Foreclosure on rental, what's a tenant to do?

[rapunzel]

Moreover, check the county records to see if the owner HELOC'd the property to kingdom come...another indication of cashflow problems.


.

I know how to check the WaltonPA site, but have yet to figure out how to check the above. Anyone have a link?

As for you Jychf -- we are in the same boat. We were actually served with foreclosure papers, too. We answered the foreclosure within 20 days (basically just a copy of our lease and contact info so the banks' lawyers would keep us in the loop and we would have some notice) but the papers weren't even filed for 90 days.

What I've learned in the process of all this is that the banks are dragging this process out. When it does finally reach the point of auction, the banks simply show up and bid the amount of the loan, take the house back, winterize it, and leave it sitting empty.

Until the foreclosure goes through, your landlord is still the owner, regardless of whether or not he's made a payment for over a year. Your lease is still enforced. Be grateful that at least you are going month to month at this point, and you aren't obligated to pay rent or buy out your lease in order to get out of limbo.

Of course, until these houses are actually sold at auction, the whole community is in limbo.

 

[Jychf]

Thanks!! Sorry to hear you're in the same boat rapunzel....seems a lot of people are going through the same thing lately. If we're moving out any way, are we required to even reply to the court? I would think that it's pointless considering whatever happens really doesn't matter if we're not here. Apparently, our landlords are dealing with multiple properties in foreclosure, we're the only tenants though. It's all been a real headache, one I won't mind ridding myself of shortly.

 

[30ashopper]

"Moreover, check the county records to see if the owner HELOC'd the property to kingdom come...another indication of cashflow problems."

I'm curious about this as well, would it show up as a lien on the property maybe? What site?

 

[Mango]

"Moreover, check the county records to see if the owner HELOC'd the property to kingdom come...another indication of cashflow problems."

I'm curious about this as well, would it show up as a lien on the property maybe? What site?

The same site you posted above. http://clerkofcourts.co.walton.fl.us/default.aspx?id=31

The document should say Home Equity Line of Credit on it. Most of the Lenders used the same FNMA instruments when recording their mortgages.

This brings you right to the Public Records section. http://clerkofcourts.co.walton.fl.us/default.aspx?id=7
Pan down and click on the Oncore records. Follow instructions from there.

 

[30ashopper]

Oh man, you can see what kinds of loans they took out.

Sale Price: 970K
Lender: Countrywide
Loan A: 650K PayOption ARM @ intro rate of 2.15%
Loan B: 250K HELOC, adjustible rate
Current est. value based on comps: 480K

It's like swimming around in the bowels of the housing crisis. I feel dirty. I need a shower, and a drink.

 

[30ashopper]

My goodness, what were these people thinking.

 

[SHELLY]

Oh man, you can see what kinds of loans they took out.

Sale Price: 970K
Lender: Countrywide
Loan A: 650K PayOption ARM @ intro rate of 2.15%
Loan B: 250K HELOC, adjustible rate
Current est. value based on comps: 480K

It's like swimming around in the bowels of the housing crisis. I feel dirty. I need a shower, and a drink.

Swimming in the bowels sure beats the heck out of having your arse kicked to the curb...now you know what to look for and where to find it, good luck finding a new place.

.

 

[SHELLY]

My goodness, what were these people thinking.

...they were thinking, "Now is a great time to buy--and flip. They're not making any more land! The Baby Boomers are coming! Real Estate never goes down, never! EVER! I'm gonna be rich....RICH I TELL YOU!"

.

 

[JOE who]

Jychf,
I'm also going through similar situation, except mine is further along. I (the renter with no lease) was served papers and was told "not to worry about it, most of these things get sorted out, just keep paying your landlord" so that's exactly what I did.

After a few unreturned phone calls to my landloard I decided to rid myself of the entire situation and move. Since I was on a "month to month" lease I figured it'd be no problem, unfortunately i couldn't get in touch with my landlord and his P.O. Box wasn't valid. So i moved without his knowledge. But that's not what got to me.

After awhile I sarted receiving notices via the banks lawyer with my name listed as a defendant along side my landlord. I called the bank and their lawyer to explain that I WAS a previous tenant, but no longer reside at the foreclosed property; and could i get my named remove from the foreclosure. That didn't help, the lawyers office never returned my calls and the bank said it wasn't possilbe for them to sue me since my name wasn' t on the mortgage. Now it's a year or so after being first served papers and my name is still on the defendant's list. The only advice i could get out of anyone I talked to is "Get a lawyer". Why, it's not my fault. I shouldn't have to pay a 1500 dollar retainer to defend myself for something I didn't do, pay a mortgage that I didn't sign/own/owe.


Sorry if there was no advice in the above ramblings... Sometimes I despise corperate America and their "I'm Too Big For You" attitude and the governments's "Liberty and Justice for All" (if you can pay for it).

Good Luck with your Situation...

 

[Mango]

Jychf,
I'm also going through similar situation, except mine is further along. I (the renter with no lease) was served papers and was told "not to worry about it, most of these things get sorted out, just keep paying your landlord" so that's exactly what I did.

After a few unreturned phone calls to my landloard I decided to rid myself of the entire situation and move. Since I was on a "month to month" lease I figured it'd be no problem, unfortunately i couldn't get in touch with my landlord and his P.O. Box wasn't valid. So i moved without his knowledge. But that's not what got to me.

After awhile I sarted receiving notices via the banks lawyer with my name listed as a defendant along side my landlord. I called the bank and their lawyer to explain that I WAS a previous tenant, but no longer reside at the foreclosed property; and could i get my named remove from the foreclosure. That didn't help, the lawyers office never returned my calls and the bank said it wasn't possilbe for them to sue me since my name wasn' t on the mortgage. Now it's a year or so after being first served papers and my name is still on the defendant's list. The only advice i could get out of anyone I talked to is "Get a lawyer". Why, it's not my fault. I shouldn't have to pay a 1500 dollar retainer to defend myself for something I didn't do, pay a mortgage that I didn't sign/own/owe.


Sorry if there was no advice in the above ramblings... Sometimes I despise corperate America and their "I'm Too Big For You" attitude and the governments's "Liberty and Justice for All" (if you can pay for it).

Good Luck with your Situation...

Blech! Sorry for your troubles. A simple clerical error hopefully is not damaging your credit? Have you checked your credit reports lately? If there is anything there, I would get print off copies of the deed and the mortgage off of the county records site, a copy of your lease (if you still have it) and forward it to the credit reporting agencies. They will remove it with documentation if erroneous info is showing up.