 Advice on selecting Real Estate Agent...? |
| I've been told always choose Real estate agents who are GRI & CRS certified. I've been looking and recently chatted online with an agent who has only been an agent for 3 years. Should ... |
|
 When is the best time to refinance your home? |
| I live in a condo, and we have a 100% mortgage. We have to pay mortgage insurance because it is not under 80%. So now our home is worth 170,000 and we paid 140000 for it, and we bought it in ... |
|
 What exactly does "owner financing" mean? |
| The owner of a home is motivated to sell, so in the brochure it is listed ....... Motivated seller is willing to offer owner financing. How does that work?... |
|
 Should I pay off my mortgage early or use this money to invest some where? |
| I still have 25 years of mortgage,I also have 3 months of saving , 401K, IRA, Life insurance, living Trust....poeple offen said do not pay extra to your mortgage, use this money to invest, by the ... |
|
 Whats the best web site to use in order to look at house rentals in your area? |
| I live in texas and am currently looking to rent a house and im having a hard time finding good website. Please help!... |
|
 Is our Realtor doing her job? |
| She has shown it five times in the last three months, now she is telling us one thing the people are saying when she showed the house, should'nt she tell us the feed back every time, and not ... |
|
 I'm 9 days past grace period on my rent. yet my roommate is paid on time. eviction possible?? |
| we're paid for half the month and the month isn't half over. he's already telling my roomie that he might kick her out. Is that technically ... |
|
 Can i get 100% home loan for 250k with a 630 credit score and no money down ? |
| my wife will only look at new home we have looked a KB home she liked not sure if they would carry or if need to go eles ... |
|
 Buying a home for 290k. I have $100,000k to put down. Am I better to put only 20% down and invest..see remks? |
| should I only put 20% down and invest the remaining 42k in CD or some other instrument...was thinking the extra interest i'd be paying will give me a bigger break at tax time?? any financial ... |
|
 Can a landlord ask for more deposit after we have paid it? |
| I signed a contract from jan 2008 to dec 2008 and paid a deposit of £600. My landlord has now issued a new contract for jan 2009-dec 2009 and has asked for more deposit, it this allowed? He has also ... |
|
| In relation to mortgage loans what constitutes a low credit score? |
| I have been reading lots about the housing crisis and have learned that the loans for new mortgage loans for people with low scores it getting harder to aquire. What constitutes a low score? 600? 590?... |
|
 How old do you have to be to get own place? |
| how old do you have to be get an apartment or something in california?... |
|
 Is consolidating your bills a good idea before trying to get a new home loan? |
| The way I look at it, I'll be out of debt at the end of this year, not including my car and small student loan...yeah, I know. I made a lot of stupid decisions. I DON'T have bad credit. I... |
|
 Termination of agreement before Lease is signed??? |
| Is there a stated time that the would have landlord has to give back the deposit. We have no signed lease, I have absolutely given her a signed formal letter stating that we will no longer be ... |
|
 Can a landlord tow a registered car that was in a spot that he approved? |
| He also didn't let my brother know that he towed his car, so now the towing price is more expensive b/c it's been sitting at the garage for a while.... |
|
| Can anyone help me, please? |
| Does anyone know of a good website where you can look for local apartments? Thanks !!... |
|
|  |
Dom | What do I do if the landlord intentionally isn't paying the mortgage? |
I sent a letter to my landlord the other day asking for a copy of a mortgage statement. I live in Sacramento where there are a good amount of foreclosures. We know someone who was renting and paying their monthly rent to the home owner. Then they got a surprise when they were kicked out of the house because the mortgage hadn't been paid in a long time and was being repoed by the bank. I don't want to get in that situation.
Now, yesterday my landlord calls and leaves me a message. He tells me that he has no intention of selling the property but he went to his lawyer to see if he can renegociate a better payment. His lawyer told him to not pay the mortgage for 2 months. What is this all about? Should I look for a new place? The thing that strikes me as being odd is that he did actually tell me what is going on rather than saying that everything is fine.
Should I be extremely worried? Will a bank renegotiate terms on a rental property?
What should I do about my paying of rent for November and December if he never paid the mortgage for these months?
What about our security deposit? |
 |
 
Jerrold J
 |
Here is what is probable going on....you have a SMART landlord. Banks are willing to work with homeowners who ARE behind on their payments. I personnally kno of a investor here in Las Vegas that owns 4 rental properties. The bank would NOT talk to him until he had missd 2 payments on each property. Once he missed 2 payments the bank "qualified" him to a new program where the bank had a new appraisel done on each property, reduced the loan amount to 80% of the appraisel and gave him new notes for each property at 5% fixed rate interest for a new 30 year note.
