Buyers Trashing Houses After Foreclosure
A “significant” number of people are willfully destroying their homes before complying with eviction notices as a means of exacting “revenge” on banks for foreclosing on them. This, in turn, has created a black market cottage industry where bankers bribe people with cash payments for leaving peaceably.
Megan McArdle doesn’t understand the pointless destruction, observing that it’s “hardly the bank’s fault that you can’t make your mortgage payment.” Indeed.
What I wonder, though, is why these people aren’t thrown in jail? Once they’ve failed to make their mortgage payments, the house isn’t theirs but the bank’s.