI Representative: What we are seeing homeowners as they are facing foreclosure doing this umm and the motivation is to recover whatever sort of investment they might have made in the property.

Miguel: With foreclosures up 600% in Phoenix since 2005 stripping has shot through the roof.

FBI Representative: …they tell us that their upset because of…..

Miguel: The FBI says that this property was flooded by the former owner. Many of these crimes are carried out by angry families forced to leave their homes.

FBI Representative: What are you finding on Craig’s List…

Miguel: Federal agents routinely scour the web for fixture sales.

FBI Representative: This is our target…

Miguel: Then arrests former homeowners tried to flip appliances and fixtures that were once theirs and are now bank owned property.

FBI Representative: These are the first of these types of cases that we worked. It is across the board we have seen it from high-end multimillion dollar homes, to the low-end homes, to condos, to townhouses. It runs the gamut.

Miguel: What was also surprising is what’s stolen. Anything bolted down has been ripped away not just appliances and fixtures but door hinges, light switches, and even the rug underneath the suspect’s feet.

FBI Representative: It was bought in 2006 for $280,000 but now because of the damage this house is selling for $69,000.

Miguel: Experts say the big losers here are neighbors. When a foreclosed home was stripped property values for an entire neighborhood can plumb it. Phoenix is a hotbed for stripping and it’s not just a problem in Arizona; California, Nevada, and Florida have all been hit hard.

Potential Buyer: …very nice…

Real Estate Agent: As you know…

Miguel: But the lost can be someone else’s gain.

Potential Buyer: I guess we can put our own stuff in here right.

Miguel: Homebuyers looking for a deal; as federal agents try to track down the steel. Former property owners who take everything; including the kitchen. For Today, Miguel Alvarere, Phoenix.

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