Help!!! Foreclosure

[b.hromada]

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Debi, we've been going through the same thing here. My hubby doesn't believe our landlord either! He has told us the same thing your landlord is telling you!! We've shown the papers to my BIL, and he told us to just keep paying our rent, until we hear something from the court and a hearing of the sale!

My hubby is like, What, I'm paying him $2,200.00 a month for him to just pocket it!!

 

[Whispering Winds]

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Yea, and you found paperwork on the gate that says otherwise. I wish you luck through this endeavor. Keep us posted.

I am still trying to wrap my brain around the whole thing. We really do love living here and the prospect of moving is highly undesireable to us. I wish we had better credit and more money!

There are lenders who work with people with low credit scores. Has to be at least 620 now. Call your bank and ask if they can refer you . . .there is wonderful FHA loans out there that only require $100 down . . .its well worth researching. IF one of you has a credit score of at least 620, then that person can buy it. . .without the other one involved. We do it all the time.

 

[lovesduckies]

my parents are friends with a really good real estate man. i can give his phone number if you'd like. that other bbq we went to last weekend was for his wife as a matter of fact.

pm me if you want his number, he's helping us get our crap together so we can buy a house (well my parents not me hahah)

 

[SillyChicken]

I'm on your side.... and hope you don't get screwed over!

But I have to say that the renters contract is with the land lord up until he no longer has ownership of the property (he would then be in default of the contract)... He doesn't have to pay the mortage, for that property, with that money. If he wants to pocket the money, that is his right (would be stupid of him, but there's alot of stupid out there), as long as he has the means to pay his obligation to the bank in other ways.

However, I can understand your situation, now that ownership is in question. But until the bank and he sign papers.. it's still his and you owe him per contract. Once the bank ownes it, they don't have a rental agreement with you so signing up for a longer lease won't help. Check with your township to see if you can find out if the taxes are paid by the bank - if so, contact the bank to find out the status and your options.

On that note......I'd keep the payments too, but I would send him a letter that you have made a deposit for (incert month here) paymet. Do that every time you deposit the funds every month. He may be entitled to some of that money up to the end of his ownership of the property... just ask him to provide a copy of the paperwork from the bank proving when. Shoot! Maybe you'll have enough saved for a dwn payment for your own place.


On the bright side, I hope this opens up an opportunity for you! Maybe to own your own place, or move to a better one, that costs less or something! Best of luck to you.

 

[chickabator]

I am so sorry Deb that this is happening to you. I sure hope things work out for the best for you and Ken.

 

[debilorrah]

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The landlord actually told us we could sit tight and not pay.... Good thing I have that in an email!!!!!!!!!!!!!!!!

 

[The Chicken Lady]

My prayers are with you, Debi. I know this is unnecessary stress!

 

[debilorrah]

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Very much so and I really appreciate everyones support. Last night I left it with the Lord and today we are going to look at a horse property for rent that has everything we already need for the animals. No rebuilding. We will take it tonight if the inside is right. Ken looked at the outside and it is perfect.

 

[claud]

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The landlord actually told us we could sit tight and not pay.... Good thing I have that in an email!!!!!!!!!!!!!!!!

Wow. I'd say you've got a pretty nice landlord.
Not all landlords are millionaires. Many are just hardworking people trying to get ahead like everyone else. Things happen on the financial end just like they do with anyone else as well.

I hope everything works out for you - it would be stressful not knowing.

I can say that if you are renting a single house the landlord probably doesn't make a whole lot after the mortgage, taxes, repairs, maintenance and if he pays any utilities. That's why a lot of people don't own a house.

 

[debilorrah]

Quote:
The landlord actually told us we could sit tight and not pay.... Good thing I have that in an email!!!!!!!!!!!!!!!!

Wow. I'd say you've got a pretty nice landlord.
Not all landlords are millionaires. Many are just hardworking people trying to get ahead like everyone else. Things happen on the financial end just like they do with anyone else as well.

I hope everything works out for you - it would be stressful not knowing.

I can say that if you are renting a single house the landlord probably doesn't make a whole lot after the mortgage, taxes, repairs, maintenance and if he pays any utilities. That's why a lot of people don't own a house.

I guess I should mention he has 8 other rental properties. Apparently this one has been giving him headaches for the last 4 years.