InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] No, rent skimming codes are designed to stop foreclosure vultures... Posted by Ward-CA- on April 28, 2008 at 3:16 PM In Reply to: Re: Texas, Florida &Federal proscriptions against rent skimming... posted by matt griffin on April 28, 2008 at 12:20 AM Matt, No, rent skimming codes are designed to stop foreclosure vultures from preying on owners-in-default. To see that principle, you can read the CA statute on rent skimming: http://tinyurl.com/5wtx4a It's clear that the statute doesn’t apply to the original borrower/owner. And since the federal statute on rent skimming is almost a duplicate of California’s there’s not going to be a violation of that law either. -----------Ward =============== I own a property management company that operates in Texas. One of our clients is a Florida resident who owned 21 rental condos in Houston, TX. My company leased and managed the properties for this fellow for approx 2 years. We have forwarded rents to the property owner every month for the referenced 2 years including March of 2008. On April 1st all 21 units were foreclosed by the homeowner's association associated with the complex where the condos are located. We are not sure, but presume that the owner's first mortgage is in arrears and will be foreclosed shortly. My question is simply this: Since the former owner received rent and cashed our checks during a period when he clearly knew a foreclosure had been posted, etc. is he guilty under either federal, Texas or Florida statutes of rent skimming? Cordially, Matt Griffin Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Matt, : No, rent skimming codes are designed to stop foreclosure vultures from preying on owners-in-default. : To see that principle, you can read the CA statute on rent skimming: : http://tinyurl.com/5wtx4a : It's clear that the statute doesn’t apply to the original borrower/owner. : And since the federal statute on rent skimming is almost a duplicate of California’s there’s not going to be a violation of that law either. : -----------Ward : =============== : : I own a property management company that operates in Texas. One of our clients is a Florida resident who owned 21 rental condos in Houston, TX. My company leased and managed the properties for this fellow for approx 2 years. We have forwarded rents to the property owner every month for the referenced 2 years including March of 2008. On April 1st all 21 units were foreclosed by the homeowner's association associated with the complex where the condos are located. We are not sure, but presume that the owner's first mortgage is in arrears and will be foreclosed shortly. My question is simply this: Since the former owner received rent and cashed our checks during a period when he clearly knew a foreclosure had been posted, etc. is he guilty under either federal, Texas or Florida statutes of rent skimming? Cordially, Matt Griffin [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2008, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455