Landlord in NTS 2 times in 7 months

[all]

[quote=urbanrealtor]
Also, bear in mind that if she gets foreclosed on while you live there, then worst case, you get 90 days free rent.
[/quote]

I believe it is the greater of 90 days or the end of the current lease, unless the property is sold to a buyer who intends to use it as primary residence, in which case it’s 90 days (no ‘end of the lease’ option). It theory it is not free – the new owner has the right to collect the rent and obligation to maintain the property.

[recordsclerk]

[quote=captcha][quote=urbanrealtor]
Also, bear in mind that if she gets foreclosed on while you live there, then worst case, you get 90 days free rent.
[/quote]

I believe it is the greater of 90 days or the end of the current lease, unless the property is sold to a buyer who intends to use it as primary residence, in which case it’s 90 days (no ‘end of the lease’ option). It theory it is not free – the new owner has the right to collect the rent and obligation to maintain the property.[/quote]

I would agree that the law implies that you pay the rent. I doubt that any judge would give a judgement to the new owner for unpaid rents in this situation. I believe this is why local rental legal/crises centers are giving the advice not to pay rent for the 90 days.

This is from a tennant protection agency:

In May 2009, the federal government enacted the “Protecting Tenants at Foreclosure Act” giving tenants new protections, such as the right to stay in their homes for at least 90 days after receiving an eviction notice. While state and local laws also contain strong protections, unlawful evictions and harassment of tenants continue.

Tenants should know their rights under the law. These rights include:

– Tenants cannot be required to move out of their homes for at least 90 days following an eviction notice.
– Tenants can insist on staying until the end of their leases. The only exception occurs when the new owner of a single-family home wants to move in.
– Tenants can require banks and their agents to put all communication in writing.
– Tenants are not obliged to accept “cash for keys” money to move out sooner than the law prescribes.
– Harassment, such as improper entry into a person’s home, shutting off water and lights, or changing the locks without a court order is illegal.
– The above rights extend to tenants living in government-subsidized Section 8 housing, who may also have additional protections under state and local laws.
– If a city has a just cause for eviction law, a landlord must have a specific reason to evict a tenant, and foreclosure may not be recognized as a legitimate basis for eviction. Tenants should check local ordinances.

[recordsclerk]

[quote=captcha][quote=urbanrealtor]
Also, bear in mind that if she gets foreclosed on while you live there, then worst case, you get 90 days free rent.
[/quote]

I believe it is the greater of 90 days or the end of the current lease, unless the property is sold to a buyer who intends to use it as primary residence, in which case it’s 90 days (no ‘end of the lease’ option). It theory it is not free – the new owner has the right to collect the rent and obligation to maintain the property.[/quote]

I would agree that the law implies that you pay the rent. I doubt that any judge would give a judgement to the new owner for unpaid rents in this situation. I believe this is why local rental legal/crises centers are giving the advice not to pay rent for the 90 days.

This is from a tennant protection agency:

In May 2009, the federal government enacted the “Protecting Tenants at Foreclosure Act” giving tenants new protections, such as the right to stay in their homes for at least 90 days after receiving an eviction notice. While state and local laws also contain strong protections, unlawful evictions and harassment of tenants continue.

Tenants should know their rights under the law. These rights include:

– Tenants cannot be required to move out of their homes for at least 90 days following an eviction notice.
– Tenants can insist on staying until the end of their leases. The only exception occurs when the new owner of a single-family home wants to move in.
– Tenants can require banks and their agents to put all communication in writing.
– Tenants are not obliged to accept “cash for keys” money to move out sooner than the law prescribes.
– Harassment, such as improper entry into a person’s home, shutting off water and lights, or changing the locks without a court order is illegal.
– The above rights extend to tenants living in government-subsidized Section 8 housing, who may also have additional protections under state and local laws.
– If a city has a just cause for eviction law, a landlord must have a specific reason to evict a tenant, and foreclosure may not be recognized as a legitimate basis for eviction. Tenants should check local ordinances.

