Foreclosed Homes Trashed During "Sharpie Parties"

Originally posted by Xtrozero
Banks do not want this...they lose their ass in every foreclosure, so it is not something they plan for in an attempt to screw someone over to make money....

I am sorry to say my friend, but you are way wrong. The banks don't lose a penny on any property they foreclose on. Often they double their money at the least. I say this as someone who contracts for hud cleaning these homes. If they lost money, then they would be more inclined to help people through the modification programs. They would also not offer a "cash for keys" program. Thats right, google that, the banks pay people to move out of their homes. They would also be more inclined to move the homes fast, not let them sit for a year or often times more. The foreclosed homes banks sit on are "assets" on their books to make them look a little better on paper. They have no inclination to help people stay in their homes, and they far from "lose their asses" on a foreclosure.

reply to post by Kastogere


My opinion is that while people do some of the same things that animals do, most people have another faculty that animals don't have. Hint: It has something to do with the way you use your brain.


I am not a homeowner. I work hard. Even though I work hard, I can't afford it, I know this. It isn't anyones "fault" (other than my own) it is just life. No one owes me anything, I have the right to life, to liberty, and to pursue happiness.

I also know that it is not right to destroy/damage something that I don't own free and clear. I understand frustration and anger all too well. Emotion does not make this right. Trying to justify this because "it's someone elses fault" doesn't make it right.

reply to post by Blacksheep1


So tell me how does a bank make money when lend 300k for a house that devalues to 200k and then the person stops paying their mortgage and then they stay in the house for let's say 6 months not paying and when they finally leave the house sell at auction for 150k....

reply to post by pwndnewb


I wasnt justifying anything...just merely pointing out that we are still animals....and the human brain is overrated...if you don't think so...just watch war footage over and over until you get the point.

reply to post by Xtrozero


Well for one, they were already bailed-out by the American tax-payers to help keep people in their homes, but instead pocketed that money. Do you personally know or have heard from one person who has received a modification? Probably not, because the banks are not interested in working with the homeowner.

There are many scenarios in which the bank can make money on a foreclosure depending on the situation.

Here's one scenario: This is an actual real life example of an FHA foreclosure. A person buys a home for roughly $116,000. Makes payments for six years. The bank has made the money from the bail-out plus roughly $45,000 in interest and principal payments from the homeowner. The bank forecloses. The person lives there for a year for free. When the eviction is complete, the bank turns the home over to FHA and is paid back all of the unpaid balance of the loan. the house is now owned by the government and is their problem. It is placed in the HUD program.

I did a quick google search and found many other ways they can make money. You can try it for yourself if you'd like.

Here's another example:

www.youtube.com...

And here is an article that explains it a little better than I did:

www.michelashomes.com...

There is plenty of info out there if you do not trust the above sources, those were just pulled up in a quick search.

But trust my friend, RARELY, if ever, do banks lose money on a foreclosure.

(edit: srry dont know how to imbed video, so I just put in the link)

Originally posted by jude11
reply to post by cosmicexplorer

 

There are so many ways to make change in the world

Name one.

One that won't get you arrested, fined, beaten by police, put on a no-fly list, labeled a terrorist?

Just one way that we can all follow that actually will produce results of any kind.

Peace

Hey Jude,

You could try getting people to vote for a candidate you like, you could try running yourself...Im not sure why you think you will be beaten by police. I am a cop....I don't like the decisions our government is making...especially in the area I work. I voice my opinion all the time. I have never faced repercussion of any kind when voicing my opinion. I put my case together with evidence and then come forward not only with a gripe but with a solution as well. We have even gone to the papers with stories on how we think things are wrong. I can assure you I have never "beaten" someone cause they hated the police or the government. However If I responded to a group of people doing a felony amount of damage to house I would make an arrest. Im not saying you agree to damaging these houses. I just don't see how someone would think this was ok. Imagine if then I used the same logic, as a cop, and said that I was going to break everything in your house because I know you stole something. When I say you I don't me you specifically I just mean the general public.

I feel for you, I hate what is unfolding in front of my eyes as well, and even though in your eyes I may be on the other side I promise you I am just as frustrated. Maybe different things piss us off, but I bet if we sat down over a beer we'd find we think alike.

