Foreclosures Help Information

Posts Tagged ‘Maintenance’

Bank Foreclosure Maintenance

Question: Can attorneys representing the bank in a foreclosure tell a tenant not to pay rent and that they can stay?

Can the atty representing the bank tell a tenant…(one who is behind on rent for nearly 6 months and will not get out of the house) tell the tenant that they can stay until the foreclosure is complete and that the landlord can do nothing? Little odd since it is this type of tenant and others like him that put the landlord in foreclosure….Landlord also wants to know what his rights are when it comes to the rents and filing bk? Can what rents he is able to collect be used by a maintenance company to keep the property in good repair and occupied through the process?

>

Answer: Sounds like a clear conflict of interest ....

Bressi Ranch 4br Foreclosure Great Value! Bank Owned

Foreclosed Property Maintenance

Question: who is responsible for property maintenance i.e. grass mowing on property that is foreclosed or surrended?

Is it the former property owner’s responsibility until the bank sells it?
The property was surrendered to the bank by the mortgage holders several months ago. Owner lost job and could not afford payments.

>

Answer: If I stop making my payments I am still responsible for mowing and such. The bank then goes thru the process of foreclosure. Until it is foreclosed it would still be mine. Once it is foreclosed it is the new owner's (around here 99% of the time the bank buys the house at foreclosure so they would be the new owner).

In my city the code enforcement will mow the lawn and place an expensive lien against the house- if no one else takes care of it. So call your city and ask them for help if you have an abandoned house on your street.

Is a Foreclosed Condo a Good Investment?