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About: Foreclosure stripping     Goto   Sponge   NotDistinct   Permalink

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Foreclosure stripping is the process in which the owners of a foreclosed property will remove fixtures and fittings from the property in an attempt to salvage some of their investment. Malicious foreclosure stripping is done by home owners who render damage throughout the property to significantly decrease its value and cause the foreclosing bank to accept a lower price when it is resold. Foreclosure stripping has been a growing trend since the 2000s decade and especially became an issue during the subprime mortgage crisis of 2007–2010.