In a home foreclosure, does the owner have to remove all furniture?

what happens, during a home foreclosure, if the owner leaves alot of furniture in the house, that he doesn’t want anymore? Will the bank just clean the furniture out of the house?

By | 2013-08-26T13:19:17+00:00 August 26th, 2013|Mortgages Home Loans Interest Rate|4 Comments

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  1. foenix August 26, 2013 at 2:49 PM - Reply

    It depends on which state you’re in, and some on local ordinances. I am an REO broker, which means I sell mostly foreclosed properties on behalf of the banks that have to take them back. Here, it is not necessary for items to be removed and stored, unless the value exceeds $300, yard sale value. In that case, the bank has to go through the court for a personal property eviction. Once they get a judgment in thier favor, they have the right to take possession of the property and remove the items. Most crews bust up the furniture and/or haul it to the dump, though I know of one that takes decent stuff to a thrift shop to donate.
    The problem that many people don’t realize, is that in some states, a bank can go after a borrower for a deficiency judgment. that means if they lose money after the sale, they can still make you pay the difference. So if someone causes a lot of damage or leaves a lot of trash/household items that the bank has to pay to take care of, the chances are more likely they won’t recoup those expenses, plus what they roiginally lent, plus legal fees, real estate commissions, etc, and you would be the one likely owing them money.
    My suggestion is to always leave the property in decent condition, remove your trash and personals, and don’t cause deliberate damage.

  2. Classy Granny August 26, 2013 at 2:27 PM - Reply

    Since I’ve never been in that situation I don’t know, but I wouldn’t leave anything without asking. You may end up being charged for it’s removal

  3. Sharon T August 26, 2013 at 1:59 PM - Reply

    Even in a foreclosure, some people show good upbringing by removing their personal items (including furniture) and others do not.

    Anything you don’t want should be donated to charity, given away or hauled to the dump. Any appliances that were in the house when purchased should be left.

  4. Sage August 26, 2013 at 1:30 PM - Reply

    It depends upon the jurisdiction. However, the general rule is this. The purchaser at the foreclosure sale will remove the furniture, place it in storage and give notice to the owner of the furniture. If the owner doesn’t claim the furniture, it is sold to pay the costs of removal and storage. If the sale price is less than the costs of removal and storage, the owner of the furniture must pay the difference. Thus, in most jurisdictions, it will cost you money to leave the furniture in the house. You are better off giving it to charity.

    Response to Additional Details: The foregoing rule applies in California. Give the furniture to charity.

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