Best guess is that the Landlord's Lender started to Foreclose, and then stopped for some reason:
Maybe he made arrangements to pay the arrears.
Maybe he has entered an agreement to Shortsale the house.
Unfortunately, he probably is not obligated to keep you informed.
If you have a lease, the Bank and the new owners will have to honor it.
If you are month-to-month, you will have to move soon, if a Foreclosure happens.
If the Foreclosure has stalled; you are no worse off than any other renter.... more
That calculation $1 per sq ft is pretty close but it's not easy going by cost per square foot for rent, amenities, location and even school boundary lines can all affect rent amounts.
As for neighborhoods that should be avoided, first any agent who would make a guess at that could be accused of several unethical violations so I won't go that route and second as an Elk Grove resident for over 40 years, Elk Grove is a desirable community at large and in the current market, investors lucky enough to acquire properties in Elk Grove are in a rare group right now , opportunities are what you have to look at based on condition and your desired role as a landlord. Investors looking for homes right now are in a large group looking at limited inventory.
My advise to our investor clients is to try for homes with stucco siding versus wood or lap siding....average homes like 3BD homes, 2 car garages, tile roofs or anything above a comp shingle. Pools can be a liability and increased maintenance but will help with resale.
Homepointe property management has a rental survey located under their owner services tab compiling a survey of what they have units rented for in each zip code etc, this can be helpful.
Be wary of top of the market rent desires, this can lower long term occupants if they can find something even a few hundred dollars cheaper.
Best of luck
Realty World eCurb REALTORS... more
I suggest you contact an attorney and see if there is a real estate fraud department in the local District Attorneys office.
Agents cannot give legal or tax advice. From what I understand from the experts is that you have a binding contract, but you would have to make sure that there is nothing in the offer that gives the seller an out.
The above is not legal advice, consult a competent attorney as opposed to an incompetent attorney.
Al Goldberg Broker
I see you received no replies. It could be because it was posted in Sacramento, CA while you reflect having purchased a home in Mays Landing, NJ.
Your CPA who is completing your taxes would have the answer to this question, not a realtor. I do know that Mortgage insurance, or PMI is now allowed as a deduction in your taxes. Beyond that, take your closing statement with you to your CPA and have them explain what is deductible or not related to both your federal and state income taxes.
Good luck.... more
My best recommendation would be to contact the utility company, PGE or whoever is the local provider. Give them an address on one of the streets with a similar square footage (maybe just do a quick Trulia search to find something) and ask them for the 'average monthly bill'. Most companies will provide you with this number, I've had several clients do this. This is a great way to know what to expect, and an accurate way as well.
If I can help with anything else, click my website and go to the contact tab, that will send you right to my cell phone.
Agent John Royball (ID: SROYBALL)
Primary:916-212-3818 Lic: 01305355
Co-Agent Arvind K Prasad (ID: SPRASARV)
Primary:916-806-7552 Secondary:916-714-9100 Lic: 01394158
Office The Daniel Realty Group (ID:01MDRG)
Phone: 916-714-9100, FAX: 916-714-9101
Co-Office The Daniel Realty Group (ID:01MDRG)
Phone: 916-714-9100, FAX: 916-714-9101
Move quickly and good luck!!
Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
"The Short Sale Lady"
Century 21 Landmark Network
(916) 370-1803 cell/direct
(916) 405-3886 fax
lic#: 01439130... more
It's hard to tell whether you'll eventually go into foreclosure. That's the same challenge faced by the lenders when issuing credit to purchase a home. At this point, if you're current on the first mortgage, then there likely won't be any foreclosure proceedings. But, long-run, if you continue to default on the equity line and the line is from the same lender as your first mortgage, you may eventually be foreclosed upon.... more
You really should consult an attorney for more details on that question
My suggestion would be Jonathon Stein in Elk Grove
BUT big difference between debt collection and secured mortgage debt. You have a deed of trust secured by real property, not the same category as a debt collector. And in many cases depending on their process, 2nd deed of trusts not discharged with a Trustees Sale can come after you up to 20 years.
From what your earlier question was posted and this one, it appears you think you can not make your payments on your mortgage and the bank would end up giving you your home etc. Not sure if your getting advise from a friend or on the internet but these tactics just don't work, trust me we have seen them all, stating you are your own nation, etc. Your situation has two end outcomes, you come current on your loans and keep your home or the more realistic one, you keep one eye over your shoulder waiting for the bank to foreclosure.
Keep in mind, contact attempts do not have to be fruitful in contact with you personally, only in an attempt to show the bank attempted to get you back on track and most likely you've been receiving notices in the mail, they will not forget you, you are most likely just on borrowed time and there is no magic cure out there not involving you working it out with your bank.
People go through 5 stages of grief with foreclosures, the longest one is denial and that usualyly brings them right up to the Trustees Sale and then they move into acceptance and try to attempt to resolve the issue with a short sale or contacting the bank for help. With the new laws in place in 2013, you will most likely see these last minute attempts denied and foreclosures being completed.
This is the time to contact a REALTOR to seek a short sale and an attorney to answer your questions from the legal side.
Wish you the best of luck
Realty World eCurb REALTORS
Lic # 01305148... more
If you refinance your home in NY as a primary residence, you are correct that you will have to live it in for a year. However you can refinance your home in NY as an investment property and take cash out to purchase the home in NC - then there is no requirement to stay in the home after you refinance. The thing is, in NY the closing costs are a lot more than in NC, so it would most likely be more cost effective to finance the home in NC than to do a refinance in NY. However, if you buy the home in NC with cash (from the cash out on your NY property) then you may be able to get a better deal on it than if you were using financing.
But to answer your question in the subject, no you cannot roll your existing mortgage into a new home purchase. You could pay it off as part of the new home purchase, i.e. put a smaller amount down on the new purchase in NC and then use $34k of your own funds to pay off the mortgage in NY.
Shane Milne | Lending in all 50 states | NMLS #81195... more