New Form Of 'Foreclosure Stripping' Scam Rearing Its Head?

KGET-TV Channel 17 in Bakersfield, California reports:

• There's a new problem with real estate foreclosures as some residents have resorted to stripping everything from appliances to door-knobs from foreclosed homes before the houses go back to the bank.

• A neighbor said she took digital pictures on Labor Day of a male trio backing up a red truck into the home's driveway and securing a $4600-Viking stove to a flatbed trailer. [T]he lender took [the home] back two days after the pictures were taken. [...] The agent now trying to sell the home said more than $20,000 in property has been taken.

For more, see Taking everything but the kitchen sink from foreclosed homes.

Go here to view the KGET-TV Channel 17 video report.

For a story update, see No criminal charges in case of stolen appliances (Last week, 17 News told you about a police crime report filed regarding appliances taken from a home once owned by Crisp and Cole real estate agent Jeriel Salinas. Police have since determined it was a civil matter and will not be pursuing criminal charges. The current real estate listing agent said a $4,600-Viking stove was taken from the home, along with a microwave and dishwasher.).

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For a story on a homeowner in foreclosure being criminally charged for "endangering a security interest" for removing appliances, cabinets, lighting fixtures, door knobs and other items with an estimated value of more than $25,000 from a foreclosed house, see Homeowner In Foreclosure Charged For Trashing House Days Before Public Auction (the foreclosing mortgage lender held a security interest in the stolen items, according to the arrest warrant application).

Editor's Note: Assuming a home mortgage contains a standard "assignment of rent" provision, a mortgage lender likewise holds a security interest in any rent that may be collected from a tenant and pocketed by a landlord in foreclosure. A landlord pocketing rent in this manner without applying the money to the mortgage loan (ie. equity skimming or rent skimming) could potentially be also subject to criminal charges for theft of a security interest.

Go here for other posts on foreclosure fixture stripping. foreclosure fixture stripping apple David Crisp