Many people who have no choice but to leave a foreclosed home are not happy with the circumstances they find themselves in. This can lead to frustration and stress that leaves the former homeowner looking for ways to “get back” at the “evil” mortgage company.
There are reports by people hired by the mortgage companies to clean out the foreclosed home of dead pets left rotting in the home with a smell so bad you can barely stand to be in the home for a few minutes. Other vandalism found in homes that were foreclosed on include home owners pouring quick setting cement down the toilets hoping to cause major damage to the homes plumbing. Or people taking cabinets, marble countertops, light fixtures, door handles, carpets, and even toilets. These items are normally considered part of a home and would not be taken by the previous owner in a normal situation.
To help alleviate this kind of vandalism by the previous homeowner and help with moving expenses, mortgage companies are negotiating “cash for keys” offers to homeowners. This type of agreement advantageous for both parties and gives the mortgage company some added insurance that the home will not be trashed when the previous home owners leave.
Where the cost of vandalism is high let’s say in the $10,000+ range, mortgage companies are going after the previous homeowners with lawsuits. People who are going through a foreclosure eviction would be well advised to keep their financial problems to a minimum and not destroy the property they are vacating.
Another results of people leaving their foreclosed homes is that the normal upkeep of the home is not done. This combined with the bank selling the new home at a much lower price to “dump” the home from their books hurts the value of all the other homes in the neighborhood. Which in turn causes more foreclosures.
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