U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Renting
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 03-15-2014, 12:49 PM
 
24 posts, read 130,431 times
Reputation: 33

Advertisements

Quote:
Originally Posted by oregonwoodsmoke View Post
How did you find that out? The mortgage company will not give you any financial information about your landlord. The landlord's insurance company, who knows who the mortgage company is, will not give you any financial information about your landlord. The county tax collector does not know who has the mortgage,.

An escrow company won't tell you. When I sell, I have to give the escrow written permission to contact my mortgage company and there is a form I sign, giving the mortgage company permission to give the balance to the escrow company.

If you have been opening the landlord's mail, that is a federal offense, and I suggest that you both stop doing that and stop telling people you have done it.

There is no LAW that says a property owner can not rent out a place with a reverse mortgage. The landlord might have a contract with the mortgage company that says he can't.

If you want out, get out your lease and see what it says about buying out your ease. Follow what is given in the lease, and off you go, to your new residence.

I never said I was opening their mail. We have been receiving certain pieces of mail consistently for weeks and that company's name was on the outside of the envelope. Thus, i googled the company to see what they were about and they deal purely with reverse mortgages. The only info I can find is that while having a reverse mortgage, you must be 62 and the primary resident of the property. This is why I was asking if there were any other people who had separate information.

i would like to clarify that bringing this up to him is more of a tactic to get out of the lease. You honestly have no idea what I've been through over the course of this lease. From trespassing in my backyard without any notice whatsoever, pipes flooding my house, having multiple gas leaks, unknowingly paying utilities for a separate residence that in his words "slipped his mind" before signing the lease agreement, I could go on and on, but you should get the picture. He simply doesn't feel that rules apply and he's able to do anything he deems "necessary" in his own mind, not the lease agreement. And by necessary, I mean sending people to my property at 7pm without any notice, and climbing on my roof to clean up leaves.

Again, this is more of an add insult to injury type of scenario. I don't wish to cause problems, I just want to leave without any problems and not worry about him ruining my credit and coming after me for money because he's angry.
Rate this post positively Quick reply to this message

 
Old 03-15-2014, 12:58 PM
 
Location: St Thomas, US Virgin Islands
24,671 posts, read 62,121,844 times
Reputation: 26588
Quote:
Originally Posted by Tcsd87 View Post
You honestly have no idea what I've been through over the course of this lease. From trespassing in my backyard without any notice whatsoever, pipes flooding my house, having multiple gas leaks, unknowingly paying utilities for a separate residence that in his words "slipped his mind" before signing the lease agreement, I could go on and on, but you should get the picture. He simply doesn't feel that rules apply and he's able to do anything he deems "necessary" in his own mind, not the lease agreement. And by necessary, I mean sending people to my property at 7pm without any notice, and climbing on my roof to clean up leaves.
You have remedies for all of this via your state landlord tenant laws. There are procedures to follow and you first of all can go to CA landlord tenant laws which are linked in the first "sticky" on this forum which will put you on the right track. You are merely speculating that he has a reverse mortgage and, as has been pointed out, this is NOT a reason for you to legally abandon your lease without penalty.

There are legal remedies and options available to you and nobody is forcing you to stay there.
Rate this post positively Quick reply to this message
 
Old 03-15-2014, 08:03 PM
 
Location: Morrisville, NC
8,307 posts, read 11,875,524 times
Reputation: 7704
Have you considered the possibility this company was just soliciting your landlord to get a reverse mortgage and not that they already have one?
Rate this post positively Quick reply to this message
 
Old 03-15-2014, 11:49 PM
 
177 posts, read 128,597 times
Reputation: 358
for the record: one of the stipulations of a reverse mortgage is the home must remain the primary residence of the borrower. it's a violation of the loan agreement to rent the home out after getting a reverse mortgage.
you can get a reverse mortgage on a multi-family home (2-4 units) and rent part of it out, as long as it remains your primary residence.
Rate this post positively Quick reply to this message
 
Old 03-16-2014, 10:07 AM
 
24 posts, read 130,431 times
Reputation: 33
Quote:
Originally Posted by anicon View Post
for the record: one of the stipulations of a reverse mortgage is the home must remain the primary residence of the borrower. it's a violation of the loan agreement to rent the home out after getting a reverse mortgage.
you can get a reverse mortgage on a multi-family home (2-4 units) and rent part of it out, as long as it remains your primary residence.
thank you. very helpful.
Rate this post positively Quick reply to this message
 
Old 03-16-2014, 10:49 AM
 
Location: St Thomas, US Virgin Islands
24,671 posts, read 62,121,844 times
Reputation: 26588
Quote:
Originally Posted by Tcsd87 View Post
thank you. very helpful.
Going back on the previous posts, how is this information at all "helpful" to you. This straw-grabbing and latching onto one misinformed post makes absolutely no difference to your situation.
Rate this post positively Quick reply to this message
 
Old 03-16-2014, 03:42 PM
 
26,793 posts, read 41,495,113 times
Reputation: 14953
Quote:
Originally Posted by Tcsd87 View Post
I just recently found out that the place I'm renting is likely under a reverse mortgage. Therefore, the owner/landlord is collecting rent from me while a third-party company is paying for the house and possibly giving him an extra credit line. Is it illegal for my landlord to be renting this property? I'm in Los Angeles, Ca. As far as I understand, the owner must maintain occupancy personally as his/her primary residence. If illegal, would this be easy to get out of my lease? I have been wanting to move for awhile considering it's been a terrible experience with this landlord. Thanks.
Basically it is the same as with a regular mortgage....someone else is still holding the mortgage and has to be aware he place is rented but many owners don't tell their mortgage company and some don't tell their insurance either....

In the end it is not the tenants responsibility and if you live there and have a lease than you have to pay.

In some cities or States you have to deal with occupancy approvals from the city but where we live that isn't the case so that is not a reason to break the lease in our area and none of the tenants business what the owner is using the money for.
Rate this post positively Quick reply to this message
 
Old 03-04-2015, 02:09 PM
 
1 posts, read 3,161 times
Reputation: 10
If your landlord dies and their is a reverse mortgage on the property, can you recover relocation fees from the lender.
Rate this post positively Quick reply to this message
 
Old 03-04-2015, 02:53 PM
 
Location: St Thomas, US Virgin Islands
24,671 posts, read 62,121,844 times
Reputation: 26588
Quote:
Originally Posted by Tommy Gunns View Post
If your landlord dies and their is a reverse mortgage on the property, can you recover relocation fees from the lender.
If you have a term lease, whoever becomes the owner of the property has to honor the lease unless they plan to move into the property themselves in which case I believe they have to give you 90 days notice. If you're on a month to month tenancy, they can give you whatever notice your state law mandates - usually 30 days. Under neither circumstance are you entitled to any relocation expenses.
Rate this post positively Quick reply to this message
 
Old 03-04-2015, 03:10 PM
 
82,924 posts, read 80,410,958 times
Reputation: 58884
you can run into some nasty insurance issues renting and using homeowners insurance.,

you need landlord insurance since that seperates you from having your tenent covered as a household member.

i f he vandalizes the place or starts a fire you can have nooooo coverage since anyone who lives in your house is an insured after x amount of hours depending on the state and that would be an insurance job.
usually the bank wants to see your policy is in effect. if you give them your landlord poolicy they know and if you keep your homeowners than you run the risk of being denied payment for tenant related issues .
Rate this post positively Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Renting
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top