SO by "missing 2 payments' my friend got the amount he owed on each property reduced, new loans with new and better loan terms.
This would be scarey if I was renting but since the landlord has been upfront with you then the odds are that he knows about the same "program" that was used here and is planning on keeping the properties for an extended period of time.
Another thing to look at is that here in NV it takes 90 to 120 days to foreclose on a proeprty so as a renter you have little to worry about UNTIL a "Notice of FOreclosure Sale" is posted as public record in the local newspaper or on your county website. Here it is the Clerk and Recorder where you can search for free these postings, CA may be different but it is public information and THAT notice must be atleast 30 days before the property can be sold and the renters told to move out. |
|
codysdoor
 |
Look for another place if you're worried but quite honestly, the relationship between the property owner and the bank is not your business.
If they did get foreclosed, you'd be able to stay there for MONTHS before they could get you out of there -- especially if you have a lease.
Don't worry...
If you're paying rent, then the owner likely has plenty of cash flow to cover or almost cover his mortgage. He'd be stupid to let it go to the bank. |
|
bostonianinmo
|
If the place is foreclosed out from under you, you'll probably have to move eventually. Many lenders, especially in this crummy market, would rather have someone in the property until they can unload it. The property tends to stay in better condition that way. In this case, the lender would become your new landlord and would be responsible for the security deposit you paid to your landlord, even if they had not collected it from the original landlord.
You really are not entitled to a copy of your landlord's mortgage statement unless he chooses to give it to you. Don't expect anything on that.
Some lenders may be motivated to renegotiate a mortgage if they think that the borrower is in financial trouble. But they can always call his bluff if they think that he's pulling a fast one -- and he's messing up his credit as well.
If you are month-to-month it might be a good idea to move. If you have a lease though, your suspicion that your LL isn't paying the mortgage isn't grounds for breaking the lease.
If the property goes to foreclosure, the lender will become your new LL and will be in touch to work out a plan to either get you moved out or keep you in the property until it sells. In many jurisdictions, if the date of your lease predates the foreclosure action, the lender has no choice but to let you stay until the lease expires.
Frankly, even if the LL stops making mortgage payments, he is STILL entitled to the rent and you MUST pay it or face eviction for non-payment of your rent. Up until the actual foreclosure date, he has every right to the rent money.
A quick consult with a local attorney would be a good idea. CA tends to be very tenant friendly and many cities are even more tenant friendly than the state is. I wouldn't be "extremely" worried yet, but do consult with a local attorney so you'll be best prepared to act appropriately IF push comes to shove. |
|
mythoughts
|
As long as you pay the rent I wouldn't worry about it. You are paying the landlord...not the mortgage company. It shouldn't matter to you whether the landlord pays the mortgage. If he doesn't and he loses the house THEN you will need to look for a new place to live. |
|
Angie
 |
First of all, this isn't your house, it belongs to your landlord. You are obligated to pay him rent, as I'm guessing you have a lease that says that. However, what he does with that rent money is none of your business. He can pay the mortgage or he can go to the race track, that's not your concern. If there's problem with the mortgage, then it's his problem. Yes, people have been lost housing in similar situations, but there's nothing you can do about that. Failure to pay December with only get you to small claims court or eviction.
|
|
Alterfemego
|
Dom because your landlord does not appear to be in default and facing foreclosure, you must still make your rent payments.
But frankly, I would begin a search for a new place. This is unfortunately for all renters today. There should be law's to protect you. |
|
acermill
|
Your landlord was far more courteous than I would have been. Had I gotten that letter from you, my phone call to you would have simply been "My lender relations are NONE of your business. Bugger off."
Your rents due have NOTHING to do with how the landlord handles his mortgage situation. As long as you occupy the premises, you owe your rents to the current owner of record.
Now put your nose back where it belongs......into YOUR business, and not the landlord's. |
|
chatsplas
 |
It's really NONE of your business and irrelevant to YOUR obligation to pay the rent to the LL.
If the property is foreclosed upon, foreclosure completed voids your lease. Until then, you are bound and have no recourse. You are obligated to pay Nov and Dec rent and are already in VIOLATION of your lease and legal obligations by not having paid. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 27 minutes(s) ago
| | | |
9 | 52 minutes(s) ago
| | | |
9 | 2 hour(s) ago
| | | |
9 | 3 hour(s) ago
| | | |
9 | 6 hour(s) ago
| | | |
9 | 8 hour(s) ago
| | | |
9 | 9 hour(s) ago
| | | |
9 | 10 hour(s) ago
| | | |
9 | 2 day(s) ago
| | | |
9 | 3 day(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
