Re: removing assets from property in foreclosure
Posted by steele in minnesota on October 23, 2006 at 15:42:41:
In Reply to: removing assets from property in foreclosure posted by rich on October 23, 2006 at 14:00:30:
: we are in connecticut and property is in "strict foreclosure". We got our law day extended out to january and have had property on market for several months. lots of interest but no offers. have already reduced price 20k below market value. House is immaculate with many new updates. If we concede defeat and tell lender to come and get house what fixtures, appliances can we legally take with us. (i.e., stove, refrigerator, ceiling fans, etc.) I would not leave bare wires but replace expensive fixtures with cheap ones.
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First of all, I am not an attorney so I am giving a voice of experience not legal advise.
That said, you really should not be taking anything that could be considered a "fixture". Detachable appliances, fine.
Now, can you get away with taking fixtures and replacing them with cheapies? Probably. That is a matter between you and your own personal ethics.
When I am on the other side of things (working for the bank) I am not surprised to see the appliances gone. (OK, I was once shocked to see a built-in dishwasher had been taken. What is the market for that?) Detachable appliances are not considered part of the house.
Fixtures, well, I guess I would ask if they were in the house when any of the financing was done or if you used any money from financing to pay for them. If so, they are part of the collateral. At least in my opinion.
The lender is already taking a bath. They lose too.
Do what you feel is fair.
Just showing the other side of things.
Steele in Minnesota