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Foreclosure in 55347 : Real Estate Advice

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Activity 2
Mon Oct 17, 2011
Laura Feghali answered:
Hello Bobsteel,
You need to continue to pay the rent to your landlord even if he is losing the home as your lease contract is with him; not the bank.
If you do not pay your rent, then you may be subject to late fee fines or even eviction. Check your lease to determine the ramifications.
The owner's lender or a real estate agent representing the bank will contact you when the time comes for you to vacate.
Good luck!

Laura Feghali
Prudential Connecticut Realty
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Tue Mar 3, 2009
Susan Hofflander answered:
My opinion (and I'm no investment expert) you're headed down a slippery slope with that kind of strategy. I would consider the credit and legal ramifications of such actions before doing that. It's not as though your lender is going to take you're payment stoppage in stride. That type of action is construed as a true hardship situation where a person really can't make their payments, and, even then, significantly impacts the credit worthiness of the person experiencing the hardship. Which is why I suggest there might even be behavior that would be actionable or perhaps constitute fraud. I would consult an financial planning expert and an attorney before seriously considering such a strategy. ... more
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