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  • May 28, 2009 at 1:34 PM #407427
    SDEngineer
    Participant

    Won’t work if I’m reading the legal code correctly.

    A “bargain basement rent” would likely fall afoul of the “bona fide lease” definition at the bottom of that section of code. If it’s substantially less than fair market value, it won’t fly legally.

    And, even if it did fly, section 2(A) in the legalese above gives the new owner the right to terminate the lease subject to giving the tenants a 90 day notice IF they are planning on occupying the property as a primary residence. So this really would only be a “poison pill” to an investor who was planning on renting the property out.

    May 28, 2009 at 1:40 PM #406735
    scaredyclassic
    Participant

    well, what about just a good deal. the bargain basement end of fmv.

    what about if it’s just the bank taking it back; would they be stuck wiht the lease?

    May 28, 2009 at 1:40 PM #406978
    scaredyclassic
    Participant

    well, what about just a good deal. the bargain basement end of fmv.

    what about if it’s just the bank taking it back; would they be stuck wiht the lease?

    May 28, 2009 at 1:40 PM #407222
    scaredyclassic
    Participant

    well, what about just a good deal. the bargain basement end of fmv.

    what about if it’s just the bank taking it back; would they be stuck wiht the lease?

    May 28, 2009 at 1:40 PM #407284
    scaredyclassic
    Participant

    well, what about just a good deal. the bargain basement end of fmv.

    what about if it’s just the bank taking it back; would they be stuck wiht the lease?

    May 28, 2009 at 1:40 PM #407432
    scaredyclassic
    Participant

    well, what about just a good deal. the bargain basement end of fmv.

    what about if it’s just the bank taking it back; would they be stuck wiht the lease?

    May 28, 2009 at 5:22 PM #406855
    svelte
    Participant

    Oh Gawd!

    We’ve had people on here for months complaining that having the government force banks to restructure a loan makes contracts meaningless.

    Now, we have a law that forces banks to HONOR contracts and people are complaining about that!

    I think I need a drink…

    May 28, 2009 at 5:22 PM #407098
    svelte
    Participant

    Oh Gawd!

    We’ve had people on here for months complaining that having the government force banks to restructure a loan makes contracts meaningless.

    Now, we have a law that forces banks to HONOR contracts and people are complaining about that!

    I think I need a drink…

    May 28, 2009 at 5:22 PM #407342
    svelte
    Participant

    Oh Gawd!

    We’ve had people on here for months complaining that having the government force banks to restructure a loan makes contracts meaningless.

    Now, we have a law that forces banks to HONOR contracts and people are complaining about that!

    I think I need a drink…

    May 28, 2009 at 5:22 PM #407403
    svelte
    Participant

    Oh Gawd!

    We’ve had people on here for months complaining that having the government force banks to restructure a loan makes contracts meaningless.

    Now, we have a law that forces banks to HONOR contracts and people are complaining about that!

    I think I need a drink…

    May 28, 2009 at 5:22 PM #407552
    svelte
    Participant

    Oh Gawd!

    We’ve had people on here for months complaining that having the government force banks to restructure a loan makes contracts meaningless.

    Now, we have a law that forces banks to HONOR contracts and people are complaining about that!

    I think I need a drink…

    May 28, 2009 at 5:32 PM #406860
    IONEGARM
    Participant

    [quote=scaredycat]well, what about just a good deal. the bargain basement end of fmv.

    what about if it’s just the bank taking it back; would they be stuck wiht the lease?[/quote]

    Yes if close enough to FMV (with appropriate rent increases if a long term lease to show it is meant to be a FMV lease), but they can also show and sell the home while you are leasing and then when sold you get 90 days to leave. So it isn’t like the tenant can just hold on forever. Also all this has to be done before the NOD is filed and be an arms length transaction. Lots of hoops to jump through for little reward.

    May 28, 2009 at 5:32 PM #407103
    IONEGARM
    Participant

    [quote=scaredycat]well, what about just a good deal. the bargain basement end of fmv.

    what about if it’s just the bank taking it back; would they be stuck wiht the lease?[/quote]

    Yes if close enough to FMV (with appropriate rent increases if a long term lease to show it is meant to be a FMV lease), but they can also show and sell the home while you are leasing and then when sold you get 90 days to leave. So it isn’t like the tenant can just hold on forever. Also all this has to be done before the NOD is filed and be an arms length transaction. Lots of hoops to jump through for little reward.

    May 28, 2009 at 5:32 PM #407347
    IONEGARM
    Participant

    [quote=scaredycat]well, what about just a good deal. the bargain basement end of fmv.

    what about if it’s just the bank taking it back; would they be stuck wiht the lease?[/quote]

    Yes if close enough to FMV (with appropriate rent increases if a long term lease to show it is meant to be a FMV lease), but they can also show and sell the home while you are leasing and then when sold you get 90 days to leave. So it isn’t like the tenant can just hold on forever. Also all this has to be done before the NOD is filed and be an arms length transaction. Lots of hoops to jump through for little reward.

    May 28, 2009 at 5:32 PM #407408
    IONEGARM
    Participant

    [quote=scaredycat]well, what about just a good deal. the bargain basement end of fmv.

    what about if it’s just the bank taking it back; would they be stuck wiht the lease?[/quote]

    Yes if close enough to FMV (with appropriate rent increases if a long term lease to show it is meant to be a FMV lease), but they can also show and sell the home while you are leasing and then when sold you get 90 days to leave. So it isn’t like the tenant can just hold on forever. Also all this has to be done before the NOD is filed and be an arms length transaction. Lots of hoops to jump through for little reward.

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