[recordsclerk]

[quote=captcha][quote=urbanrealtor]
Also, bear in mind that if she gets foreclosed on while you live there, then worst case, you get 90 days free rent.
[/quote]

I believe it is the greater of 90 days or the end of the current lease, unless the property is sold to a buyer who intends to use it as primary residence, in which case it’s 90 days (no ‘end of the lease’ option). It theory it is not free – the new owner has the right to collect the rent and obligation to maintain the property.[/quote]

I would agree that the law implies that you pay the rent. I doubt that any judge would give a judgement to the new owner for unpaid rents in this situation. I believe this is why local rental legal/crises centers are giving the advice not to pay rent for the 90 days.

This is from a tennant protection agency:

In May 2009, the federal government enacted the “Protecting Tenants at Foreclosure Act” giving tenants new protections, such as the right to stay in their homes for at least 90 days after receiving an eviction notice. While state and local laws also contain strong protections, unlawful evictions and harassment of tenants continue.

Tenants should know their rights under the law. These rights include:

– Tenants cannot be required to move out of their homes for at least 90 days following an eviction notice.
– Tenants can insist on staying until the end of their leases. The only exception occurs when the new owner of a single-family home wants to move in.
– Tenants can require banks and their agents to put all communication in writing.
– Tenants are not obliged to accept “cash for keys” money to move out sooner than the law prescribes.
– Harassment, such as improper entry into a person’s home, shutting off water and lights, or changing the locks without a court order is illegal.
– The above rights extend to tenants living in government-subsidized Section 8 housing, who may also have additional protections under state and local laws.
– If a city has a just cause for eviction law, a landlord must have a specific reason to evict a tenant, and foreclosure may not be recognized as a legitimate basis for eviction. Tenants should check local ordinances.

[recordsclerk]

[quote=captcha][quote=urbanrealtor]
Also, bear in mind that if she gets foreclosed on while you live there, then worst case, you get 90 days free rent.
[/quote]

I believe it is the greater of 90 days or the end of the current lease, unless the property is sold to a buyer who intends to use it as primary residence, in which case it’s 90 days (no ‘end of the lease’ option). It theory it is not free – the new owner has the right to collect the rent and obligation to maintain the property.[/quote]

I would agree that the law implies that you pay the rent. I doubt that any judge would give a judgement to the new owner for unpaid rents in this situation. I believe this is why local rental legal/crises centers are giving the advice not to pay rent for the 90 days.

This is from a tennant protection agency:

In May 2009, the federal government enacted the “Protecting Tenants at Foreclosure Act” giving tenants new protections, such as the right to stay in their homes for at least 90 days after receiving an eviction notice. While state and local laws also contain strong protections, unlawful evictions and harassment of tenants continue.

Tenants should know their rights under the law. These rights include:

– Tenants cannot be required to move out of their homes for at least 90 days following an eviction notice.
– Tenants can insist on staying until the end of their leases. The only exception occurs when the new owner of a single-family home wants to move in.
– Tenants can require banks and their agents to put all communication in writing.
– Tenants are not obliged to accept “cash for keys” money to move out sooner than the law prescribes.
– Harassment, such as improper entry into a person’s home, shutting off water and lights, or changing the locks without a court order is illegal.
– The above rights extend to tenants living in government-subsidized Section 8 housing, who may also have additional protections under state and local laws.
– If a city has a just cause for eviction law, a landlord must have a specific reason to evict a tenant, and foreclosure may not be recognized as a legitimate basis for eviction. Tenants should check local ordinances.

[recordsclerk]

[quote=captcha][quote=urbanrealtor]
Also, bear in mind that if she gets foreclosed on while you live there, then worst case, you get 90 days free rent.
[/quote]

I believe it is the greater of 90 days or the end of the current lease, unless the property is sold to a buyer who intends to use it as primary residence, in which case it’s 90 days (no ‘end of the lease’ option). It theory it is not free – the new owner has the right to collect the rent and obligation to maintain the property.[/quote]

I would agree that the law implies that you pay the rent. I doubt that any judge would give a judgement to the new owner for unpaid rents in this situation. I believe this is why local rental legal/crises centers are giving the advice not to pay rent for the 90 days.

This is from a tennant protection agency:

In May 2009, the federal government enacted the “Protecting Tenants at Foreclosure Act” giving tenants new protections, such as the right to stay in their homes for at least 90 days after receiving an eviction notice. While state and local laws also contain strong protections, unlawful evictions and harassment of tenants continue.

