Frustrated! You can't fix stupid I guess, but still.....

[MasterMech]

One of my neighbors has had a rough time of it for the last few years. She's decided to head back home to the U.K. (can't say as I blame her) and as such is walking away from her home that I'm pretty sure she can't pay for on her own. Her family used to consist of 3 boys and her husband, after a drug OD, suicide, and her youngest son being incarcerated, only the one son (he has his own family and does not live in the home) and her remain.

Her youngest son (incarcerated) left behind a Pit Bull which the poor animal is condemned to spend his days locked in his sheltered enclosure with just food, water, and near zero human attention. He frequently moans and otherwise expresses his loneliness but otherwise seems healthy. He will be dropped at a shelter if they can't find a home for him before she departs.

What really is eating me is today, I see the oldest son's FIL loading up a beautiful stone wall into his pickup and leaving just the bare dirt walls behind. He already took the caps and now is working on the rest of the wall. Obviously they intend to simply walk-away from the mortgage but really? C'mon here. That wall was the only piece of "curb appeal" the home had going for it.

I'm just a bit disheartened by the whole thing as I know their is nothing I can do about it really since technically it is their wall to give away still. But property values are way down here (many foreclosures in the area) and this sure isn't going to help. My wife and I are planning a major addition to our home but I'm having second thoughts about it now. We like this house and the overall location but the neighborhood has been taking a turn for the worse lately. We have been on the lookout for another home but finding one that is in an area acceptable to her, would allow me to continue my small repair business and be within reach financially, is quite a challenge. The tax rates here pretty much rule out anything with any kind of acreage or seclusion.

 

[Jack Straw]

Please move up here!!

One thing that really bothers me is that once the bank repossess the house it takes years to resell it and that does a lot of damage.

 

[MasterMech]

Please move up here!!

One thing that really bothers me is that once the bank repossess the house it takes years to resell it and that does a lot of damage.

Tell me about it Jack. House next door to my in-laws suffered that fate. Nice split level in a great neighborhood, 70% of it needs to be stripped to the studs now and it has Ivy growing up into the siding along the front entry way. All because the bank never took action and winterized the home after the deadbeats left. Ruined the heating system (hotwater baseboard) and mold throughout the finished basement. Took the power company all of 3 days to pull the plug after they were notified that they wouldn't be getting paid anymore.

 

[StihlHead]

It has been that way here for a long time now (since 2008). Foreclosed homes here are commonly stripped of all appliances, counters, cabinets, and any fixtures or items of value that can be taken or sold off. Then they are used as drug and party locations, or used by the homeless and get really run down. Its the way it is, and I have seen many of them. At first I was shocked to see the damage, but the realtors said all the bank owned property was like that. I was looking for houses from 2008 through 2010 when I bought my current home. It was a foreclosed wreak and was abandoned for 2 years before I bought it. I debated between just bulldozing it and putting a pre-fab stick built home for about $100k on it, getting a new double wide for $40k and replacing this one, or renovating the double wide that it had. I opted for the last option. It has a good well and septic, is on an acre (nearly impossible to find in Oregon outside the green line), and the property taxes are about $1,000 a year (yes, its not New York!). It was fully landscaped, and I paid about 30 cents on the dollar (the land and improvements alone are worth 2x what I paid).

It has been a lot of work. Oddly they stripped a lot of stuff, like the heat pump compressor, but they left the copper heat pump plumbing behind which I stripped and salvaged for $4 a pound. They left a good near new Earth Stove that I still use for heating, and a refrigerator and stovetop that I am still using. They had spread bacon grease all over the walls and windows, but that stuff does not go bad and did not do any damage. I found the oven smashed up and thrown under some large juniper bushes. I still find parts of the house buried under the landscaping. I found all the window screen in tact and reset them. They has taken down a large Ham radio antenna, but left a large concrete foundation for it behind, as well as the copper wiring and cables and stays to support it, and a lot of aluminum antenna tubing. They also left a nightmare for home wiring as they had a generator and the Ham radio equipment poorly wired in, but the genny was gone. I had to re-wire the main box and remove the genny and Ham radio stuff to get the power turned on (the county had to inspect it first). I had to tear down the garage as it was not legal, which is a bane for many of these foreclosures; you need to pull permits to do a lot of the needed repairs or resolve permit violations. As it turned out, I turned the garage into accessory buildings and thereby salvaged about $20k in value that is not taxable, and did not need a permit (my brother's idea, thank him very much!). The county has since signed off on that. It also has a tight metal roof which is invaluable here in the PNW. Its funky and a white trash trailer for sure, but I remodeled the inside and it is more than livable. It is also far enough away from the city and suburbia, yet they are close enough to get to. They will never put a sewer in here and charge me the $30,000 for connecting to that (a big problem in county areas around here). I do not have cable TV or wired internet service, but I also do not have a water or sewer bill. I have satellite internet access (thanks to Obama connecting rural areas like this one for cheap).

