FOUND OUT THE LANDLORDS NOT MAKING THE HOUSE PAYMENT.

[DIDM]

go to lending institution and pay it, then it becomes your house


your rent probably covers it with some left over, heh

 

[Hank Hemp]

My momma's got a house for rent.

 

[Hendrix420]

That sucks

 

[festerous]

Every state is different. There is a federal law called tenants against foreclosure act which will allow you up to 90 days as long as your rent is current. Some states have their own laws against foreclosure but these are usually in the banks favor.

 

[BrnCow]

Well thanks everyone for the advice. We are going to move looking for a place. I'm not out to screw the landlord. He just made a whole bunch of poor business decisions and the economy hasn't helped either. I will continue to pay my rent until I find a new place. I have an excellent history, I'm the tenant that landlords dream about, the biggest problem is the Landlords that think their place is the freakin Taj Mahal and want your first born and both ears as deposits if you have pets. Its the people that have dogs that rip a place up thats made it hard for the rest of us.

Bunz..... Thanks for the advice, well spoken and I agree with you all the way.

So I continue to look on Craigslist and marvel at the dumps and how bad the college students get screwed on rents.

I will keep everyone informed,I do need a house I can do my thing in also.

There are a couple of things you might want to do. First, you might take your rental contract and consult a lawyer or an experienced real estate agent and get some ideas. Another (and the best for you) is to get your landlord to sign it over to you, catch up the payments and then you will own it - a wrap around contract will costs you about $500 or so with a good lawyer and he will be on your side as your lawyer. Be sure and get the landlord to sign a power of attorney for you to be able to sign all needed paperwork , insurance, etc for any reason. Then you have just absorbed all the equity the former landlord has invested in the place...not a bad position to be in! Get your own insurance for it (if you can afford it) making sure the house and mortgage company are correctly covered, and when/if you need to, inform the mortgage company you have the wrap around contract and correct insurance coverage and are the new owner. Don't expect them to be all happy since you just took their profit - the equity - but they can just fucking get over it - be nice to them always. The landlord gets his credit from being destroyed - his payment for his equity. Of course he might want a few bucks out of you but if you can do it, just take it over with no compensation. Might want to get the title investigated before you get into it. I did this very thing once and walked off with perfect credit and $40k when I sold the place. If it's worth a fuck, you can always rent it if you decide to move or sell it - making the new buyer get his own mortgage loan for it though..then you are free to take your equity and fly...but if you fuck around, it may slide right on by. And don't try and do this without a lawyer to supervise the deal or you might lose your ass...and your credit rating...title insurance is a good investment unless the landlord already did that when he bought it. Then your power of attorney will allow you to slide in and do whatever paperwork you need to just like the landlord could have.
Good luck and watch your mouth. Deals like this get usurped real easy by someone with more snap and money than you have so be careful. No tell (anyone) - even after it is done if possible. If it isn't worth buying, might talk to the bank or mortgage company if all else fails to keep paying rent. Expect the new owner or bank to send someone around to inspect it inside and out as well as the insurance company..and some of the payments can be made in cash if the bank is local...later...oh yes..keep excellant records and the receipts for everything...

 

[mpd]

This is a short sale opportunity with your option to acquire the property with the equity position being vacated. This means the resulting mortgage will likely be less than the rent you have been paying. Since you have been current on your rent you should be able to qualify if you can prove income.

But hey, I'm just a conservative banksta, WTF do I know?

 

[Bag]

thread had a 9 month bump, what happened?