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How would you handle a renter who paid on time but the landlord defaulted on the mortgage?

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Anonymous

Asked by Anonymous at 2:56 PM on Feb. 23, 2009 in Politics & Current Events

Answers (12)
  • These are sad situations. The renter should be entitled 30 days to relocate-maybe (hopefully longer) and of course their deposit back.

    What else can they do?
    Anonymous

    Answer by Anonymous at 2:57 PM on Feb. 23, 2009

  • There are 2 separate and legal agreements here. One is with the landlord and the renter the other is with the landlord and the bank. The bank has every right to close up shop and lock up the doors when repo time comes. The renter on the other hand has to handle it civilly in a court to get any losses recovered in the time they endured during the eviction. This is happening daily and is wrong, but legally there are no loopholes for the renter to get reprieve other than suing civilly.

    akinbottom2

    Answer by akinbottom2 at 3:00 PM on Feb. 23, 2009

  • Honestly, if I were a renter in these economic times and had concerns I would contact the County Recorder/Auditor and find out if the Landlord has paid all taxes up to date. See if there are any liens on the property. If they haven't paid up to date I would contact them to ensure you aren't nearing foreclosure.
    Contact the Courts and see if you can make payments to the the court to be held in escrow untill you have ample time to vacate before the landloard entirely loses the home.
    grlygrlz2

    Answer by grlygrlz2 at 3:03 PM on Feb. 23, 2009

  • I think the banks should be holding some of these properties and renting them out instead of just letting them sit until they can sell. (I get that there are a lot lot of legal hurdles keeping that from happening, but that should be the kind of housing bill they are working on - one that can streamline that at least temporarily). The messy part is the utilities and repairs. The banks aren't set up to cover those - instead of bailing out these mortgages, they should set up funds to pay lease-covered utilities and repairs on the bank-seized properties for a few years. Meanwhile, once they set up departments to handle managing the properties, they can expand and start renting the ones that were debtor occupied, either giving them the option to rent against their balance due or renting them out to other people. The homes stay occupied, and prop vals stay up. Unload them slowly a few at a time later.
    NotPanicking

    Answer by NotPanicking at 3:35 PM on Feb. 23, 2009

  • You will probably never recoup your money. You would be able to sue if you wanted to pay for the lawyer. They guy could file bankruptcy and you'd not get much at all even then since you were just renting.
    We rented a house once and the guy stopped paying the mortgage. When we found out we just quit paying him but stayed in the house free for several months. The mortgage co.didn't care cause the house wasn't being trashed. We didn't get anything else out of it though.
    itsmesteph11

    Answer by itsmesteph11 at 4:04 PM on Feb. 23, 2009

  • Am I the bank or the court? If I was the bank I would rent to you, the renter, directly at least until I found a buyer for the house or apartment building. If I was the court I would give you 30 or 60 days if you were current on your rent. There should be a notification system in place, but I've seen the news so I know what you are talking about.
    Anonymous

    Answer by Anonymous at 4:44 PM on Feb. 23, 2009

  • Well if your in an Obama state of mind just expect the government to pay for you to relocate yourself until you find a comparable place to live, oh sorry you said the responsible renter. Nevermind your screwed, you lose.....annnnndddd you get to pay higher taxes. Ha Ha Ha
    Anonymous

    Answer by Anonymous at 4:45 PM on Feb. 23, 2009

  • Anon: 4:45.... I dont find your comment FUNNY at all. I have been responsible and now my family of 7 have to think fast i don't have money lying around. But also even though i did vote for Obama i don't expect him or the gov't to bail me out. I hope you don't find yourself in a situation like this.....
    Anonymous

    Answer by Anonymous at 5:11 PM on Feb. 23, 2009

  • To anon 5:1, my anon comment wasn't expected to be funny, how dense are you for real???? Obama's administration is "BAILING OUT" everybody else "UNLESS" you are responsible and pay your bills. Middle america is going to pay for his wreckless use of our tax dollars and we are going to have to take it whether we like it or not!!!!!!!! The latest news is he is going to cut the national debt by half by the middle of his first term or some ridiculus time frame???? And for your information I hope any responsible person doesn't find themselves in this situation, but it'll be pretty hasrd to pay your bills when the gov is taking "HALF WHAT YOU EARN"
    Anonymous

    Answer by Anonymous at 5:24 PM on Feb. 23, 2009

  • Honey, sorry to say, but you are screwed, all you can do is bend over and ask for some vaseline, because it's gonna be hard to take. You aren't the only one this is happenning to, and if it isn't this problem, they'll get us some other way.
    Anonymous

    Answer by Anonymous at 5:34 PM on Feb. 23, 2009

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