It is sad to see the foreclosure process unfold, and having to live through this global economic meltdown as a result. But I have a nice place to live for cheap as a result. The bank that owned this place was out nearly 4x what I paid for it, and the couple that defaulted on the loan went bankrupt. I can understand their intense hatred of the bank and the scams they used to peddle subprime and teaser rate loans on people that wound up defaulting on the loans. The banks had bundled and sold them as prime bonds, which resulted in the economic meltdown that we are still trying to recover from. Most people take it out on the bank the only way that they can, by stripping the homes of any value. Most people are not like me when they buy these, and they put as little as possible into run down foreclosures, and rent them out. Otherwise they just sit and rot and attract squatters, tweekers, and bums, drag down the values of other homes and lower the quality of life in the hood.

Sad to hear about the dog though. That is a crime, but also typical. I see it on the local news here all the time. Abused pets, abused kids, abused elderly parents, foreclosure nightmares of all types. All due to Wall Street and Big Banking Greed, INC.

 

[Backwoods Savage]

We feel your pain. Michigan has been going downhill super fast for the last 15 years or perhaps more. To make matters worse, many of the car factories simply moved out too leaving many without jobs. I think of the Buick plant in Flint where many were employed. I don't know for sure the size of that factory but do remember it was over a mile long. Then there is the old Oldsmobile factory in Lansing. No more Olds cars now. Many factories in Saginaw; closed and some even torn down. We're talking huge factories here. Naturally all this has taken a huge toll in many areas. People don't have dollars, they don't buy. Of course the worst is Detroit, but that has some other reasons too but it is an example of what is happening in Michigan. In our area, we see empty homes all over and many close to us. I recall one home that was built new not that many years ago. I know there have been already 5 owners....and the place is empty again. Really sad.

 

[Highbeam]

Plan on going over there and making it more presentable on your nickle down the road if it bothers you much. Nothing you can do while they are living there.

 

[Adios Pantalones]

I can't get past the dog.

 

[MasterMech]

Plan on going over there and making it more presentable on your nickle down the road if it bothers you much. Nothing you can do while they are living there.

I'm already mowing the lawn HB which the woman is grateful for. Don't need the ticks and weeds creeping over here thank you very much. I'm thinking a tank full of roundup on the driveway (gravel) would do a world of good too.

 

[MasterMech]

I can't get past the dog.

It's a sad situation AP. He's 2 or 3 years old, benign as far as I can tell. Just super lonely and depressed. Nobody wants him because he's gonna be tough to housebreak and or do any training with due to his age. Therefore no one will trust him with kids etc. of course the local shelters are full and my wife had suggested to them that they contact a rescue group specializing in Pits.

 

[Ashful]

Are you sure there's nothing you can do, MasterMech? Today the wall... what tomorrow? If the bank knows they're walking, they may take interest in protecting the property.

We have a foreclosure / repo in our neighborhood, and it's been sitting vacant 2-1/2 years, now. Very strange. Nice house, surely 5000+ sq.ft., in-ground pool, 4-5 acre lot, tree-lined drive...

Can't imagine what it looks like inside, or what it's going to cost some future owner to get that pool back in shape, after sitting abandoned for 3 years. No signs of anyone trying to sell it, yet. It just sits there.

The dog issue is inexcusable. Perhaps you can find them a rescue group, since it sounds like they will not? Putting it down would be more humane than letting it deteriorate in a cage.

