InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Rental in foreclosure Posted by Ward-CA- on August 11, 2003 at 10:37 AM In Reply to: Foreclosing on a rental posted by tracylynn on August 10, 2003 at 11:48 AM : I need some advice. Long story short, were renting a residential property that we have always been on time with payment and never missed a payment. Lease ran out July, its now just a month to month, tried to sign for another lease but owner told us she is getting foreclosed on. Her last payment to morgage company was April of this year. So right now we are looking for another rental, but there very hard to find in our area. It took us 6 monthes to find the house we are in now. The problem is that the furnace quit working last Febuary and she still hasnt fixed it. We have told her nermous times but was not fixed. Of course, over the summer it didnt matter, but now we know she has no money to fix a new furnace and winter is approaching and we may still be here. Under advice from some friends, they told us to stay put and possibly the bank may work with us on purchasing the home. We love the house and would like to stay. : But I what do I do about this furnace. We currently pay $700.00 a month for our rent. And wonder what are options are as far as holding rent till she fixes it. I am willing to even use our rent money and find someone myself to fix it. But would I get in trouble for doing this. And if we do hold rent, what will that say to the mortgage company, will that lessen our chances to work out a deal with them : Please any advice would do, my husband is the only one working and he makes $30,000 a year, I am going to college and only have two more years to go before I graduate. Our credit score is 630 and we have been able to save $2,000. We had to plead bankruptsey 3 years ago, and we have been trying to establish credit, which is not easy to do with a bankruptsey attached to your credit history. Is there any chance with morgage company?? =•=•=•=•=•=•=•=•=•=•= Tracylynn, I don’t know the state you’re in and whether they allow you to repair a vital item (like a heater) out of the rent money after numerous requests from you to get it fixed. My instincts tell me that your landlort/tenant laws probably would allow it. I think a warning letter from you to the owner is necessary, wherein you state that you’re going to fix the heater with the upcoming rent money if she doesn’t fix it beforehand. Keep a copy of that letter and then follow through with your warning. Since your credit score is low and your recent credit record isn’t all that great you might not be approved by the current lender to buy the property if they ever get title to it in a foreclosure auction. So why not buy the house from the current owner? Take title subject to the existing financing without seeking approval of the current lender by making up the back payments/penalties and recording a deed from the current owner to you. It would save the current owner from suffering a foreclosure against her credit record and allow you to take on the ownership of the property without having to formally qualify and pay any down payment. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I need some advice. Long story short, were renting a residential property that we have always been on time with payment and never missed a payment. Lease ran out July, its now just a month to month, tried to sign for another lease but owner told us she is getting foreclosed on. Her last payment to morgage company was April of this year. So right now we are looking for another rental, but there very hard to find in our area. It took us 6 monthes to find the house we are in now. The problem is that the furnace quit working last Febuary and she still hasnt fixed it. We have told her nermous times but was not fixed. Of course, over the summer it didnt matter, but now we know she has no money to fix a new furnace and winter is approaching and we may still be here. Under advice from some friends, they told us to stay put and possibly the bank may work with us on purchasing the home. We love the house and would like to stay. : : But I what do I do about this furnace. We currently pay $700.00 a month for our rent. And wonder what are options are as far as holding rent till she fixes it. I am willing to even use our rent money and find someone myself to fix it. But would I get in trouble for doing this. And if we do hold rent, what will that say to the mortgage company, will that lessen our chances to work out a deal with them : : Please any advice would do, my husband is the only one working and he makes $30,000 a year, I am going to college and only have two more years to go before I graduate. Our credit score is 630 and we have been able to save $2,000. We had to plead bankruptsey 3 years ago, and we have been trying to establish credit, which is not easy to do with a bankruptsey attached to your credit history. Is there any chance with morgage company?? : =•=•=•=•=•=•=•=•=•=•= : Tracylynn, : I don’t know the state you’re in and whether they allow you to repair a vital item (like a heater) out of the rent money after numerous requests from you to get it fixed. My instincts tell me that your landlort/tenant laws probably would allow it. : I think a warning letter from you to the owner is necessary, wherein you state that you’re going to fix the heater with the upcoming rent money if she doesn’t fix it beforehand. Keep a copy of that letter and then follow through with your warning. : Since your credit score is low and your recent credit record isn’t all that great you might not be approved by the current lender to buy the property if they ever get title to it in a foreclosure auction. So why not buy the house from the current owner? Take title subject to the existing financing without seeking approval of the current lender by making up the back payments/penalties and recording a deed from the current owner to you. : It would save the current owner from suffering a foreclosure against her credit record and allow you to take on the ownership of the property without having to formally qualify and pay any down payment. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ 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.

Copyright © 1997-2003, 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