but how much did he get off the house because it was missing a fridge ?

if i buy a car that is missing tires it would be foolish for me to complain about the last owners lack of tire maintenance , i bought a car with no tires. Your friend had a choice to buy a house that had a fridge , he chose to buy a house missing a fridge , knowing he needed a fridge , he got exactly what he expected. If he bought a house and the owner stole the fridge he should go to the police.

More like anything that was mortgaged should stay with the financed property. :2 cents:

If you rolled it into the mortgage... you don't fucking own it. The bank does. :2 cents:

hgtv... great show

not sure though why you care about the banks losses, especially considering you profit from homeowners doing this ? When the banks start begging in the streets for cash , then we can worry about banks losing a tiny percentage of their overall win.

if bank loans you 500k for house and you are in 50k and foreclose and take some carpet , appliances and ding the walls, the bank makes 45k instead of 50k. Doubt they are losing any sleep over the small loss of profit.

you obviously have no clue. It doesn't matter if the fridge or washer / dryer was purchased with the house by the previous owner or not. They are not fixtures. ALSO you have no way of knowing if the original owner purchased that seperatly or bought it with the house. Since it is not a FIXTURE to the house.


Come on be honest, how many of these have you done before, 1, 0? or do you have a friend that does them. You have no idea what you are talking about and it is apparent from this thread.

banks don't give mortgages to finance refigerators. You wont find individual items like that listed on the deed/mortgage. Only the land/buildings and its *fixtures*will be mentioned. You might want to learn that word and what is a fixture or not. Because they wont spell out what every fixture is, at most it will just say "fixtures".

I paid $3k for the airconditioner alone, the stove and the dishwasher are new too
damn right i'd take it with me if i went

I am sure it would of been cheaper to remodel the nook the fridge was in then spend $16k.

That wall damage will take an hour to fix, I don't think it was worth even taking a picture of and crying about it.

Just so you know what sheetrock damage looks like

http://i.ytimg.com/vi/vDBfplGrFA4/0.jpg

I see it as pretty simple thoughts on their part. They got a loan got a house and started paying in good faith. Then for what ever reason the shit hit the fan and they got forclosed on. If they were one of the few who got hit on a house that they could actually afford but lost because of other stupid people then they feel like the 80k or what ever they paid they own. So they plan to take as much of that 80k as they can.

You can read more about it: Foreclosure and Short Sale Taxes - Home Sellers Might Owe the IRS

if its worth it, file suits against the people who do this. can't be hard to find out who they are.

sounds cut and dry but what if they replaced in the fridge at some point during the years they lived there? or replaced the carpet? even if the old stuff was still in the mortgage the new appliances came from their own pocket.

wow, you think they're just trying to profit from their own foreclosure by gutting it? more like they're trying to spite the bank as well as those that are trying to profit on their misery. they dont NEED to make a profit on the fixtures and baseboards if they can make life just a little bit harder and/or more expensive for the bank and vultures.

The damages in foreclosures are usually factored into the price, if you have the crew to put the house back into tip top shape you can make really good money flipping them.

You see a wreck and someone else see's opportunity. You have to figure just about any home foreclosure or not will need paint and new carpets, and possibly appliances, people live like pigs!

My issue is with short sales and the amount of time it takes to get answers from the bank, holes in walls can be fixed in a day, getting a bank to review and offer and give a reply takes months!

amateurs... I would have cut the 2x4s too just for fun :thumbsup :1orglaugh


jk :)

i've read some stories from the other end of the spetrum on this. foreclosed homes where they left everything behind. beds, couches, even big screen tv's because they didn't have the time or money to move them out of there. there are companies they hire to just throw all of this stuff right into the trash. apparently there is many homes doing this they don't have time to go through it and try to resell, so it just goes right into a dumpster.

The guy who lived next door to me did this. They took EVERYTHING. They took all of the glass from the shower doors, the sink, the faucet, and every last light fixture in the house, including the ones outside.

The only thing that god damn left behind was the smoke alarms, and after six months they started chirping so I broke in and replaced the batteries.

Fuck you retard, the pics you posted is nothing...

Vultures. Don't fucking buy the place then, boo hoo.

people need to learn to quit making excuses and take the blame when they fuck up.

While I would normally agree 110% with everything you just said... The real issue is the banks NEVER lose. If they gambled on a bum mortgage and lost the Fed just bails them out. The problem is they have stacked the deck to the point where even if they lose they can either get the debt washed or just borrow more from the fed at 0%. At the end of the day... FUCK THEM :)

If you or I run business into the ground we need to suck it up and move on... if you are a bank you get a do over... so much for personally responsibility right? I do not see why a person is expected to be a perfect little bitch while the bank is pissing in their face and calling it rain. Sure there are websites for that sort of shit and few awesome affil programs, but double standards are bullshit and you know it.