 

[MasterMech]

Joful, after the wall, there isn't anything else really worth saving. I can only keep mowing it and pray they bulldoze the rest in time.

My wife has tried contacting a few rescue groups and their response has either been non-existent or that they have tier hands full already. Seems as if you have to leave a dog on their doorstep to get their help.

 

[Hearth Mistress]

It's a sad situation AP. He's 2 or 3 years old, benign as far as I can tell. Just super lonely and depressed. Nobody wants him because he's gonna be tough to housebreak and or do any training with due to his age. Therefore no one will trust him with kids etc. of course the local shelters are full and my wife had suggested to them that they contact a rescue group specializing in Pits.

Dogs can be trained at any age, I have rescued dogs 5-6 and turned them around. However, it takes time, patience and money, some or all of which, most people don't have. It kills me to hear about foreclosures on houses and the pets that get left behind. It is so sad, and even worse as a Pit, he will be put in a shelter and put down as they are hard to adopt. I wish I knew someone up there that could take him in and show him what a dog's life SHOULD be.

 

[Hearth Mistress]

I volunteer at our local SPCA so I just called the office to get some Pitbull Rescues. Your location just says Hudson Valley so if these aren't close, let me know and I'll try to get other info for you....

http://www.rescue-a-bull.org/

http://animalfarmfoundation.org/pages/home

http://outofthepits.org/

http://petsalive.com/

http://www.bullybreedrescueinc.org/About-Us.php

 

[Highbeam]

The dog is has food, water, and a kennel of some sort. It might be lonely but honestly, a huge percentage of animals are kept this way. My dog is not but there's a long ways between the conditions described and cruelty. When the lady leaves, I recommend checking that she didn't just leave the dog in the kennel to starve which does happen.

You know, the owners could always torch the place. We see a lot of that too, especially with cars. They commit arson and expect the insurance to cover the loss. Then you get to look at a burnt pile of rubble for a long time.

 

[MasterMech]

I volunteer at our local SPCA so I just called the office to get some Pitbull Rescues. Your location just says Hudson Valley so if these aren't close, let me know and I'll try to get other info for you....

http://www.rescue-a-bull.org/

http://animalfarmfoundation.org/pages/home

http://outofthepits.org/

http://petsalive.com/

http://www.bullybreedrescueinc.org/About-Us.php

Thanks Jenni!

My wife has done some checking (she runs a private kennel, boards and trains all types of dogs) and short of chaining him to a shelters front door, there doesn't seem to be much interest.

Pets alive sounds familiar, we are in Pine Bush, just outside of the Middletown NY area.

 

[MasterMech]

The dog is has food, water, and a kennel of some sort. It might be lonely but honestly, a huge percentage of animals are kept this way. My dog is not but there's a long ways between the conditions described and cruelty. When the lady leaves, I recommend checking that she didn't just leave the dog in the kennel to starve which does happen.

You know, the owners could always torch the place. We see a lot of that too, especially with cars. They commit arson and expect the insurance to cover the loss. Then you get to look at a burnt pile of rubble for a long time.

I'm a farm kid so I generally take a practical view on animal rights. You're correct that the animals basic needs have been met. He does stink like he might have a skin infection of some kind but he is sheltered, and has food/water.

But dogs are not livestock, they are pack animals that are not content to live a solitary, confined existence. They need a pack to lead/follow be it human or canine. His living situation may not be considered cruel by legal standards but this animal is miserable I can assure you of that. We do our best to visit him through his cage and offer treats/fresh water but he really needs more.

 

[Beer Belly]

Bet they strip all the copper out of the house. It would be great if you were able to contact the bank, buy direct cheap....they are not into keeping Real Estate, and maybe will to let it go at way below the current amount owed....fix it, and flip it, or rent it out for a profit...

 

[HDRock]

left behind a Pit Bull which the poor animal is condemned to spend his days locked in his sheltered enclosure with just food, water, and near zero human attention. He frequently moans and otherwise expresses his loneliness but otherwise seems healthy. He will be dropped at a shelter if they can't find a home for him before she departs.

This is what disturbs me

 

[MasterMech]

Bet they strip all the copper out of the house. It would be great if you were able to contact the bank, buy direct cheap....they are not into keeping Real Estate, and maybe will to let it go at way below the current amount owed....fix it, and flip it, or rent it out for a profit...

