Re: foreclosure tenants - Landlord Forum thread 202420

Re: foreclosure tenants by Anonymous on June 1, 2010 @20:30

maybe I should have given more info. We only have the rental because we were unable to sell it. We have taken a loss on it every month for 4 years. With me out of work the only way to make the mortgage payment on the home we live in is the rental income. Without that we would lose both properties. It was always our hope that I would get back to work and we could refinance. The sheriffs sale is in August and then we have a 6 month redemption period. So the renters can stay until February 2011 if they want, but there lease is up in November 2010. We specifically signed a six month lease so we would not have to boot any one out in the middle of there lease. The renters did not have to move in, in fact we turned down many who wanted a year lease. If we reduced the rent we would lose our current home, if we reduced the rent and a few months down the road I found work and we refinanced we would still be screwed. So we are not trying to take advantage of anyone. We are just trying to do the right thing keep our home and hopefully keep the rental.We are keeping our lease agreement and not making a profit. Shouldn't the tenants have to keep there end? They are not out anything, we are.

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Re: foreclosure tenants by Anonymous on June 1, 2010 @22:14	[ Reply ]

Yes, you should keep all the rent and let the bank take all the loss.

Re: foreclosure tenants by Anonymous on June 1, 2010 @23:41	[ Reply ]

Read the new law. The bank can ask for the rents. They already sent the tenant a notice. Next step: getting a declaratory judgement for the rents and a possessory action since this is not a primary residence. That would be my guess. As you may know, the rules for income property are infinitely different than for primary residences, so if you go for legal help, be sure to tell them that this is on income property.

Re: foreclosure tenants by Anonymous on June 2, 2010 @10:39	[ Reply ]

If the guy has been out of work for four months I am just not seeing him paying the rents over to the bank. Not paying the mortgage is what is causing the foreclosure.