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Ryan Beesley

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Do you think about the government should allow tenants in foreclosed properties 90 days to move?

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Edward Thornburg, "Ethornbu"

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The new government guideline allows tenants in foreclosured properties 90 days to move after you buy a foreclosed property as long as they pay rent.  I don't believe this applies to current owners living in property.  Should the Federal  Government be involved at all in State Landlord/Tenant Law?  This may make a tenant feel good but what about the homeowner who only has 10 days to move from sale date.  This is in Florida and Florida Law from what I understand.  Now it seems to me that a federal law would carry with it a new requirement for foreclosing attorneys to give a notice to this affect in the Foreclosure Judgement.  If so, what canned statement should we be looking for in a final judgment when we buy a foreclosue at the courthouse steps.  Does the tenant have to pay the new owner within days,. weeks or what and what if the tenant just paid the old owner rent - Do they have to pay the new owner rent within the 10 days move out period under Florida Law.  Hope some attorney can answer this since we're in the Forelcosure business.
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June 23 - Tampa
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D. Scott Secor, "D. Scott Secor"

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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).
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August 12
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Michael Russell, "real estate mike"

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Edward, assuming the tenant is current on rent(they performed legally) then I have no problem with it.  
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July 28
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Hothomespot

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Actually I believe....... in most cases if your lease is current and you still have terms they usually offer Ca$h for Keys!
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July 28
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sunnyview

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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.  
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1 Yes

June 23
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Roberto Ribas, "azrob"

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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!!!
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June 23
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Lady Chattel

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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. 
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1 Yes

June 23
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Pat Bourgo, "Pat Bourgo"

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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.
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June 23
 

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