The difference is if you and me fell of the face of the earth no one would miss us. If the banks folded the entire US economy would collapse. Besides the fact of how banks are used to cash checks, back credit cards, and allow people to make payments easily. In the case of mortgages they allow people to own homes. Without banks, 99% of the country would be renters. Home owners and everything that goes along with it is vital to our economy.

Therefore you asked, why is there a double standard? Out of necessity. Banks (at least the bigger ones who represent the majority of home loans) can not be allowed to fail. Do I think it sucks that me as a tax payer has to bail them out. Sure. My gripe isn't that the "big bad bank" was bailed out, I understand the importance of banks and that we need them. I just wish the assholes in charge that got us in trouble were held responsible and charged criminally. The bank, as an institution is not bad, just some of the people running them were.

And "banks" do lose. It's not uncommon for smaller banks to close down. Banks also lose in most cases with foreclosures. But at the end of the day, you right the big ones that are important will be bailed out for the mistakes of the people who were running them.

Now that is a gripe for you and me to be mad about, we played by the rules and still had to pay for everyone else fucking up. Banks getting bailed out is not justification for someone that got more house then they could afford and in over their head, lost the house and got mad and gutted it because they were blaming the bank for their problems. The buck stops with them.

Haha GFY bringing people together :)

I am with you on the total BS of it all. I did not want to come off as all banks are evil and they do serve a very important job. On the other hand the morons that ran them into the ground should of loss their jobs at the least. I am a firm believer that too big to fail is a total crock invented by huge ass bank board members.

This is america and if you run a business into the ground it either goes away or gets gobbled up by the next strongest business in the sector. I really doubt it would of started raining cats and frogs if the top 10 banks all closed up shop because before the end of the day 20 more would be there to take their places.

If we as a country show them they are replaceable then maybe they will stop dicking around. Right now we are rewarding the dog for shitting and pissing all over the rug... that never works. It will hurt for a while to do the right thing, but just like some big surgery after your recovery time you will be good as new.

Here is some general education for those of you in the US:

If you attach it to the house, or replace a fixture then it is part of the structure and stays with it when you leave. Whether you are a renter or home owner who sells it or loses it back to the bank. If you wanted to be a hard ass you could always put the old one back and take your new one with you but you not suppose to do that either.


"for whatever reason the shit hit the fan and they got foreclosed on." "lost because of other stupid people.." You make it sound like the Foreclosure Fairy came down and took their house. The only reason people lose a house to foreclosure is because they stop making payments. Who are these other "stupid people" that made someone lose their house? The only person (stupid or not) that caused them to lose their house is the person who stopped making the payments (themselves).


Check out my source: The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

I see you are in Canada and I know you guys have some wacky laws, but in the US he can't sue the previous owner. The only one that can do anything to the previous owner is the bank. That would be like buying a used car from a car dealership that breaks a couple minutes later and wanting to sue the person who sold it to the car dealership. Not to mention the banks are selling these properties "as is".

Oh jesus christ, one of these people "those that are trying to profit on their misery" Booo fucking hoo. The person bought an expensive house and they couldn't afford the payments, cry me a river. The person buying the foreclosure is not doing anything wrong. They lost the house, the bank is selling it cheap, someone needs to buy. No one is profiting off of their misery. People need to take person responsibility.


bingo we have a winner :thumbsup

If the bank was taking my house I would do the exact same thing. Fuck the bank. Fuck the buyers. They can all go eat a dick.

Yeah fuck the bank, how dare they come take back a house that I haven't paid them for in over 6 months. The fucking nerve. How dare they. When I put down my .001% That bitch was mine even if I stopped paying. Fuck them.

Lookie what I did when they came and tried to repo the car after I stopped making payments. I gutted that too... will teach them fuckers to come and try to take shit from me because I put down .001% and didn't make my payments. Po sessions is 100% of the law you biotches!!!

http://www.whitetrashpeople.com/wp-c...d_neck_car.jpg yeeee hawwww!





The funny thing is that people are stupid enough to think that just because they put down a couple thousand dollars and make a couple payments that they "own" something. They don't own shit. The bank owns it and you are just a renter basically.

the morons with the "take **my** house" mentality.

Person buys a 300K house. Put down 5K. Makes payments of 20K for the first year ( never mind the fact that 15K of that went to interest and not principle. Interest!!! what the fuck is that you mean when the bank loans people money they expect you to pay them back more then you borrowed???) So for the sake of the stupid, throw out interest. You fucking white trash, entitlement minded, lack of personal responsibility fuckups, really think that because you out 25K and the bank is out 275K that you "own it".

Do you not forget, when the house was purchased the BANK gave 300K to the person who sold the house. They BANK bought the house, not you. The BANK is out 275K you out 25K and you get all pissy because you stop paying and they want to take possession back of THEIR house?

