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Answers (7)
- D. Scott Secor, "D. Scott Secor"
- Contributions:86
Why do so many people look to the Federal government for ANY solutions?
Nonetheless, renters are accorded very specific rights under State and local landlord/tenent law. As a Realtor, I have delivered substantial "Cash For Keys" checks to the OCCUPANTS (e.g., renters) of foreclosed properties I have been assigned. This does not supplant the renter's right to sue the landlord for any security deposit that is not returned.
Furthermore, renters of multi-unit properties will usually be directed to pay all rents to the BANK rather than to the former owner of the propertyduring the recission period. Investment properties (including those in foreclosure) are more likely to sell quickly when the prospective buyer has a built-in cashflow mechjanism (e.g., paying renters).
Nonetheless, renters are accorded very specific rights under State and local landlord/tenent law. As a Realtor, I have delivered substantial "Cash For Keys" checks to the OCCUPANTS (e.g., renters) of foreclosed properties I have been assigned. This does not supplant the renter's right to sue the landlord for any security deposit that is not returned.
Furthermore, renters of multi-unit properties will usually be directed to pay all rents to the BANK rather than to the former owner of the propertyduring the recission period. Investment properties (including those in foreclosure) are more likely to sell quickly when the prospective buyer has a built-in cashflow mechjanism (e.g., paying renters).
- real estate mike
- Contributions:2001
Edward, assuming the tenant is current on rent(they performed legally) then I have no problem with it.
- Hothomespot
- Contributions:174
Actually I believe....... in most cases if your lease is current and you still have terms they usually offer Ca$h for Keys!
- sunnyview
- Contributions:25115
I like the idea of the law rewrite to make the owner liable for renters under deficiencies judgements for an increased deposit amount. I think for keeping a deposit wrongfully in many states beyond the legal period it is a 3X penalty for the landlord. I would likt to see it increase in cases of foreclosure to a 5X time penalty. I think many tenants in that situation end up losing their deposits completely and the owner walks scot free with their rent money while they stiff their bank. I see that as very unfair.
I think its fine. The owner, after all KNOWS he isn't paying the mortgage, knows the sale is coming.
Often, the tenant has no idea until the last moment.
Now, lets say I was renting a home here, and took a two month trip back to europe. I'm still paying my rent, all my personal/valuable stuff is in the home, meanwhile it forecloses and my stuff gets tossed out, plus where is my deposit? hardly fair to the renter at all!!!
Often, the tenant has no idea until the last moment.
Now, lets say I was renting a home here, and took a two month trip back to europe. I'm still paying my rent, all my personal/valuable stuff is in the home, meanwhile it forecloses and my stuff gets tossed out, plus where is my deposit? hardly fair to the renter at all!!!
- Lady Chattel
- Contributions:3110
It is a good idea and it protects renters from unscrupulous landlords who knowingly rent out a property with the intent to let it fall into foreclosure. The tenant is often the last to the party and shouldn't be put under such circumstances as a 10 day notice and saddled with extreme hardship especially when they may have children and jobs and finding a new place to live so quickly would present quite a challenge to anyone.
- Pat Bourgo, "Pat Bourgo"
- Contributions:1051
they should rewite the law to make the owner liable for renters under deficiencies judgements 10x the deposits. This would force the landlords the be honest with the tenants and to kick them out before the FC.
Do you think about the government should allow tenants in foreclosed properties 90 days to move?
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- 0.0/5.0
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