Burning Down The House or Torching Your Foreclosure
Hold tight wait till the partys over
Hold tight were in for nasty weather
There has got to be a way
Burning down the house
(lyrics of the Talking Heads classic, Burning Down The House)
A report out of Memphis found that a new trend is emerging, burning down one home when it is in foreclosure. Out of the 148 residential arsons in the city, 20 are under foreclosure and 9 are suspicious are being investigated according to the report.
This does make one think. The risk of going to jail for arson measured against saving ones credit rating and according to the report getting revenge.
If you are reading this and think it is a good idea, think again. The penalties for arson and I would assume insurance fraud are much greater than having your credit dinged for a few years. 7 years bad credit or 7 years in jail. A no brainier in my mind.
Experts say the motivation is revenge – or the chance to collect an insurance claim. But the lien-holder, in most cases the mortgage company, is who gets the check, not the homeowner.
“The homeowner gets nothing in this,” says Kathy Thurmond-Edwards, a State Farm insurance agent based in East Memphis. “Acts like this, all they do is increase our rates on down the line.” via WMCTV.com
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Comment by Melfort Homes on 28 May 2008:
I think the proper terminology for this picture is financial combustion;)