Title: law - If a house is in foreclosure what does the bank own vs what the former owner owns - Personal Finance & Money Stack Exchange
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If a house is in foreclosure what does the bank own vs what the former owner owns
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Content: It's sadly become common for homeowners to strip a home that's in foreclosure, taking permanent fixtures when they leave. Those items are technically your property until the place is actually foreclosed. If you happen to sell your fridge on Craigslist for $200, there's not much your bank can do. After foreclosure, the new owner's top priority will be to get you out of the house quickly and quietly. I've heard that they'll actually offer cash for cooperation, so that the resident can leave with some dignity and have some cash to start a new life. The bank isn't going to go after you for the curtains -- it's relatively unimportant, it's not worth their time, and you probably wouldn't be able to pay them back anyway. Disclaimer: I'm not a lawyer nor an accountant. Everything I just said is probably wrong. :) I learned all of this last year when I bought a house that had been foreclosed and was "stripped" by the previous owner.