Home Owners Try to Salvage What They Can Before Foreclosure
BY MELISSA DITTMANN TRACEY
Recent news reports reveal home owners are going to great lengths to rescue their homes from foreclosure – even if it means dismantling the house and selling it off piece by piece. That’s what one Ontario, Calif., woman has recently been accused of doing.
The woman is accused of trying to save her 71-year-old historic home from foreclosure by selling its flooring, baseboards, and other fixtures on eBay. Police intervened when city officials complained the home was being desecrated.
“Until the bank takes it away, that’s my home,” the home owner Kim Shewalter told the Associated Press.
Other home owners, particularly in California, it seems, are looking to avoid foreclosure altogether, even if it means setting their home on fire rather than having someone take it from them.
The state reported a 76 percent increase in “questionable residential fires” in 2007, citing many involving home owner’s at risk of foreclosure who wanted to collect insurance money, according to a recent article in Fortune magazine.
As the saying goes, desperate times (or home owners, in this case) call for desperate measures …
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Comments
I absolutely agree that the foreclosure could be the worst what could happen to you but I consider to fire your house as a very drastic action. It might cause trouble to your neighbour as well. I know what does it mean personal attachment because I own two lovely Toronto houses. I can`t say that nobody would take them from me, but still I would have respect for them not to set on fire.
Posted by: Toronto homes | January 25, 2008 09:04 AM
If more people would talk to a Primerica rep and get a S.M.A.R.T. Loan, they probably would not lose their homes. You realtors are doing a disservice to your clients (especailly the ones who bought with option-ARMS and 80-20 and neg-ams from your "buddy-buddy" loan officer) by not seeking out and finding a Primerica rep and learning about our loan, as no-one in America does what we do!
Posted by: Lia Katzman | February 8, 2008 03:58 PM