Foreclosures Help Information

Archive for June, 2009

Foreclosure Help For Tenants

Question: In the state of Florida is it customary to include tenants as defendants in a foreclosure final judgement?

We are not owners and have no interest in the property. We were renting from a family member. All documents regarding the foreclosure were in the family member's name only and when the final judgement was delcared our name was included as defendants. This is now public record and can be picked up by the credit agencies and would affect our credit. What can be done? Sent a letter to the attorney who is handling the case to have the information amended by certified mail, return receipt requested. It was signed for on 8/1/06 and to date we haven't received a response, even included phone number on letter. Is there anything we can do? I am going to contact ACAP on Monday to see if they can assist, and if not we will file a complaint with the Florida Bar Association. Any information will help. Thanks.

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Answer: You have an interest in the property because you hold a lease on it. In a foreclosure, your rights need to be settled. The mortgagee may wish to sell the propery vacant.

The fact that the landlord is related to you raises the issue of whether full market value was paid under the lease, or whether it was a "fraudulent transfer". That you are included in the lawsuit does not mean there is a judgment against you, nor that your credit was harmed -- although that might be the case.

You really should consult a lawyer who is licensed in Florida and who is knowledgeable about your situation. If you can't afford a lawyer, there must be a free legal advice center in your county; at least I hope so.

Foreclosures leave US tenants in the lurch - 18 Feb 09

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Utah Foreclosed Homes

Question: Say a home is valued at $300,000 and it's foreclosed on--what kind of price could I get it for in Utah?

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Answer: GO to the town where the home is and look up the taxes, mortgage balance, back taxes and liens on property. Then do a title search, but be aware that the courts are generally backed up, so your info may not be up to date. The bank will try to at least get their original mortgage amount back so that is a good starting point. Then add the outstanding liens and you have a number to work with. Also get a gage on prices of homes in the area that are similar and if their are other offers, you will know how high or low to go. Good luck!

family housing in Logan Utah Thompson Management 753-8180

Foreclosure Help For Renters

Question: What happens to the renters when the house goes into foreclosure?

My friend moved into a rental home a few weeks ago. Today she was out in her front yard and the neighbor told her that the owners are in the process of foreclosure. She was not aware when she signed the lease and also put down a damage deposit.

♦What will happen when the house gets auctioned?
♦What will happen to her damage deposit?
♦Is she S.O.L or what are her rights?

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Answer: Effective May, 21, 2009, Federal law requires the existing lease be honored for the remaining time on the lease, plus 90 days. If the tenant is a month to month renter, he has 90 days to find a new home.

For more details on renters rights during foreclosure, check out this site.

http://www.msnbc.msn.com/id/30891380/

Foreclosure Crisis Also Affects Renters