Landlord defaulted on loan. What should I do?

[temeculaguy]

go to foreclosure.com to check for the nod, it lists the name in the preforeclosure tab and you can sort by street or name to make it quicker, but they lag in posting and the county doesn’t. Riverside county has grantee searches online for free that will tell you when the nod was, 90 days later, almost to the day will be the not, 30 days later will be the sale. check on the sd county website for grantee searches, don’t trust the landlord for dates. Worce case scenario is you have to make a personal visit to the recorders office at 1600 pacific coast highway, nods and nots are public record and they have to be recorded.

The best advice is what Padre said, give notice and indicate that your deposit will be your last month’s rent because you can’t be sure of getting it back since he is in default, don’t try to get anything for free but protect yourself from losing anything.

[EconProf]

BobS
I’d like to propose a “third way” strategy for renters and about-to-be-foreclosed upon landlords.
Instead of the typical adversarial relationship these two parties see themselves as being in, the fact is that they need each other at this critical time. The owner especially needs the tenant to keep paying rent right up to the time he loses ownership. The tenant presumably wants to keep on renting, but is understandably worried about getting his deposit back, plus having to move abruptly.
The landlord should propose a deal at this point. First, make full disclosure that foreclosure will occur, outline the minimum timeline, but point out that it could be much longer given the backup lenders face. To reassure the tenant that they will get their deposit back, reduce the rent for the next 3 months by exactly 1/3 of the current deposit. Do this in writing, as an ammendment to the contract.
Advantage to owner: tenant stays a while & rightfully gets back their deposit. No need to have a vacancy for a while or unethically con some dupe into renting for a few months.
Advantage to tenant: increased cash flow, assurance of deposit return, freedom from having to clean up or fix any damage already existing on property. Also, high possibility of “cash for keys” upon leaving. Altogether a win-win for all parties…even the lender who can immediately take over a REO that has not been vacant for a long period and possibly vandalized.
What do you think Piggs…especially lawyers and landlords?

[EconProf]

BobS
I’d like to propose a “third way” strategy for renters and about-to-be-foreclosed upon landlords.
Instead of the typical adversarial relationship these two parties see themselves as being in, the fact is that they need each other at this critical time. The owner especially needs the tenant to keep paying rent right up to the time he loses ownership. The tenant presumably wants to keep on renting, but is understandably worried about getting his deposit back, plus having to move abruptly.
The landlord should propose a deal at this point. First, make full disclosure that foreclosure will occur, outline the minimum timeline, but point out that it could be much longer given the backup lenders face. To reassure the tenant that they will get their deposit back, reduce the rent for the next 3 months by exactly 1/3 of the current deposit. Do this in writing, as an ammendment to the contract.
Advantage to owner: tenant stays a while & rightfully gets back their deposit. No need to have a vacancy for a while or unethically con some dupe into renting for a few months.
Advantage to tenant: increased cash flow, assurance of deposit return, freedom from having to clean up or fix any damage already existing on property. Also, high possibility of “cash for keys” upon leaving. Altogether a win-win for all parties…even the lender who can immediately take over a REO that has not been vacant for a long period and possibly vandalized.
What do you think Piggs…especially lawyers and landlords?

[EconProf]

BobS
I’d like to propose a “third way” strategy for renters and about-to-be-foreclosed upon landlords.
Instead of the typical adversarial relationship these two parties see themselves as being in, the fact is that they need each other at this critical time. The owner especially needs the tenant to keep paying rent right up to the time he loses ownership. The tenant presumably wants to keep on renting, but is understandably worried about getting his deposit back, plus having to move abruptly.
The landlord should propose a deal at this point. First, make full disclosure that foreclosure will occur, outline the minimum timeline, but point out that it could be much longer given the backup lenders face. To reassure the tenant that they will get their deposit back, reduce the rent for the next 3 months by exactly 1/3 of the current deposit. Do this in writing, as an ammendment to the contract.
Advantage to owner: tenant stays a while & rightfully gets back their deposit. No need to have a vacancy for a while or unethically con some dupe into renting for a few months.
Advantage to tenant: increased cash flow, assurance of deposit return, freedom from having to clean up or fix any damage already existing on property. Also, high possibility of “cash for keys” upon leaving. Altogether a win-win for all parties…even the lender who can immediately take over a REO that has not been vacant for a long period and possibly vandalized.
What do you think Piggs…especially lawyers and landlords?

