Strategic Default Monitor – How To Strategically Default

Wednesday, June 30, 2010

Got Questions? Get Answers...LB Wants To Know What Can Be Taken From Home When Walking Away

GOT QUESTION?

Hello,

First of all, thank you for your website.


My husband and I are strategically defaulting on our home. When we bought the home, part of the negotiation with the builder was to have a fridge, a/c unit and central vac thrown in. I'm pretty sure I can't take the A/C unit, as it's probably considered a "permanent fixture". But could I take the central vac unit and the fridge? What are the chances of the lender looking at the original sale contract to see if these were included?


If you cannot answer for legal reason I understand completely. Do you have a good reference for a real estate lawyer that I could speak to on the phone? I am having trouble finding a good one in our little town (Bend, Oregon).


Thanks so much!

LB

GET ANSWER…

Dear LB:

The answer can be found in your loan documents. Normally a lender has some form of a lien on all of the fixtures and mechanicals in the home. As you correctly noted what is considered a permanent fixture for bank purposes.

I am not sure the difference between the fridge, a/c unit and central vac unit. Normally when people move they take the appliances.

The real questions is what kind of risk are you willing to take?

I wish I could help you more. I do not have any references. Perhaps you can contact the local bar association or a local non-profit legal association.

Feel free to contact me at anytime.

Thank you.

Augustine A. Diji

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