Rental Property Possible Foreclosure?
Written by on June 22nd, 2009
E M asked:
I 'm. living in a rental property that the owner has put up for a SHORTSALE, which to me means 1 point from foreclosure. He said that there is a possibility of foreclosure but I had not given a date. I do not want having to pack up with a notice of 2 weeks and cut losses rather than hours later. What is the usual procedure with something similar? Meaning when stop paying your rent when you don 't know where to go on?
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- About three years ago we bought a new home. We were assured by the real estate agent that our old home would sell right away. Three real estate agents and almost three years later the house is still not sold. We quit making payments in October of last year because we could no longer afford two house payments and were falling behind on our current home. We WANTED the bank to take it!! In March 08 they filed for foreclosure, in May they filed for a default judgment. Two days ago I received a letter in the mail from the courts saying the plaintiff dismissed the case WITH prejudice. I called the mortgage company and they gave me the run around saying they could not find my mortgage. Finally after holding ten times for a total of over an hour the woman said she found it. She became very nasty because the loan was so overdue. I asked her why the foreclosure was stopped first she said it was to save my credit….come on. Then she said that they were not going to sell my house for me and that the area’s property values were rapidly declining and they would not get enough money for the amount I owe. She then told me that I had better do something fast (such as a short sale or make payments) because they are going to start garnishing wages. My questions are: How can they garnish if they dismissed their own case with prejudice? Doesn’t that mean they cannot sue again? Why on earth would they dismiss with prejudice unless they had lost the original loan documents or something? Can they really garnish without taking the house, or is the house collateral that they have to use to cover some or all of the debt? Please help!! I plan on seeing an attorney Friday, but I cannot stop thinking about this mess. Thank you for your response bull. We did rent the house from April ‘05 to Feb ‘06, they damaged the house so badly we spent five months remodeling. We swore we would never do that again lol. I just spoke with an attorney over the phone and he said they can garnish and probably will. So l guess we will try a shortsale and if that does not work he wants to do a chapter 7 bankrupty. Ugh if anyone reading this is planning on buying a new home….SELL YOUR CURRENT HOME FIRST!!!!!! Do not trust a real estate agent who says they will sell the property fast!!! That is just real estate lingo for, “I would rather have a sure buy than an iffy sale”. Debbie * asked: Related Blogs Related Blogs on Default...
Tags: Losses, Property Owner, Shortsale
June 23rd, 2009 at 10:05 pm
zolang je er woont, moet u de huur betalen.
June 24th, 2009 at 8:48 am
als U een CONTRACT met de eigenaar HEBT, is niet of niet van belang de verhindering, kunt u daar tot eind van contract, geen probleem leven., en ja moet u huur aan daadwerkelijke eigenaar betalen, zal de nieuwe eigenaar u laten weten waar en wanneer om huurgeld te verzenden.
June 26th, 2009 at 7:34 am
Het hangt af van waar je woont en de geldende wetten. In sommige landen, bijvoorbeeld, zodra de eigenaar verliest het bezit van de eigendom van de huurovereenkomst nietig is, en je bent meteen een kraker. Gezond verstand zou dicteren dat de nieuwe eigenaar wie dat zou kunnen zijn-zou willen huurinkomsten komen, maar de wereld is niet op gezond verstand, ik ben bang.