[EconProf]

BobS
I’d like to propose a “third way” strategy for renters and about-to-be-foreclosed upon landlords.
Instead of the typical adversarial relationship these two parties see themselves as being in, the fact is that they need each other at this critical time. The owner especially needs the tenant to keep paying rent right up to the time he loses ownership. The tenant presumably wants to keep on renting, but is understandably worried about getting his deposit back, plus having to move abruptly.
The landlord should propose a deal at this point. First, make full disclosure that foreclosure will occur, outline the minimum timeline, but point out that it could be much longer given the backup lenders face. To reassure the tenant that they will get their deposit back, reduce the rent for the next 3 months by exactly 1/3 of the current deposit. Do this in writing, as an ammendment to the contract.
Advantage to owner: tenant stays a while & rightfully gets back their deposit. No need to have a vacancy for a while or unethically con some dupe into renting for a few months.
Advantage to tenant: increased cash flow, assurance of deposit return, freedom from having to clean up or fix any damage already existing on property. Also, high possibility of “cash for keys” upon leaving. Altogether a win-win for all parties…even the lender who can immediately take over a REO that has not been vacant for a long period and possibly vandalized.
What do you think Piggs…especially lawyers and landlords?

[EconProf]

BobS
I’d like to propose a “third way” strategy for renters and about-to-be-foreclosed upon landlords.
Instead of the typical adversarial relationship these two parties see themselves as being in, the fact is that they need each other at this critical time. The owner especially needs the tenant to keep paying rent right up to the time he loses ownership. The tenant presumably wants to keep on renting, but is understandably worried about getting his deposit back, plus having to move abruptly.
The landlord should propose a deal at this point. First, make full disclosure that foreclosure will occur, outline the minimum timeline, but point out that it could be much longer given the backup lenders face. To reassure the tenant that they will get their deposit back, reduce the rent for the next 3 months by exactly 1/3 of the current deposit. Do this in writing, as an ammendment to the contract.
Advantage to owner: tenant stays a while & rightfully gets back their deposit. No need to have a vacancy for a while or unethically con some dupe into renting for a few months.
Advantage to tenant: increased cash flow, assurance of deposit return, freedom from having to clean up or fix any damage already existing on property. Also, high possibility of “cash for keys” upon leaving. Altogether a win-win for all parties…even the lender who can immediately take over a REO that has not been vacant for a long period and possibly vandalized.
What do you think Piggs…especially lawyers and landlords?

[pnilesh]

svferris,

Simple solution to the problem: you should also stop paying him..

🙂

[pnilesh]

svferris,

Simple solution to the problem: you should also stop paying him..

🙂

[pnilesh]

svferris,

Simple solution to the problem: you should also stop paying him..

🙂

[pnilesh]

svferris,

Simple solution to the problem: you should also stop paying him..

🙂

[pnilesh]

svferris,

Simple solution to the problem: you should also stop paying him..

🙂

[Ex-SD]

Since your lease expired, you’re on a month to month rental with a 30 day notice (by you or the landlord.) I would pay my rent but when it came time to leave, and I gave my 30 days notice, I would inform the landlord that since you would have no recourse but to sue him in small claims court if he doesn’t return your security deposit, you are deducting the security deposit from the final months rent. This puts the onus on the landlord to take you to small claims court if he believes you owe him any money, However if he is in default, he’s not going to have anything much in the way of a legal standing and even if he did, he’s not likely to pursue it.
Just my two cents

[Ex-SD]

Since your lease expired, you’re on a month to month rental with a 30 day notice (by you or the landlord.) I would pay my rent but when it came time to leave, and I gave my 30 days notice, I would inform the landlord that since you would have no recourse but to sue him in small claims court if he doesn’t return your security deposit, you are deducting the security deposit from the final months rent. This puts the onus on the landlord to take you to small claims court if he believes you owe him any money, However if he is in default, he’s not going to have anything much in the way of a legal standing and even if he did, he’s not likely to pursue it.
Just my two cents

[Ex-SD]

Since your lease expired, you’re on a month to month rental with a 30 day notice (by you or the landlord.) I would pay my rent but when it came time to leave, and I gave my 30 days notice, I would inform the landlord that since you would have no recourse but to sue him in small claims court if he doesn’t return your security deposit, you are deducting the security deposit from the final months rent. This puts the onus on the landlord to take you to small claims court if he believes you owe him any money, However if he is in default, he’s not going to have anything much in the way of a legal standing and even if he did, he’s not likely to pursue it.
Just my two cents

[Ex-SD]

Since your lease expired, you’re on a month to month rental with a 30 day notice (by you or the landlord.) I would pay my rent but when it came time to leave, and I gave my 30 days notice, I would inform the landlord that since you would have no recourse but to sue him in small claims court if he doesn’t return your security deposit, you are deducting the security deposit from the final months rent. This puts the onus on the landlord to take you to small claims court if he believes you owe him any money, However if he is in default, he’s not going to have anything much in the way of a legal standing and even if he did, he’s not likely to pursue it.
Just my two cents

[Author]

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