Question and Answer: Foreclosure Stripping
Q : Hi Anthony: Recently my neighbors’ house was foreclosed on, and we got into a debate when they said they were going to strip the house of the light fixtures, ceiling fans and appliances. I told them that this was illegal, but they disagreed. What can owners take from a foreclosed home? Mary L. in Chandler, AZ A: Mary, Your neighbors could face prosecution if they decide to strip their home. Not only is it considered a felony in Arizona, but it morally wrong. The following is a list of items that must stay in the foreclosed home: Appliances such as built in microwave, dishwasher etc. Cabinets and counter tops Furnaces and air conditioning units Plumbing and copper pipes Electrical wiring Light fixtures and ceiling fans Doors and hardware Flooring such...
FBI investigates foreclosure stripping in Phoenix
W ith Arizona foreclosures up by 600% since 2005, realtors are seeing more and more foreclosed homes being stripped right down to the bare walls. It is estimated that 85 to 90 percent of foreclosed houses under $200,000 have been stripped. Homeowners are taking carpet, tile, cabinets, sinks, light fixtures and even door knobs. Many of the items are showing up on Craig’s list and the FBI special mortgage fraud task force is now investigating. “When you sign the deed to the home, you agree not to devalue the home. Stripping it is devaluing the home and that’s illegal,” states FBI Special agent Julie Falferty. Not only is foreclosure stripping a felony but stripped homes have to be sold for 30 – 50% less than their full...