I know someone who's house is about to be foreclosed. He is thinking about removing the major appliances, fridge oven and even the dishwasher. Is this going to cause problems?
Thanks to everyone that responded. I will pass on your suggestions and ask him a few more details then let him decide. He's not planing on trashing the place, I think he's just angry at the whole situation.
Anonymous
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It depends on how much he owes on the mortgage vs how much the bank can sell the home for. Taking all the appliances (or trashing the house) just brings down the value of what the bank can get for the home. Just because the bank foreclosed doesn't mean he's off the hook. Example: If the bank only sells the house for $175,000 because of the condition of the house and he owes $200,000 after the payoff and legal fees, they will come after him for the $25,000.
I have seen some really trashed houses (even the copper pipes riped out). It makes no sense to me. The person who trashed the house will end up paying if there is a shortage
ebosgramma
Once the foreclosure is complete the home will be sold and the home owner will still owe the difference between his loan amount and the total sale of the house. If he takes the appliances the house MAY sell for less than it would if he left them. In the end he will pay one way or the other.
He is legally allowed to take the appliances with him if he chooses to do so before the foreclosure is final..
emj546
Does he own the appliances? Or did all the appliances come with the house which they are foreclosing? Morally it would be wrong to take something that does not belong to him. I'd read the paperwork very carefully.
bklyn_40
Depends on the laws of your state. Most states require that the oven must stay. The fridge can be removed.
KKup
He should sell what he can sell. Most people do in that situation. We are looking at a bunch of properties that are in foreclosure and none of them have appliances.