We have two options for change. A peaceful way or a violent way. I have been to war in the military and as a cop...I am prepared for it...and I swear to you I would do anything I could to make all change done in a peaceful way. All is not lost yet my friend...exhaust all options first is all im saying.

reply to post by Kastogere


If you felt that I was attacking you, you have my apologies as that was not my intention.

Perhaps I should have added a better clarifier. My initial statement was directed toward your comment. The second part of my statement (please note that I tried to space between the first statement reply to your post and the rest of my post) was actually directed at the discussion of the topic in general and not at any person in particular. Perhaps separate posts would have been clearer.

Now back to your post.

I think if you bring war up, you might just be insulting the animals (as far as I know, they don't make war...),

Peace to you.

reply to post by pwndnewb


And you would be right...animals would not act in such a way.......

No worries......

Originally posted by Sergeant Stiletto
While I understand and sympathize with the sentiment behind this, it's just juvenile and wrong.

What if every time someone didn't like an outcome they behaved like this? It's uncivil and it's criminal. It seems the height of irony and ignorance to be pissed off at the banks uncivil and possibly criminal behavior only to do the same.

Plus think of the natural resources wasted on revenge as well as the even further devalued properties surrounding these homes...

If banks wish to disrupt peoples' lives to such an extent that they have nowhere to live, then let the banks pay for that privilege.

So, what, they are too big to fail, but not big enough to be able to pay for "improving" one of "their" many "owned" properties?

Hit em where it hurts - in the 1s and 0s! Sharpie parties FTW!

If the properties surrounding these sharpied homes are being devalued, then it's up to the bank to have the place spick and span as quickly as possible. If they dilly dally, I'm sure the owners of said surrounding homes would be entitled to take legal action against the bank in question. See? Everybody wins!

reply to post by 46ACE


Ok. Well when the US Taxpayers want to step up and start making some serious changes about who they allow to control our economy, you let me know. When that happens - when greedy/corrupt businessmen are not running our Banking system - THEN I'll start respecting their right to steal a sharpie free house.
But at the moment, I don't have the time to even begin listing the MUCH more violent, cynical and unethical atrocities committed by these Banks on the daily. Manipulating prices, lying about numbers, creating empty house that sit and sit and sit while in the meantime families, children and fellow human beings are living on the streets.

Keep standing up for the banks, though. Really. I'm sure when SHTF they'll be there to back you up and make sure you're okay too. /endsarcasm

reply to post by eleven44


I don't entirely understand why the banks are demonized over this.

If you come to me and ask for $300k to purchase a home, I would have you sign a contract with the terms of the loan. Being that I paid for the house, the house is mine. I'm letting you live there. That being the case, if you refuse or are unable to adhere to the contract that you signed, I can't think of one reason why I would allow you to continue living in my house.

You could say the contract was shady and maybe it was, but isn't it your responsibility to know what you're signing? Its not entirely the bank's fault if the contract is long and complex nor is it their fault if you have absolutely no idea what you're doing. If I was lending someone a significant amount of money, I would make sure every loop-hole was closed so I wouldn't get screwed in the end. If that makes the contract too complex, you could very well take it to a lawyer and have him or her help you figure it out and make sure there isn't anything shady in the fine print.

Honestly, I've never seriously looked into the housing market collapse or the banks role in the whole debacle, hence my lack of understanding. Nevertheless, this seems a lot like an issue of personal responsibility. If you don't understand the contract, don't sign it. If you have a variable-rate mortgage, you should understand exactly what that is.

damn, wish i had done of this when my stepmother forced my father's house in to foreclosure. would have been fun and prevented her from getting her from getting the 65k the sexist judge gave her. unfortunately, i saw no reason to hurt the bank since the bank had done nothing wrong. just business a usual for them.

Well I wouldn't call it a "sharpie party" but one of my REO assignments had the Personal Property Notice expire 9-3-12. So since I had no communication from the previous owner, I went to inspect it the next day. On the sides and back of the house was purple spray painted grafitti all with political slogans. I suspect it was the previous owner. So now if the bank is willing to rehab it, now we have to do an exterior paint. Just chiming in with a recent update as to this sort of activity.