Hey Will76,
You do get taxed for the difference, trust me!

Never has made sense to me, but somehow the Gov thinks you got money, and need to be taxed.

I have a friend who lost his house in Phoenix, the bank took the house, and acter auction, he still owed 40K. He filed for bankruptcy, and the IRS charged him taxes on the 40k.. Crazy system.

Question,
How do the banks lose "real" money on a foreclosure?
I mean they get whatever was paid in for downpayment, if any payments were made with interest, and they get the fucking house back to resell. Also, how many times have the houses been resold.
Sure property values drop, that is the same risk the buyer is taking also.
The banks also go after the people for the Difference in price sold to price owned.
If they lose money they can write it off on taxes.
Banks can get insurance against the loan also.
Then now the big Bailout.

If you ask me banks can fuck off!

They are of course different situations, but the exemption posted by the IRS seems pretty clear that at the very least home owners of their personal residence would be exempt. That is also if the bank "forgave" the money. I see the IRS's stand point, the person can't have their cake and eat it too. If at the end of the day you owe the bank 50K and they forgive it, that technically is income even though you didn't get it, you didn't have to pay it. Which you pay likely 20% income tax on that money as ordinary income, opposed to the bank not forgiving the loan. Then you owe the bank 100% of the money back, not just 20% of it to the IRS.

But even with the exemption, most of not all of personal residence home owners do get to get their cake and eat it too.

Dude you serious or just foreign. I thought this stuff would have been learned in high school.

You want to buy a house from me. I am selling my house for 300K. You go to the bank and say, hey I don't have the money but I still want to buy it, can I borrow the money from you?

Bank says "ok" (if this was done in the early 2000's they should have probably told you to fuck off, but they loan you the money anyway.)

You tell bank, hey I will put up 5K, can you put up 295K for me. Bank again says ok. The bank gives you 295K and you give it to me plus your 5K. Depending on the state the deed / promissory note is handled differently so I wont even go there.

Let's check the score card:
Bank is out: 295K
You are out: 5K
I got my 300K and sold my house.

You then make 25K of payments (again lets leave out interest, at this point it seems like a foreign concept to most people here).

SO you paid 30K (initial 5K plus 25K)
Bank is still out 270K

You stop making payments... You get foreclosed on. How does the bank lose? They get the house back....

The bank is not a real estate company therefore they do not want house back nor do they want to own a bunch of rental property. They want their money back. So they sell the house at an auction. Ut Oh, the house sells for a lot less, how did this happen? It could have been because you over paid for it in the first place, or the real-estate values went down, or you trashed the house making it worth less, or you gutted it on your way out, or all of the above. Let's say it sells for 200K...

Bank put out 270K and got back 200K plus a TON of money in legal fees to go through the foreclosure process. So they lost 70K+

You lost 30K. The bank lost 70K+ Now lets add this to the equation, did you really lose 30K? No, you gutted the place on your way out and likely sold some of that shit on craigslist. You also didn't make any payments the last 6 months (living somewhere rent free???) If you were paying rent during that time you would have been out of pocket 6-12K. Then you also got to live someone where for the year that you were paying on it, which if you weren't living there you would have been paying probably the same amount as your mortgage (or close to it) in rent some where else.

So how much do you really lose, how much did the bank lose ?

This is just your way of rationalizing the purchase of that new helicopter you've been wanting.

Why don't you buy the ones with more "missing"?

Do you hate making money, or what :winkwink:

Work smart, not hard.
Feed taco bell to the taco bell dog and hook his "ass" up to the ceiling fan. :thumbsup

You make some very good points.

Motherfuck idiots who DON'T EVEN READ THEIR LOAN DOCS and then cry when they're expected to LIVE UP TO THE TERMS OF THE CONTRACT THEY SIGNED.

Motherfuck crooked greedy stupid "money changers" who were STUPID ENOUGH TO LOOK THE OTHER WAY WHILE THE AFOREMENTIONED IDIOTS WERE BUSY BEING AS STUPID AND AS GREEDY AS THEY ARE.

Motherfuck the bailouts, too. Biggest theft of wealth in the history of all mankind.

Fuck everyone
I don't really like anyone any more

I like that you see the thing the same way that I do. About god damned time more people did. Because we're right.

Thats why forclosures are bottom priced... these people are pawning everything they can get just to stay above water. And their homes are not upkept obviously cause they have problems.


Sabby:)

Will76 speaks the truth :thumbsup :thumbsup

The fucking sense of entitlement among the degenerates on this board pisses me off :2 cents:

:1orglaugh :1orglaugh

Are you kidding me? You're all up in arms over this? For fucks sake, 30 minutes and that is FIXED.

i find it so odd that your houses come with normal applicances with you buy them.. here bring ure own fridge, washing mashine etc.. i wouldnt want someone elses anyway!

