foreclosure victims

Posted by adgag adgadgvadgv on Friday, February 11, 2011

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Oct. 15 '09 Vizcaya Democratic Club by UN1SON


bench craft company

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bench craft company

Oct. 15 '09 Vizcaya Democratic Club by UN1SON


bench craft company

Is This the Best <b>News</b> Picture in the World? World Press Photo <b>...</b>

Jodi Bieber wins the World Press Photo of the Year for her portrait of an Afghan woman who was disfigured by her husband on authority of the Taliban.

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bench craft company

Is This the Best <b>News</b> Picture in the World? World Press Photo <b>...</b>

Jodi Bieber wins the World Press Photo of the Year for her portrait of an Afghan woman who was disfigured by her husband on authority of the Taliban.

Nokia Finally Drops Its <b>News</b>: It&#39;s Microsoft | mocoNews

The news everyone has been waiting for has finally come out: Nokia (NYSE: NOK) has done a deal with Microsoft (NSDQ: MSFT), where Windows Phone will become the primary operating system for Nokia's smartphones. The deal will bring brands ...

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Each week we ask chief technology officers and other high-profile tech decision-makers three questions. This week, Bret Taylor, chief technology officer at Facebook and co-founder and former chief executive of FriendFeed, ...


bench craft company

Is This the Best <b>News</b> Picture in the World? World Press Photo <b>...</b>

Jodi Bieber wins the World Press Photo of the Year for her portrait of an Afghan woman who was disfigured by her husband on authority of the Taliban.

Nokia Finally Drops Its <b>News</b>: It&#39;s Microsoft | mocoNews

The news everyone has been waiting for has finally come out: Nokia (NYSE: NOK) has done a deal with Microsoft (NSDQ: MSFT), where Windows Phone will become the primary operating system for Nokia's smartphones. The deal will bring brands ...

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Each week we ask chief technology officers and other high-profile tech decision-makers three questions. This week, Bret Taylor, chief technology officer at Facebook and co-founder and former chief executive of FriendFeed, ...


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bench craft company

Oct. 15 '09 Vizcaya Democratic Club by UN1SON


bench craft company
bench craft company

Is This the Best <b>News</b> Picture in the World? World Press Photo <b>...</b>

Jodi Bieber wins the World Press Photo of the Year for her portrait of an Afghan woman who was disfigured by her husband on authority of the Taliban.

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The news everyone has been waiting for has finally come out: Nokia (NYSE: NOK) has done a deal with Microsoft (NSDQ: MSFT), where Windows Phone will become the primary operating system for Nokia's smartphones. The deal will bring brands ...

Facebook CTO Says <b>News</b> Next In Social Revolution

Each week we ask chief technology officers and other high-profile tech decision-makers three questions. This week, Bret Taylor, chief technology officer at Facebook and co-founder and former chief executive of FriendFeed, ...


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During the Real Estate "Boom" when interest rates were at historic lows, Mortgage Lenders offered ridiculously exotic loan products including Pay Option Arms or Negative Amortization loans. 100 % financing for those with less than stellar credit, everyone that had a heartbeat got caught up in the Housing Frenzy. Some didn't stop at just buying their own "dream home"; they were lured by promises of being self made millionaires by investing in Real Estate and bought several homes or apartment buildings that they rented out.

Flash forward to 2007, when the interest rates on Adjustable Interest Rates began to significantly reset, and we saw alarming rates of foreclosure filings, which has negatively affected property values. Real Estate investors might have charged enough to cover the mortgage during the first few years but now they have found themselves faced with rising mortgage payments, often in excess of 30%, and because their tenants have a lease, they cannot increase the rent, or their investment property cannot pull in the amount of rent needed to cover the mortgage payment, the investor finds that he no longer can afford the mortgage payments, hasn't been able to sell the property and finds himself facing foreclosure.

It wasn't that long ago, when homeowners and investors could refinance out of an adjustable rate mortgage into a fixed rate or into another low introductory adjustable interest rate by using the equity they had in the property, but things have changed dramatically. As a result of lower property values, some homeowners and or investors are finding that they cannot refinance, because they owe more than the home or investment property is now worth, or because of tightened lender guidelines, they cannot qualify for a new loan. The inability to charge more in rent or refinance has resulted in a lot of investment properties being foreclosed on.

Unfortunately, tenants, who always pay their rent on time, take care of the home/condo/ apartment as though it were their own are the victims of foreclosure that are the least talked about, the often the most impacted.

Tenants often have no idea that their landlord is facing foreclosure until they get notice informing them that they have to move or face eviction. It is important to point out that in most states a foreclosure makes a lease null and void. Lenders are not landlords, and they really want no part in being a landlord. Lenders do not and are not obligated to perform any maintenance or continue any amenities that tenants may have become accustomed to, other than water and electricity.

Tenants may be named as a defendant in a foreclosure action, the sheriff, or process server will serve you with a summons and complaint. Obviously, if the tenant has paid their rent on time, they have done nothing wrong, but are named as a defendant in order for the lender to give notice that they must move or face eviction.

It is important that if a tenant is named in the foreclosure they pay attention to the return date in the upper right hand corner of the summons. It is not a hearing date; it simply is a deadline when papers must be filed with the court. Tenants should file an appearance form, advising the court that they are not ignoring the foreclosure, from the time the appearance form is filed; the tenant will get notice of all the court hearings.

It is extremely important that a tenant continue to pay rent, and deal with their landlord during this time. The landlord retains rights to rent and is responsible for maintenance until either the default is cured or when the court ordered sale is complete, unless lender requests that the court appoint a receiver of rents to whom the tenant must then pay rent to instead of the landlord. If the tenant does not pay the receiver, they will face eviction proceedings.

If the landlord doesn't cure the default by paying the lender the amount he owes, either through a sale or refinancing, the court will eventually issue a judgment. At this time, the judge will order a "sale date" or a "law date " depending on what state the property is located in, which can be scheduled rather quickly or it could be several months from the time the judgment is made. Again, the landlords and the tenant's rights to the property are not affected until the completion of the sale.

During the time of judgment and the sale date, the tenant may request the lender and or judge to consider allowing them to continue to live in the rental unit, or at the minimal, allow them to stay for an extended period for a couple of reasons such as illness or school.

Unfortunately, lenders believe that tenants may interfere with the resale of the home or building, and are set to evict renters in record numbers. Many may offer some type of monetary incentive to the tenants to expedite their moving out. The most popular type of program offered by lenders is "Keys for Cash"

If a tenant receives state welfare, they may be eligible for emergency housing benefits. In order to qualify for these benefits, the tenant must be able to show that a judgment has been entered and the final sale date has passed. If the tenant filed their appearance in court, they will get a notice in the mail which they should take to their case worker to arrange for emergency housing.

If a tenant is forced to move because their landlord was foreclosed on, they may be able to sue in small claims court for moving and apartment searching costs, application fees, and the difference if any between the new rent for a comparable rental and the rent under the new lease. Although a persistent tenant will get a judgment against their former landlord, chances they will get paid anytime soon is very slim, because the landlord obviously is having serious financial struggles. The judgment will stay on records for many years, so it may not be impossible to collect what is due to them eventually. .

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