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October 24, 2007 at 8:51 PM #10718October 24, 2007 at 10:14 PM #91639ucodegenParticipant
I would go with:
c) If it is the latter, her rental agreement is now (m-to-m) given her 2 years of residency, Will she only have a month to get out? Can she talk with the bankruptcy trustee and try and stay.
Because the primary lender on the property is in first order of succession for recovery of funds. She is down on the bottom. She should take the approach with the lender that having her as a tenant means that the property would be taken care of and there is significant less chance of vandalism while the bank goes through the foreclosure process. She should also bring up that this now puts her in a position where she may need to look for a new place on short order, so a rent reduction may be in order.
You may want to get both lenders and owner in the same room and determine who the rent payments go to. With the landlord in default, I don’t think the banks would like continuing funds to be directed to the landlord.
October 24, 2007 at 10:14 PM #91662ucodegenParticipantI would go with:
c) If it is the latter, her rental agreement is now (m-to-m) given her 2 years of residency, Will she only have a month to get out? Can she talk with the bankruptcy trustee and try and stay.
Because the primary lender on the property is in first order of succession for recovery of funds. She is down on the bottom. She should take the approach with the lender that having her as a tenant means that the property would be taken care of and there is significant less chance of vandalism while the bank goes through the foreclosure process. She should also bring up that this now puts her in a position where she may need to look for a new place on short order, so a rent reduction may be in order.
You may want to get both lenders and owner in the same room and determine who the rent payments go to. With the landlord in default, I don’t think the banks would like continuing funds to be directed to the landlord.
October 24, 2007 at 10:14 PM #91676ucodegenParticipantI would go with:
c) If it is the latter, her rental agreement is now (m-to-m) given her 2 years of residency, Will she only have a month to get out? Can she talk with the bankruptcy trustee and try and stay.
Because the primary lender on the property is in first order of succession for recovery of funds. She is down on the bottom. She should take the approach with the lender that having her as a tenant means that the property would be taken care of and there is significant less chance of vandalism while the bank goes through the foreclosure process. She should also bring up that this now puts her in a position where she may need to look for a new place on short order, so a rent reduction may be in order.
You may want to get both lenders and owner in the same room and determine who the rent payments go to. With the landlord in default, I don’t think the banks would like continuing funds to be directed to the landlord.
October 25, 2007 at 6:07 AM #91683bonfireParticipantThat happend to us in the last bubble burst in the 90’s. A rep from the lender just knocked on the door of our rental condo in La Costa, and gave us a notice asking us to move in 30 days. The bank offered us compensation enough to pay deposit on another rental (this time an apartment, from a legitimate business!) and the first month’s rent. We didn’t have a lease. You might be able to negotiate for more wih a lease. We had only been in the place for about a month, just long eough to get upacked. It was a creepy feeling knowing we’d been scammed by the “landlord”, who had all our personal information on the rental agreement. At that point we just wanted to get out of there. I doubt you can negotiate with the person who is being foreclosed upon. Your deposit is most likely spent. Just move on with your life The wolves are starting to come out again.
October 25, 2007 at 6:07 AM #91709bonfireParticipantThat happend to us in the last bubble burst in the 90’s. A rep from the lender just knocked on the door of our rental condo in La Costa, and gave us a notice asking us to move in 30 days. The bank offered us compensation enough to pay deposit on another rental (this time an apartment, from a legitimate business!) and the first month’s rent. We didn’t have a lease. You might be able to negotiate for more wih a lease. We had only been in the place for about a month, just long eough to get upacked. It was a creepy feeling knowing we’d been scammed by the “landlord”, who had all our personal information on the rental agreement. At that point we just wanted to get out of there. I doubt you can negotiate with the person who is being foreclosed upon. Your deposit is most likely spent. Just move on with your life The wolves are starting to come out again.
October 25, 2007 at 6:07 AM #91719bonfireParticipantThat happend to us in the last bubble burst in the 90’s. A rep from the lender just knocked on the door of our rental condo in La Costa, and gave us a notice asking us to move in 30 days. The bank offered us compensation enough to pay deposit on another rental (this time an apartment, from a legitimate business!) and the first month’s rent. We didn’t have a lease. You might be able to negotiate for more wih a lease. We had only been in the place for about a month, just long eough to get upacked. It was a creepy feeling knowing we’d been scammed by the “landlord”, who had all our personal information on the rental agreement. At that point we just wanted to get out of there. I doubt you can negotiate with the person who is being foreclosed upon. Your deposit is most likely spent. Just move on with your life The wolves are starting to come out again.
October 25, 2007 at 9:10 AM #91692lindismithParticipantThere have been a few posts like this recently. You might try the search feature on the site, and see what the other advice was.
October 25, 2007 at 9:10 AM #91718lindismithParticipantThere have been a few posts like this recently. You might try the search feature on the site, and see what the other advice was.
October 25, 2007 at 9:10 AM #91730lindismithParticipantThere have been a few posts like this recently. You might try the search feature on the site, and see what the other advice was.
October 25, 2007 at 11:20 AM #91734AnonymousGuestYou need to contact the Lender directly and notify them that this is a rental unit.. This will enable you to know the likelihood of you getting kicked out and a potential timeline.
What the Landlord is doing currently is highly illegal… This is called “Equity Skimming” and is punishable by law.
Meaning they are taking your money and not paying the bank.
There were a bunch of property management companies that did this in the 90’s.. Approaching homeowners that get NOD’s and saying they will rent out the units and pay the mortgage… They then rented the units as a property manager and never paid the bank, pocketing the money and then allowing the house to be foreclosed on. Screwing the bank for months.If you are unable to find out a timeline of foreclosure you may want to contact a lawyer.
October 25, 2007 at 11:20 AM #91759AnonymousGuestYou need to contact the Lender directly and notify them that this is a rental unit.. This will enable you to know the likelihood of you getting kicked out and a potential timeline.
What the Landlord is doing currently is highly illegal… This is called “Equity Skimming” and is punishable by law.
Meaning they are taking your money and not paying the bank.
There were a bunch of property management companies that did this in the 90’s.. Approaching homeowners that get NOD’s and saying they will rent out the units and pay the mortgage… They then rented the units as a property manager and never paid the bank, pocketing the money and then allowing the house to be foreclosed on. Screwing the bank for months.If you are unable to find out a timeline of foreclosure you may want to contact a lawyer.
October 25, 2007 at 11:20 AM #91772AnonymousGuestYou need to contact the Lender directly and notify them that this is a rental unit.. This will enable you to know the likelihood of you getting kicked out and a potential timeline.
What the Landlord is doing currently is highly illegal… This is called “Equity Skimming” and is punishable by law.
Meaning they are taking your money and not paying the bank.
There were a bunch of property management companies that did this in the 90’s.. Approaching homeowners that get NOD’s and saying they will rent out the units and pay the mortgage… They then rented the units as a property manager and never paid the bank, pocketing the money and then allowing the house to be foreclosed on. Screwing the bank for months.If you are unable to find out a timeline of foreclosure you may want to contact a lawyer.
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