can banks take other possessions if ...

can banks take other possessions if your home is foreclosed

Posted in the Dyersburg Forum

guest

United States

#1 Jan 13, 2010
If your home is foreclosed and the appraisal is more than you owe for it can the bank take your cars, furniture, etc if those things are paid for? Can they take possession of your bank accounts...I am talking about small accounts.
Yes

Martin, TN

#2 Jan 13, 2010
If there are leins on them concerning your home. Yes they can take those things. Yes they can clean your bank accts. out before you know it. You need to get all of your money out of the bank accts. before foreclosing. You don't need to move out of your home until the last court date because they can get you for abandement or neglect of your home also. Be very careful at what you do. You by all means do not have to clean the residence out after you move either. Take whatever you can ceiling fans, bathroom mirrors, light bulbs, shower heads, appliances, curtain rods, mini blinds, anything of any good use for you later. But by the way if your house appraises for more than you owe borrow money on it until you can get back on your feet. That is why there are loans called second mortages. Be careful if you may not be able to afford it later than foreclose on it. It will be more of a blessing on you or your family. Take it from me I know it is rough from experience. Wish you luck!
anon

United States

#3 Jan 13, 2010
If you damage a property by removing the ceiling fixtures, plumbing fixtures, cabinets or anything else that is needed to resell the property, you will be sued. It needs what is in it in order for you the bank to resell your property. IF you lose your property and they foreclose on you, they will then try to sell your property to recoop what you owe. If your home sells for less than what is owed, you are still financially responsible to the bank for the remaining balance on your loan. It's not as simple as Yes is trying to make it seem for you.

Bottom line, if you owe money, you owe money. Trying to run away from it or trying to stiff somebody else out of your misfortune is basically stealing.
guest

United States

#4 Jan 14, 2010
anon wrote:
If you damage a property by removing the ceiling fixtures, plumbing fixtures, cabinets or anything else that is needed to resell the property, you will be sued. It needs what is in it in order for you the bank to resell your property. IF you lose your property and they foreclose on you, they will then try to sell your property to recoop what you owe. If your home sells for less than what is owed, you are still financially responsible to the bank for the remaining balance on your loan. It's not as simple as Yes is trying to make it seem for you.
Bottom line, if you owe money, you owe money. Trying to run away from it or trying to stiff somebody else out of your misfortune is basically stealing.
When people lose their jobs I don't think it is trying to stiff someone out of money. But when they take a house that is worth $50,000 more than you owe the bank is getting the value of what is owed them. and No I did not remove items from the house that belonged to the house.
If they take my car I will have no way to get to work to continue to buy food and other necessities.
Dyersburg resident

Sioux City, IA

#5 Jan 14, 2010
guest wrote:
If your home is foreclosed and the appraisal is more than you owe for it can the bank take your cars, furniture, etc if those things are paid for? Can they take possession of your bank accounts...I am talking about small accounts.
Nobody can take anything from you unless there is a court judgment against you. A foreclosure judgment is ONLY for the house, not your car, furniture ect. An empty house, that's all. Several court filings have to be made by the bank. The first is for foreclosure of the home. Under the law, you are still liable for the money owed on the mortgage. In order for them to get this money, they have to file another motion in court asking for a judgment in the amount you owe on the mortgage. If it is granted, they can then garnish you wages, or seize bank accounts. They cannot take your car, your furniture, ect.
anon

Miami, FL

#6 Jan 14, 2010
guest wrote:
<quoted text>
When people lose their jobs I don't think it is trying to stiff someone out of money. But when they take a house that is worth $50,000 more than you owe the bank is getting the value of what is owed them. and No I did not remove items from the house that belonged to the house.
If they take my car I will have no way to get to work to continue to buy food and other necessities.
If you lose your job and can't pay your mortgage, that is not trying to stiff somebody. If you lose your job and realize you are going to lose your home and start pulling down fixtures, you are trying to stiff somebody. That's my point.
Gaston

Chandler, AZ

#7 Nov 29, 2012
What if the house got foreclosed and there is a car there that has a lien from another bank. what happens to the car? does the new house buyer get that car too even tho the car is owned by another separate bank?
guest

South Sioux City, NE

#8 Dec 4, 2012
I have been told by several people that when people loose a house they do strip it of everything and the banks are use to that. As a matter of fact they dont know whats in it to begin with. I have never been in this situation but I can see why people would want to take their things. I also see the banks views however the people have a lot of money invested and it is just taken out from under them. But like I said it is not uncommon for people to strip the house and when a bank loans money they do not know about the inside of the house or what improvements you have done so how can they come after you if they never knew you had it in the first place. I will admit I was shocked when someone told me that ppeople did all this to a house.
Guest

Jackson, TN

#9 Dec 4, 2012
guest wrote:
I have been told by several people that when people loose a house they do strip it of everything and the banks are use to that. As a matter of fact they dont know whats in it to begin with. I have never been in this situation but I can see why people would want to take their things. I also see the banks views however the people have a lot of money invested and it is just taken out from under them. But like I said it is not uncommon for people to strip the house and when a bank loans money they do not know about the inside of the house or what improvements you have done so how can they come after you if they never knew you had it in the first place. I will admit I was shocked when someone told me that ppeople did all this to a house.
The bank has money inveted too. The bank is owned by local stockholders in most cases around here. Why should the bank lose money when they loaned it in good faith. taking oyur possessions is one thing, taking ceiling fans, light fixtures etc is just plain wrong.
guest

South Sioux City, NE

#10 Dec 6, 2012
Guest wrote:
<quoted text>
The bank has money inveted too. The bank is owned by local stockholders in most cases around here. Why should the bank lose money when they loaned it in good faith. taking oyur possessions is one thing, taking ceiling fans, light fixtures etc is just plain wrong.
Your entitled to your opinion! However to take peoples money (when they invest to make home improvements and do upkeep on the property such as putting in central heating and air and etc.). Would you want to just loose all your money? But everyone has a right to their opinion. Most people want to do the right thing the banks just wont work with them and they have no choice. Think about it , it has to be very hard to put all youor life savings in a house and have to walk off and loose it because of this economy. But I understand if you work for a bank you would feel different.
file bankruptcy

Sioux City, IA

#11 Dec 6, 2012
If you file bankruptcy noone can touch anything you file on unless you file the non-payment kind. Then you pay one set fee and give everything that is a secure debt back and non-secure debt you just don't owe any longer. Ruins your credit for a few years but hey, so does forclosure and repossesions.

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