Landlord Newsletter ~ February 12, 2013 |
Dear Fellow Landlord, In this newsletter:
Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month and an even more successful year ahead. Professional Back Rent CollectingKnowing the Process and How to Make Ex-Tenants Pay
Any landlords out there who have had evictions, realize that when the judgment is handed down, there is no guarantee you will receive money to satisfy that judgment. Because of a lack of knowledge of how to collect the money, most landlords actually don't try to collect. We'll talk later about how you can learn to collect on judgments. When landlords realize that this money can be attained, even on past judgments 2 or 3 years ago or even longer, along with generous interest allowances which vary state to state, they may very well change their policy. Next time someone tells you that the courts favor the tenant, consider the interest earned on judgments. This is great stuff for landlords. The laws are already in place which allow the knowledgeable landlord to reap big harvests of judgments and interest earned. Generally speaking, judgments start earning interest the day the judge signs the order or writ. We can use 10% interest earned as an example. In some states the interest can be as much as 15%. The formula used to calculate 10% interest is: The following example shows how to calculate 10% interest on a $5000.00 judgment. The interest will continue to earn you $1.37 per day as long as the unpaid amount remains $5000.00. Let's say the judgment debtor wants to pay the debt off 60 days after the judgment is awarded. 60 days at $1.37 per day would be $82.20 in interest owed on the $5000.00. $5082.20 would be the lump sum due to satisfy the judgment. Often, the debtor can pay but only in installment payments. In the example above, after 60 days, the debtor wants to pay $200.00 of the $5082.20 due with interest at $1.37 per day for 60 days. The $82.20 interest is paid first. That would leave a $117.80 payment towards the $5000.00 debt. ($200.00 - $82.20 = $117.80). Now credit $117.80 against the $5000.00 to arrive at a new balance due amount of $4882.20. Then we can again use our first formula to arrive at our new daily interest amount that we are earning on the new judgment balance of $4882.20. ($488.22 / 365 days = $1.34 per day) If he makes another payment of $200.00 45 days later, we take 45 days x $1.34 ($60.30) to arrive at the interest to be deducted from the $200.00 payment before the balance is subtracted from the judgment amount. $200.00 - $60.30 = $139.70 to be credited toward the unpaid judgment principal of $4882.20. ($4882.20 - $139.70 = $4742.50 which is the new judgment balance. Continue this same procedure with each installment. Collect on a $5000.00 judgment that was awarded 6 years ago, and remained unpaid, and you could earn yourself $3000.00 in interest. (6 x $500.00 per year). WOW!!! Find out how you can take advantage of this fantastic opportunity now by learning all about getting judgments satisfied when you visit us at WWW.COLLECTBACKRENT.COM Gary and Cynthia Schmidt Essential Form FREE Download:
|
|
The Landlord Protection Agency® presents John Reno, Esq., a highly experienced Landlord - Tenant attorney based on Long Island, NY.
John Reno also does Mortgage Loan Modifications (Nationwide).
(Mention The LPA for a 10% discount!)
Dear Mr. Reno:
I informed the tenants on 1/20 that are staying with me to leave, because they threaten me, and I live in the home too. They left on 1/22 but didn't take their things with them. Am I able to hold on to their things till they pay me in full for the rent and other expenses?
Yolanda, Utah
A: No you cannot kidnap their stuff and hold it for ransom. You should count your blessings that they left.
If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question.
Submit a landlord / tenant question for Mr. Reno
Please try to keep your questions as short and to the point as possible.
Have you ever been beaten by a tenant on the rent? Most of us have and unfortunately, it is one of the costs of doing business as a landlord.
On the brighter side, remedies are available for many. If you have documented your tenancy with the proper paperwork including a rental application, lease agreement, late notices, etc., you may have a chance of collecting.
Credit bureau reporting is an option in which many modern landlords are beginning to participate....
Click here for the full article
"Always continue the climb. It is possible for you to do whatever you choose, if you first get to know who you are and are willing to work with a power that is greater than ourselves to do it." - Ella Wheeler Wilcox
"Knock the "t" off the 'can't'" - George Reeves (Superman Actor 1914-1959)
"You think you know someone? You don't really know them until they've rented from you." - John@theLPA.com
"How much did your last tenant problem cost you?"
- John Nuzzolese
How to Check your LPA Membership Expiration Date:
If you haven't already, please take the opportunity to sign up for The LPA's Quick Check Credit Reports! Quick Check is a simple, fast way to access online credit reports while saving you money!
Look-up
Associations
Attorneys
Businesses
Rentals Available
Rentals Wanted
Classifieds
Tips & Advice
Realty Brokers
Tenant Histories
Other Areas
Q&A Forum
Landlord Tenant Law
Essential Forms
Free Forms
Credit Reports
About Us
Help
© 2000-2023 The Landlord Protection Agency, Inc.