Inside a foreclosure

by Morgan on October 2, 2008

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Watch this powerful video on “trash outs” the job of cleaning out foreclosed properties for re-sale. It’s a the sad reality of what’s going on on the ground.

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Tagged as: foreclosure, foreclosure alley, mortgage meltdown

Viewing 11 Comments

JC 8 months ago 1 point
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I like the guy who paints the lawns. Nice touch.

It seems like they are leaving a lot of money on the table if they're just trashing those computers, entertainment systems, etc.

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morganb 8 months ago 1 point
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It does seem like quite a waste that all this just goes to the dump. Some service must be able to parse the good stuff and take it to charity while trashing and recycling the other stuff. Seems poorly run in my opinion.

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6 /people/morganb/ /people/morganb/following/ http://blownmortgage.com 593001019 in/morganb morganb brownmorgan morgantis morganb

doug 8 months ago 1 point
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Its no their stuff to give away or sell. They cant do anything legally but throw it out or keep it.

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morganb 8 months ago 1 point
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How do they have a right to throw it out but not give it away? Once they take possession of it they would seem to have at least the right to dispose of it in the best manner. I mean, at least recycle something.

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Titlegirl from Ohio 8 months ago 1 point
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I am surprised the Banks don't take the salvage and sell it off. I agree - poorly run. Even if you got $50.00 for the computer it would be better than nothing. Altho, I can't imagine leaving all my possessions. Its not like the banks lock down the house and refuse entry. The forclosure process can take months. I guess at the end of the process ones mind isn't thinking straight.
I think I am going to set up shop outside the land fills and become a salvager.

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info4you 8 months ago 1 point
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Mortgage brokers, banks, realtors, appraisers, inspectors, insurers and everyone who enriched themselves processing the "zero down" 100% loans are responsible for fanning the flames of the real estate bubble and they should all be ashamed and held responsible.
Unfortunately, the fools in congress might actually pass the 750 billion bail out for all these crooks and not a nickel will go to the majority of people who have acted responsibly.
I feel bad for those who lost their homes and any public assistance should be determined by how much they put down when the bought their homes.
Home buyers who put zero down, or less, have already walked.
Good luck to everyone who thought real estate would go up for ever.

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Don 8 months ago 1 point
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And add Greenspan, Gramm and a gov't that left regulation and enforcement out the door.

That video should be required watching by every American. It was really powerful.

Thanks for posting it, Morgan

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Jim Dierking 8 months ago 1 point
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I relate to what I see in the video. I invest and develop real estate when I am not writing mortgages or assisting my clients with reducing their mortgage and consumer debt .

About a year ago, I purchased a home that was about to be foreclosed. I knew the owner and they approached me to see if I was interested. Well, I managed to get a pay off from the law firm involved, had the owner sign over the deed and made the deal. I even let the owner stay in the home for a brief peiod until they found a rental unit.

When the people vacated about a month later, they left everything. The only difference between my situation and the house in the video was that there was absolutely nothing worth salvaging. It took two laborers two full days and 2 1/2 30 yard dumpsters to clean out the place!

So, yes, the people do leave a lot, if not everything, but it is not always as neat and clean as it appears in the video! Just goes with the territory!

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http://www.4djk.biz

Jim Dierking 8 months ago 1 point
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Just a side note that the html links in my comments are not my links. Was not posting comments for the sake of soliciting business!

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http://www.4djk.biz

karl Keeler 8 months ago 1 point
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Want to know how this problem came about?? Start Interviewing HONEST Appraisers learn what it's like to loose clients cause you would NOT inflate values, Find out about the CASH BACK many of , they bough the stuff with the cash back. I am a Real Estate Appraiser in Pinal County AZ that basiclly does NOT do Appraisals cause I TRIED to tell the truth during the FALSE Boom oof 20054-2006 Wake up America we are in deep trouble!!

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Angela 3 months ago 1 point
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I have "trashed out" several houses in this last two weeks with a friend doing the work and needing some help, not to mention, I needed the job. It is really sad. These people leave behind stuff that I think of as irreplaceable. I feel sure that they dont leave it behind by choice, and probably, will regret losing some of these things forever. This is an incredibly sad time in America. If the banks can justify foreclosing on the homes and resell them for a fraction of what they were originally supposed to be worth, while sending people out into the streets, well I dont know. Either they were incredibly overpriced to begin with, or the banks are in as much trouble as these poor people who are losing everything. Maybe these people were poor at managing money, or ignorant to the market when they purchased thier homes. However, I truly believe that alot of people were decieved by a market and banking system that got thier money because of private mortgage insurance and are collecting in another way on those same poor people. They have already colected on private mortgage insurance for defaulting on thier loans, now they're cashing in on reselling them. Sad, sad time in The United States of America, land of the free!

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