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Foreclosed Homes Being Stripped of Innards

Date:July 22, 2008 | Author:Diane Tuman | Category:Foreclosures

Atlanta police view burglarized home. (Photo Courtesy CNN)

Police in Atlanta are seeing the effects of homes vacated by owners due to foreclosure: the insides are being gutted by thieves who rip out copper piping, water heaters, air conditioning units, stoves, refrigerators, cabinets, the kitchen sink, and even toilets.

Affluent Atlanta neighborhoods are now being targeted with thieves being seen carrying full bags full of copper, or pushing baby carriages and shopping carts full of stripped building materials.

As we said before, if you see something weird, it’s probably related to foreclosure.

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Responses (4)

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Jonathan Blackwell 6:35 PM - Jul 22,2008

This creates a problem moving these properties. Traditional loans are not going to work on stripped properties because lenders will not lend on collateral in disrepair. Generally, the only way to go when this happens is to get a FHA 203K or other renovation loan/ You could also pay cash, but for most that isn’t an option.

http://www.gogreenwithfha.com
Loan Modification 3:39 PM - May 6,2009

FHA 203(k) is a possibility; nonetheless, would you buy a home that has clear evidence it has been burglarized recently? Foreclosure or not, for my family’s safety I would not.