Buying Foreclosed Homes

[LaSorcia]

Indeed. The banks are the owners of foreclosures. Where it gets wonkey is when this happens:

Bank of America forecloses on house that couple had paid cash for

And it happened a LOT back 5 or 6 years ago. Especially in Florida.

To me - buying a house seized illegally is definitely immoral.

What a nightmare!

 

[Dave-W]

What a nightmare!

Indeed. I would have sued to have my belongings ALL put back in the house exactly as found, and have the house move-in ready asap. If they had already sold the property and another party moved in, evict them and find them another residence at the bank's expense.

Then we can start talking about payments for the inconvenience and punitive damages.


IOW, make it so overwhelmingly expensive for the bank they will make **** sure they never just pass off on a form letter again.

 

[Moxie123]

Do you think it's ethical for a rich person to purchase a 2nd home, one that has been foreclosed?

I don't have any qualms about someone with a low budget buying one, especially if they couldn't get a home otherwise.

Is it a sin to profit from someone else's misfortune? Does it matter what is done with the house after purchase?

This is similar to adverse possession: is it ethical to claim a foreclosed home via adverse possession.

If you contacted the previous owner and asked him if he'd like to move back in, can you make his house payments for him? Otherwise, he's right back to square one with his house foreclosing.

However, I know people who have a private self-supporting ministry who move people back into their foreclosed home. They pay a monthly price to the ministry they can afford in exchange for learning how to secure their home from foreclosure. Learning how to do that is a big commitment, and few people are up to the task, so on that note, you have cart blanche to buy that foreclosed home.

 

[He is Risen 72]

These scamming people that fraudulently purchased homes make it harder on the legitimate homebuyer/owner by raising costs and depreciating property values. Depending on the magnitude of their deception, they should face jail time for their fraud.

 

[Moxie123]

These scamming people that fraudulently purchased homes make it harder on the legitimate homebuyer/owner by raising costs and depreciating property values. Depending on the magnitude of their deception, they should face jail time for their fraud.

Yes, I fully agree that banks should be held accountable for foreclosing on a loan that never even had consideration to begin with.

 

[He is Risen 72]

I was referring to the people that had no money and knew well beforehand they could not afford the house but now that you mention it, international bankers did have a lot to do with Obamas housing market collapse.

 

[Mudinyeri]

I was referring to the people that had no money and knew well beforehand they could not afford the house but now that you mention it, international bankers did have a lot to do with Obamas housing market collapse.

So, did the administration's "anti-discriminatory lending" policies.

There's plenty of blame to go around if we're looking to point fingers for the 2007-2008 housing market slump. I was working in banking at the time.