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Old 06-26-2010, 07:24 PM
 
13 posts, read 110,221 times
Reputation: 14

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The house I'm renting (no rent control area) has been foreclosed and we're currently looking at options on what to do. We're thinking of buying the house if it is offered a little below current market.



After the notice of trustee sale was given we received a lot of ads in the mail saying "we can help you remain in the property for up to 5 - 9 months after the trustee sale, during this process you don't have to pay any rent"


Obviously they're trying to sell some service and not just trying to help tenants.
I'm very curious though, how can they do this, not paying rent for 5 - 9 months as they claim ?


Thanks.
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Old 06-26-2010, 09:48 PM
 
Location: Los Angeles
8,430 posts, read 10,844,001 times
Reputation: 10659
It is a legal loophole.
Your rent payments, along with any other financial transactions concerning the property are being put on hold pending the outcome of the trustee sale.
Bear in mind, the payments will come due on demand after the sale.
Don't for one minute consider the fact that you don't have to pay rent for the time it takes for the trustee sale to be worked out.
Better put the rent aside each month so you will have it when a demand for it is forthcomming, because it will be.
Don't waste your hard earned money on some fly-by-night company looking to fleece you out of anything by offering things that you can negotiate yourself.
Speak to the trustee to find out where you stand.
Bob.
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Old 06-27-2010, 12:59 AM
 
13 posts, read 110,221 times
Reputation: 14
The auction sale was done already 10 days ago, the agent representing the now REO property came by and told us about the options: cash for keys (relatively low amount) if we leave soon or we can keep renting.

We've never missed a rent payment. We know the landlord was not making mortgage payments for about year and half.

Finding ourselves in this situation I've been doing some searching and found some conflicting points. I've read that the landlord can collect rent until the auction sale. And I have also read the opposite, the landlord does not have the right to collect rent if he will not make any mortgage payments.
Don't know which one is right, anyone knows?


Anyway, what I was initially referring to on my first post was not paying rent AFTER the auction sale. Some of these ads are actually from law offices. So I'm curious as to how they can help someone stay rent free after the auction sale.
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Old 06-27-2010, 01:30 AM
 
Location: Los Angeles
8,430 posts, read 10,844,001 times
Reputation: 10659
After the sale, there is no one who can keep you from paying rent.
The new owner has the option of keeping you on as a tenant, or giving you notice to move out.
If you and the new owner agree that you will stay on as a tenant, then you need to be paying rent.
Also, the new owner can set new rules, and rental amounts.
No one lives anywhere for free.
As for the previous owner, wheather he did, or did not pay his mortage, is none of your business.
Your obligation as a tenant is to pay rent.
What the owner does with the rent money is strickly his business.
If you don't pay the rent to the new owner, it's good-bye as far as your tenancy is concerned.
If someone is telling you that you can live rent free in a rental unit, they are full of what makes the grass grow green.
What reason would a new owner have for not wanting you to pay rent?
If you belive that, I have some swamp land in the middle of the desert I would like to sell you.
Bob.
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