your thoughts please : BOA removes above ground pool

[Zach Shafer]

The quick version of the story:

Local person filed for bankruptcy in 2010, and according to them, 'gave they keys' back to the bank. House has sat vacant ever since then. County records still show it in the persons name.

BOA is finalizing 'foreclosure' on the property finally, and has set an auction date for early August. I noticed in the last two weeks, the BOA Field Services company actually took down and removed an above ground pool that was located on the property. Last time I was at the property, the pool was in deplorable shape, and there was a dead racoon in the pool, but WHY would the Field Services company remove the pool if the foreclosure auction has not yet taken place? Technically... the place is still in the previous owners name. No title change has taken place yet.

Does BOA have any type of legal responsibilty for things like this?
Is BOA just betting on the home not selling at auction, and already trying to prep the home for a REO sale?
Is BOA just 'doing the right thing' with removing the pool?

Judgement against the property is $350k+. BPO and local real estate agents believe the place is worth less than $100k now.

Your thoughts?

[Dion DePaoli]

Mark H. nailed it. I have done this before as a note holder. Prior to taking the deed in order to prevent further liabilities. It can only be done if the property is vacant. But it is pretty stand procedure for above ground pools that are in serious disrepair. In 2008 and 2009 there was a string of lawsuits of kids falling in pools and city liens on title for health violations.

The comment that was made about giving the property to the bank, probobly is missing details. Just because a borrower wants to give the property back does not always mean the property will not be sent through the foreclosure process. If the property title had liens we would still foreclose, sometimes under no contest. In Illinois you would still have to grant right of redemption as well. Both of those would add to the time it takes to gain full possession of the property.