Tenants should know their rights under the law. These rights include:

– Tenants cannot be required to move out of their homes for at least 90 days following an eviction notice.
– Tenants can insist on staying until the end of their leases. The only exception occurs when the new owner of a single-family home wants to move in.
– Tenants can require banks and their agents to put all communication in writing.
– Tenants are not obliged to accept “cash for keys” money to move out sooner than the law prescribes.
– Harassment, such as improper entry into a person’s home, shutting off water and lights, or changing the locks without a court order is illegal.
– The above rights extend to tenants living in government-subsidized Section 8 housing, who may also have additional protections under state and local laws.
– If a city has a just cause for eviction law, a landlord must have a specific reason to evict a tenant, and foreclosure may not be recognized as a legitimate basis for eviction. Tenants should check local ordinances.

[2009 Buyer]

Interesting – my landlord sold the place I rent. I have certainty that the new buyer borrowed as owner occupied, receiving better terms. What now? does the bank care about this fraud? probably not. does the FHA? maybe. How is this for a business opportunity? Seeking out landlords that borrow as owner occupied and defraud the FHA loan insurance process?

[2009 Buyer]

Interesting – my landlord sold the place I rent. I have certainty that the new buyer borrowed as owner occupied, receiving better terms. What now? does the bank care about this fraud? probably not. does the FHA? maybe. How is this for a business opportunity? Seeking out landlords that borrow as owner occupied and defraud the FHA loan insurance process?

[2009 Buyer]

Interesting – my landlord sold the place I rent. I have certainty that the new buyer borrowed as owner occupied, receiving better terms. What now? does the bank care about this fraud? probably not. does the FHA? maybe. How is this for a business opportunity? Seeking out landlords that borrow as owner occupied and defraud the FHA loan insurance process?

[2009 Buyer]

Interesting – my landlord sold the place I rent. I have certainty that the new buyer borrowed as owner occupied, receiving better terms. What now? does the bank care about this fraud? probably not. does the FHA? maybe. How is this for a business opportunity? Seeking out landlords that borrow as owner occupied and defraud the FHA loan insurance process?

[2009 Buyer]

Interesting – my landlord sold the place I rent. I have certainty that the new buyer borrowed as owner occupied, receiving better terms. What now? does the bank care about this fraud? probably not. does the FHA? maybe. How is this for a business opportunity? Seeking out landlords that borrow as owner occupied and defraud the FHA loan insurance process?

[urbanrealtor]

[quote=captcha][quote=urbanrealtor]
Also, bear in mind that if she gets foreclosed on while you live there, then worst case, you get 90 days free rent.
[/quote]

I believe it is the greater of 90 days or the end of the current lease, unless the property is sold to a buyer who intends to use it as primary residence, in which case it’s 90 days (no ‘end of the lease’ option). It theory it is not free – the new owner has the right to collect the rent and obligation to maintain the property.[/quote]

While there are specific exceptions for the rare owner-occupier-buyer-at-trustee-auction, generally it goes as follows:

-90 Days
90 days notice to quit for tenants who have no rental agreement with the landlord. Changing landlords voids the original rental contract (barring some assignee and quitclaim arrangement in a trust deed). Not having a current contract means that there is no provision for compensation (hence the “free-rent”). It isn’t literally free rent but just a long notice to quit with no compensation arrangement (but it works out the same).

Or

-Remainder of lease.
This functions as an effective novation of the now defunct rental agreement under substantially similar terms and a new landlord. This, in theory, would require compensation on the old terms until the end of the rental contract. I say “in theory” because I have never seen a tenant take this when the landlord is dangling several months of free rent and/or cash in front of them.

The owner occupying bidder is an incredible rare animal. I have not heard of one locally though I imagine they could exist.

In reality, most banks who are not tight for money will just offer you 3-4 months rent cost in cash and simultaneously give you a 90-day notice to quit.

