Foreclosures Help Information

Posts Tagged ‘housing’

Foreclosed Houses For Rent

Question: as a renter am i obligated to pay rent if my landlord has all ready foreclosed on their home?

i am currently renting a duplex from a family member. they have foreclosed on the home and the house is up for auction in less than two weeks. they are still proclaiming that they are making their monthly mortgage. am i legally obligated to pay rent still? also after the house is acutioned off, how long will i have to live their before they can legally put me out?

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Answer: LOL. What a sleezy family member you have there dear. I mean... I might pay *only* because it's family and it was someone I wanted to talk to again. I would advise though treating them as your landlord and not your relatives, for that is what they are at this point. Do what any tenant would do and tell them you need the money because you *unexpectedly* have to find a new place to live! THEIR fault! Not yours! How awful! Legally speaking they have no ground to stand on. I hate getting involved in financial matters with family, they're annoying enough without it. Lol! I wish you the best.

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Renters Foreclosed Homes

Question: How difficult is it to rent out my house in bad economy (Michigan)?

I would like to rent my home out in Michigan. The economy here is absolutely horrible. Are people still renting right now? I know that a lot of people are foreclosing on their homes because of the ARMS that they were put into, so I hope that I can find some decent renters to put into my home so that I may upgrade / buy a second home to live in and start my family.

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Answer: I think you will be fine as long as you do credit checks on the people who are filling out the applications. Charge a credit check fee, 1st and secuirty fee. Let them know up front how much it is going to be so you can get the riff raff out of the way and end up with only qualified people. Now if they are going through small issues, just consider what those are. If they are major just let them know that you have someone who has already been approved.

Eviction of Renters from Foreclosed Homes

Mortgage Foreclosure Florida

Question: Can someone explain the mortgage foreclosure process?

Florida. Also, can a mortgagee put a lien on other assets if not used as security in that mortgage?

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Answer: This is not specific to Florida but, the general foreclosure proceeding is:

1. Foreclosure suit filed in court and with the county recorder's office

2. Mandatory filings, notices and a statutory period of 'right to redemption' [depending on state law and the type of deed 30 days to 7 months]

3. If all $ in the arrears plus legal cost aren't paid the judge will issue and order and of foreclosure , this also transfers title of the property to the lender.

4. Foreclosure sale, which will probably leave a deficiency balance which is a judgment against you. And this amount can be collected by the lender from other assets just like any other judgment.

Advice: Sell the property before the foreclosure sale or give the lender a deed in lieu [return the property to them] if you are concerned about other assets being at risk. Although some types of assets are judgment proof [pensions, primary residences, % of wages, etc.], you should consult an attorney about the specifics

hope that helps.

Taxes on Short Sale, Loan Modification & Mortgage Foreclosure 1 Nov08 Expert Advice from CPA