Honestly BB, I think if I had any interest in the property I would just level all structures other than maybe the garage and consider it extra room. I doubt the house would rent for enough for me to bother.

Just a bit of an update. About 20 minutes ago, they showed up with a UHaul and are loading the rest of the wall into it. Guess his Ridgeline wasn't cutting it.

 

[Lousyweather]

please forgive my ignorance, but cant the bank write off the loss on rundown properties? Basically allow them to rundown, sell them at a discount, and take a write-off for the difference? If so, does it pay for them to keep them up? My daughter bought a home on a short sale, and man, took them a year, and the hoops they had to jump thru made you wonder if the bank really wanted to sell the house in the first place anyhow......

 

[Hearth Mistress]

please forgive my ignorance, but cant the bank write off the loss on rundown properties? Basically allow them to rundown, sell them at a discount, and take a write-off for the difference? If so, does it pay for them to keep them up? My daughter bought a home on a short sale, and man, took them a year, and the hoops they had to jump thru made you wonder if the bank really wanted to sell the house in the first place anyhow......

I work for a mail company but the account I manage mailrooms for is a large bank and process what they call "default mail" mortgages in "pre-forclosure" foreclosure or bankruptcy. By the time mortgages are in default, the mortage holders can be over a year behind in payments. If they cannot qualify or don't have the means to restucture their loan (REO) proceedings continue to foreclosure. The average life cylce from first date of notice until the bank takes possesion is 21 months, for what we see. The problem is, once banks own the property, their goal is to keep it secure and sell it to get the bad debt off their books but they are not realtors. They hire local companies and contractors to board up windws, winterize pipes, cut grass etc. but A LOT of homes get lost in the shuffle and sit and rot away.
If anyone is looking to buy a foreclosure, now's the time as they are ramping up now as banks go into panic mode after the end of June as they realize they only have 6 months to get these homes sold before the end of the year.
While banks can write off the debt, it is not at 100% of the loss and is capped per year due to the new regulatory policies on banks regarding default mortgages.
It's a sad situation for sure, we see multi- million dollars homes to 20k mobile homes in default and at the rate our economy is recoverying, I only see it getting worse, before it gets better.

 

[Lousyweather]

Thanks for the clarification, Hearth Mistress!

Seems there should be some kind of solution here- ofttimes the worst situation is when no one is living in a domicile, for many reasons....folks break in to do drugs unmolested, folks steal stuff for resale, kids break in to break stuff for fun.....hm......rent the places out to folks?

 

[Ashful]

Rumor is someone found drug paraphernalia in the foreclosure up the street from me. Being a very upper-crusty neighborhood, I'm guessing it was some local teens breaking into the place, not anything more nefarious.

 

[Bocefus78]

Go ahead and start planting tres or shrubs to aid in privacy if the view is bad from your yard. Chances are that thing will sit for years from the sounds of it.
I had one (repo) next door to me for 3+ years. I cut down 14 lombardy poplars that were all dead, mowed it for 3 seasons, and got rid of the crap they left on the back porch just so I didnt have to look at it. It too was not winterized. Now I have some new young neighbors that have been busting their tails to clean it all up. They bought it about $30K less than what its worth. Its nice to finally have people that care next door, but it really hurts having comps in the neighborhood going for 2/3 of their assessed value.

 

[webbie]

I've always thought banks were hanging on because they could then have the houses and mortgages on their books look better. If and when they sell things, they have to use reality as the value...

This all sux, of course! I think there is definitely a move away from most of suburbia - that is, if it's not part of an economically viable town nearby. Young folks seem to be moving back into the cities...not as much longing for the burbs. And whereas they used to move to the burbs after the 2nd kid, many are not having kids or only having one, etc.

Things are different everywhere, of course. Property up here in w. mass and coastal RI has definitely been on the uptick. Both places have limited supply vs. demand, which is extremely important. Down in Sarasota, FL where we stayed this winter for a month you can pick up foreclosures for 100K - that's a single house on a nice lot within walking distance of downtown. There are vast supplies of houses down in FL since zoning and planning have been tossed out the window for $$$$ to developers.