Although this is true in many cases...but what would happen if you showed up with a sportsbag filled with 150k to buy a house?

the big banks knew exactly what was going on and knew it was very risky but like all investors, when you make a bad investment, you take a loss, well not when you get government to bail you out. basically they have a golden ticket to invest as recklessly as they please because they won't be allowed to fail.

people are stupid! individual morons being allowed to determine if they can afford a mortgage or not is crazy! banks should be protecting their assets. not giving them out like candy "assuming" the buyer is responsible and knows what he's doing. the whole housing crisis was like a huge pump and dump stock scam, at least to my simple mind. of course people are going to lose their homes when their payments double due to the whole subprime scam which should of never been legal in the first place, a lot of people didn't even understand the concept.

The bank is not giving you a loan of 300k on a house worth 200k. You also forgot the bank doesn't actually have 300k to lend , they are simply borrowing the 300k at a lower interest rate than you :)

If the bank sells the house for 400k do you think they give the 30k back ? So if the house sells for the same or more then you lost 30k and the bank made money.

Let's not use completely unrealistic examples.

Lets stick with your example except with a realistic re-sale value on the house.

Lets say i bought the house for rental income and the renters lost their job, they default to me , i default to the bank , the bank defaults to the government.

I shouldn't have relied on the renters to pay , the bank shouldn't have relied on me to pay and the gov shouldn't have relied on the bank to pay :)

everyone fucked up , but the renter didn't really lose shit, the bank didn't really lose shit , infact they made money , and i am the only one who lost a shitload of money , ya can't throw me a fucking fridge and some new drywall ? :1orglaugh

I have, and alot more than that. Its the way business gets done. Its the simpletons that believe otherwise.

I was looking at one the other day it wasn't too bad but whoever was there had taken the fitted dishwasher and the microwave/hood

lol maybe in asia but do that in the states and they'll call the cops on you. only a moron would take a gymbag full of cash anyways, could be fake, could be stolen from a bank..could be anything.

The entitlement mentality is why the country (and probably the world) is going to shit. That and the fact that politicians pander to these types of people.

That and the anti capitalism vibe. The "jealous" hate for companies that profit "too" much or make too much money in the broke dick public's opinion. The "fuck the rich" mentality, lets make the rich pay un-proportionality more in taxes then everyone else because they already have a lot of money so make them pay for it. The rewarding of laziness and failure. The dumming down of America and our education system that is ranked 30th in the world.


It all starts and ends with people taking responsibility for their own actions.

You get way to detailed for most GFY'ers to follow, most banks flipped it to fanny mae, freddie mac who serviced the loans and took the debt. Regardless of the exact details, at the end of the day the bank is taking the loss if the house sold for less than purchase price minus money collected from the idiot bought it.

That will rarely if ever happens. If there was equity in the house the person would have sold it on their own prior to losing it.


I agree and that is reason for ME to be pissed at the banks and the people running them thrown in jail. But is not an excuse for the idiot who bought more house then he could afford then lost it, to be pissed at the big bad bank and want to blame them (and everyone else) for their problems.

You'd think people would be smart enough to know what they could afford or not, but most can't. The banks fucked up and let the tax payers down. They let the idiot's make decisions, and like typical idiots, they get to make their own decisions, fail, and get mad at someone else. classic.

LOL at the pictures

That would depend on how we define "anti capitalism" and "jealous hate".

For every idiot who took out an interest only ARM to buy a McMansion on a burger flipping salary, there's another in deep shit due solely to job loss.

Job loss resulting from the national economy getting deep sixed by the housing meltdown.

When people like that watch those very same Wall Street shysters and "too big to fail" bank executives - that ruined the economy - then pay themselves bonuses in the tens and sometimes hundreds of millions... well, who can blame them for feeling just a tad of "jealous hate".

Moreover, now that they're jobless, soon to be evicted and sans credit for a whopping seven years, many of them aren't exactly fanboys of unregulated capitalism anymore.


I don't know about you, but I'm not quite so inclined to begrudge those poor slobs their anger :2 cents:

Will76, this is about one thing I do not agree with you on.
Your example is in a perfect world, with leaning towards the banks line of crap they tell you.
Lots of people even with equity in the house when they quit paying just walk away. the bank does NOT sell the house for what is OWED, they sell it for what it is worth.

Trust me Will, I have friends on all sides, even worked i n the credit business right along with banks. What I don't know is what scares me, with all the ways they make money off houses.

Where you are wrong on this, is you believe No ONE in the banking industry is a BAD guy.
I am also not saying this is the case with Every house, and yes they lose their ass with others, but they also have insurance, or now the bailouts to cover their ass on those, not to mention write downs, write offs, whatever they want to call losses claimed on taxes.

People did buy more than they could pay for, as MOST people that have Loaans o n a house. Jobs come and go.
It is partly the banks fault for approving the loan also.