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Foreclosure in 95133 : Real Estate Advice

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Activity 13
Thu Aug 11, 2016
Bethk1320 answered:
How does this work if rent is collected by a property manager?
0 votes 30 answers Share Flag
Mon Aug 1, 2016
Cheryl Barcelona Singh answered:
I take it that the home foreclosed and someone else purchased it. If you have the company name, they may be able to pay you cash for keys to move out, or the new owner of the property may allow you to rent the home from them.

www.BayAreaPropertyFinder.com
... more
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Thu Jun 18, 2015
Huey Nguyen answered:
Hi Debbiequ1327:

Generally speaking from my own experience with my clients: Yes, they have had to pay their full rent. You still have a contractual obligation to pay rent, even though your landlord/association is reneging on HIS contractual obligations to SOMEONE ELSE.

If you would like to know your rights, please contact a real estate attorney specializing in tenants' rights. There are also several local non-profit Bay Area groups that have attorneys on hand to give you information about your rights and about your situation.

Best wishes,



Huey Nguyen
... more
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Sun Mar 29, 2015
johncworrell answered:
CORRECTION: just noticed your in Washington. ( wasn't wearing glasses, it's early ) However, check your State Laws on Google and see if your State Legislature passed something like California has. ... more
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Sun Aug 17, 2014
Cindy Davis answered:
Wow. If you can afford to do so, I would consult with an attorney. There are also tenant's rights groups. This is too much of a red flag...I probably wouldn't move in either...

Best of luck. ... more
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Tue Dec 31, 2013
Simon Campbell answered:
If you have an active lease agreement, then you should have the right to stay in the property regardless of whether it is in foreclosure or not. A lease agreement transfers with title to a home. In other words, if the bank takes title to the home (which this is not a quick process), as long as you have an active lease agreement, you can remain in the property. ... more
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Fri Sep 27, 2013
Susan Crusters answered:
Did you find out what you were supposed to do? I'm in the same situation in hamtramck mi. Please let me know if possible. Thanks, kim
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Tue Jul 2, 2013
Nick Sakalis answered:
Whenever someone is normally under a lease, he or she is responsible for the rent. That being said, this a unique circumstance and you should speak to an Attorney.
0 votes 13 answers Share Flag
Mon Apr 29, 2013
Curly Sue answered:
Yes, you should pay your rent...BUT...how much does your current landlord have in deposit from you? I wouldn't count on getting any of your deposit back.

I would set up an account & start paying rent to that account. Notify the landlord that you are setting the rent aside, but are not giving it to him/her because the home is in foreclosure. ...that's just me. I'm not a lawyer... ... more
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Tue Mar 12, 2013
nickbonfante79 answered:
Thanks for all the responces they are very helpful, but i hope the laws are the same in new york state cause that where i live. Some how i messed up andsaid i live in CA.
1 vote 6 answers Share Flag
Fri Oct 19, 2012
Bill Eckler answered:
This is both a common and good question. Until the owner of records is no longer legally the owner, it would be recommended to keep up with your rental obligations. To not do so could leave you open to problems that could otherwise have been avoided.

Seeking legal advice on this issue is recommended....


Good luck,

Bill
... more
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Thu Dec 8, 2011
Terri Vellios answered:
Asha,

The links Andrea provided gave the best answer. I wonder, why do you ask?
0 votes 4 answers Share Flag
Sat Apr 30, 2011
Saywhat answered:
In today's housing market, the tables have turned and renters may need to do a financial background check on potential landlords of a rental property.

While the mortgage mess is still forcing more homeowners into foreclosures, tenants are also taking on new risks being in these rental properties. Plenty of homes and condos are made available for renting because owners could not sell the properties but they also never intended to be landlords. These owners reluctantly lease out the properties to make the mortgage payments but with the sub-prime loans resetting and the declining property value, owners are still not able to afford the mortgage payments. The foreclosure process then starts and tenants are forced out of the properties.

Often tenants are left with little notice and in the middle of a lease, are forced to moved. Many of these tenants are not even behind on their payments and owners purposely pocketing the rent money and keeping them out of the loop on the foreclosure. The landlords and lenders are not legally obligated to inform the tenants with a timely period of the foreclosure. Lenders have the right to void the lease agreements between the landlord and the tenants once the property is in foreclosure in some states. Once the property is foreclosed on then the lenders are quickly to evict the tenants and empty the property. The lenders are usually not willing to keep tenants in a property because its easier and faster to sell an emptied property.

A lot of time these tenants are not willing or did not have enough time to find a new place, the lenders are offering a "cash for keys" incentives. This means that the tenants are offered enough money for moving costs of up to $1,000 to $2,000. But these tenants usually lose out on getting their deposit and back rent from defaulting owners. Only a few states pass a law protecting tenants from foreclosed properties. Tenants could take legal action but this can be costly with limited results.

Advice to tenants in a rental property

If you are in a rental property or getting ready to move in one, it would be wise to due some due diligence.

Due a credit check, ask for a credit report or credit reference. If the owners have a problem with this then it is a sign indicating problems.
Notice of default or sheriff sale date, usually would be posted at the front door of the property. If you do get one of these at the door then you should get involved,talk to the owner and the lender so you are aware where they are at in the process. Don't rely on the owner when they say,"Not to worry and I'll handle it."
Go online or county records office,check public records to see if payments are delinquent, if the property is already in foreclosure and when the sheriff sale date is, so you will have some time to make arrangements.
Check property tax, If the owner owes in property taxes and association dues then most likely they owe on the mortgage.
Check the foreclosure laws and the redemption periods in your area.

Some other tips, If the landlord is asking for a high amount of deposit or a couple of months rent in advance you should be leery. Also you should pay attention if people are driving by slowly, looking at the property, and taking pictures then the property most likely are being looked at by prospective buyers.

For tenants rights and information, go to http://www.yourrealestatechic.com

Article Source: http://EzineArticles.com/?expert=Kayla_Hoang

Article Source: http://EzineArticles.com/1063700

PS. Renters don't trust a real estate agent or a homeowner with your money, if you work for it, let it work for you & your Family.
... more
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