[urbanrealtor]

[quote=captcha][quote=urbanrealtor]
Also, bear in mind that if she gets foreclosed on while you live there, then worst case, you get 90 days free rent.
[/quote]

I believe it is the greater of 90 days or the end of the current lease, unless the property is sold to a buyer who intends to use it as primary residence, in which case it’s 90 days (no ‘end of the lease’ option). It theory it is not free – the new owner has the right to collect the rent and obligation to maintain the property.[/quote]

While there are specific exceptions for the rare owner-occupier-buyer-at-trustee-auction, generally it goes as follows:

-90 Days
90 days notice to quit for tenants who have no rental agreement with the landlord. Changing landlords voids the original rental contract (barring some assignee and quitclaim arrangement in a trust deed). Not having a current contract means that there is no provision for compensation (hence the “free-rent”). It isn’t literally free rent but just a long notice to quit with no compensation arrangement (but it works out the same).

Or

-Remainder of lease.
This functions as an effective novation of the now defunct rental agreement under substantially similar terms and a new landlord. This, in theory, would require compensation on the old terms until the end of the rental contract. I say “in theory” because I have never seen a tenant take this when the landlord is dangling several months of free rent and/or cash in front of them.

The owner occupying bidder is an incredible rare animal. I have not heard of one locally though I imagine they could exist.

In reality, most banks who are not tight for money will just offer you 3-4 months rent cost in cash and simultaneously give you a 90-day notice to quit.

[urbanrealtor]

[quote=captcha][quote=urbanrealtor]
Also, bear in mind that if she gets foreclosed on while you live there, then worst case, you get 90 days free rent.
[/quote]

I believe it is the greater of 90 days or the end of the current lease, unless the property is sold to a buyer who intends to use it as primary residence, in which case it’s 90 days (no ‘end of the lease’ option). It theory it is not free – the new owner has the right to collect the rent and obligation to maintain the property.[/quote]

While there are specific exceptions for the rare owner-occupier-buyer-at-trustee-auction, generally it goes as follows:

-90 Days
90 days notice to quit for tenants who have no rental agreement with the landlord. Changing landlords voids the original rental contract (barring some assignee and quitclaim arrangement in a trust deed). Not having a current contract means that there is no provision for compensation (hence the “free-rent”). It isn’t literally free rent but just a long notice to quit with no compensation arrangement (but it works out the same).

Or

-Remainder of lease.
This functions as an effective novation of the now defunct rental agreement under substantially similar terms and a new landlord. This, in theory, would require compensation on the old terms until the end of the rental contract. I say “in theory” because I have never seen a tenant take this when the landlord is dangling several months of free rent and/or cash in front of them.

The owner occupying bidder is an incredible rare animal. I have not heard of one locally though I imagine they could exist.

In reality, most banks who are not tight for money will just offer you 3-4 months rent cost in cash and simultaneously give you a 90-day notice to quit.

[urbanrealtor]

[quote=captcha][quote=urbanrealtor]
Also, bear in mind that if she gets foreclosed on while you live there, then worst case, you get 90 days free rent.
[/quote]

I believe it is the greater of 90 days or the end of the current lease, unless the property is sold to a buyer who intends to use it as primary residence, in which case it’s 90 days (no ‘end of the lease’ option). It theory it is not free – the new owner has the right to collect the rent and obligation to maintain the property.[/quote]

While there are specific exceptions for the rare owner-occupier-buyer-at-trustee-auction, generally it goes as follows:

-90 Days
90 days notice to quit for tenants who have no rental agreement with the landlord. Changing landlords voids the original rental contract (barring some assignee and quitclaim arrangement in a trust deed). Not having a current contract means that there is no provision for compensation (hence the “free-rent”). It isn’t literally free rent but just a long notice to quit with no compensation arrangement (but it works out the same).

Or

-Remainder of lease.
This functions as an effective novation of the now defunct rental agreement under substantially similar terms and a new landlord. This, in theory, would require compensation on the old terms until the end of the rental contract. I say “in theory” because I have never seen a tenant take this when the landlord is dangling several months of free rent and/or cash in front of them.

The owner occupying bidder is an incredible rare animal. I have not heard of one locally though I imagine they could exist.

In reality, most banks who are not tight for money will just offer you 3-4 months rent cost in cash and simultaneously give you a 90-day notice to quit.

[Author]

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