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Oh really? How many landlords do you know of who would rent to an applicant who had been evicted?
Many foreclosed homeowners had no equity because they bought at the top of the bubble.
I've heard of homeowners who lived payment-free for two or three years before being foreclosed. Most renters are out within two months of skipped payment.
You are foreclosed on when you don't make payments. That can happen regardless of when you bought your home. If you lost your job, can't make payments, and can't sell your home because nobody is buying homes regardless of the price, you go in to foreclosure.
Most renters are out within two months of skipped payment.
Not anywhere I've ever lived. At 30 days late, the landlord can send a "Notice to Quit". That gives the tenant 30 days to leave. After the 30 days, if they don't leave, the landlord has to file a case in housing court. The court date is typically at least 30 days out. In court, the best case for the landlord is that the judge gives the tenant 30 days to exit the apartment. If there are children, elderly, or disabled in the apartment, it can easily drag out a further 6+ months because they can't just be tossed out on the street. If you're a landlord, it's at least 120 days plus court costs to evict a deadbeat and often stretches out for a year. The apartment gets trashed. The landlord has a mortgage to pay.
All the landlords I know with bad tenants pay them to leave. $500 to $1000 cash is pretty typical. I have no idea where you live but that's what tenant law looks like in the 4 states where I've lived.
And you wonder why no landlord in their right mind would rent to someone who had been evicted. Everybody I know insists on reference checks for the last 3 years, a credit check, job history check, and a criminal background check. A bad tenant can easily cost a landlord $10K between lost rent, eviction costs, and damage to the unit.
I have no idea where you live but nowhere I'm familiar with can just toss a tenant out into the street.
I have no idea where you live but nowhere I'm familiar with can just toss a tenant out into the street.
From what I've seen freemkt lives in some mysterious place where roommates aren't allowed, no opportunities to advance beyond a job worthy of a 16 year exist, homeowners have absolutely zero risk purchasing homes and renting them out to strangers, and of course moving out of this hellhole is impossible.
You do realize how lame your post is right? Unless of course you're the type to borrow money and not pay it back... are you?
People who think business owners don't take risks, why is it that you don't take risks... since they think t's so easy cole?
I was asking you about this to see what your take was. I have never defaulted on debt - and would not do so - you already answered my question earlier that you would not do so (and thus it was you bearing the risk, not the bank) - I have no idea why you bring this up again.
You and I are both of the type that believe in satisfying obligations, but there are many out there that are not - if they owe more than it's worth, they just walk.
The "angry middle class" seems to, unfortunately, include many who bought their house at a high price with no or low down payment, and feel "entitled" to simply walk away if the value drops. When the bank does not cooperate, it means, to them, that "the middle class can't win".
You are foreclosed on when you don't make payments. That can happen regardless of when you bought your home. If you lost your job, can't make payments, and can't sell your home because nobody is buying homes regardless of the price, you go in to foreclosure.
Well yes, it's just that in this case, a lot of foreclosed homeowners had the bad timing of having bought at the top of the market - while the bubble was peaking - and right before a recession ate their jobs.
With the bubble burst, there was no 'greater fool' to bail them out.
Not anywhere I've ever lived. At 30 days late, the landlord can send a "Notice to Quit". That gives the tenant 30 days to leave. After the 30 days, if they don't leave, the landlord has to file a case in housing court. The court date is typically at least 30 days out. In court, the best case for the landlord is that the judge gives the tenant 30 days to exit the apartment. If there are children, elderly, or disabled in the apartment, it can easily drag out a further 6+ months because they can't just be tossed out on the street. If you're a landlord, it's at least 120 days plus court costs to evict a deadbeat and often stretches out for a year. The apartment gets trashed. The landlord has a mortgage to pay.
All the landlords I know with bad tenants pay them to leave. $500 to $1000 cash is pretty typical. I have no idea where you live but that's what tenant law looks like in the 4 states where I've lived.
And you wonder why no landlord in their right mind would rent to someone who had been evicted. Everybody I know insists on reference checks for the last 3 years, a credit check, job history check, and a criminal background check. A bad tenant can easily cost a landlord $10K between lost rent, eviction costs, and damage to the unit.
I have no idea where you live but nowhere I'm familiar with can just toss a tenant out into the street.
??? Where I live, rent is late on the fifth day after it is due, and a landlord can send a 72-hour notice to cure....if the delinquency is not cured, a seven-day Notice to Quit follows, and then an Unlawful Detainer is filed. It does work out to about 30 days from due date to eviction hearing. Eviction hearings are scheduled in bulk - literally dozens are scheduled for a single morning, and very few actually get to an actual hearing because they are resolved or (more often) made moot by surrender of the property.
The above is for typical monthly rentals; weekly rentals have different rules which make eviction faster and easier.
And cash-for-keys is a common practice but not all landlords do that.
I was asking you about this to see what your take was. I have never defaulted on debt - and would not do so - you already answered my question earlier that you would not do so (and thus it was you bearing the risk, not the bank) - I have no idea why you bring this up again.
You and I are both of the type that believe in satisfying obligations, but there are many out there that are not - if they owe more than it's worth, they just walk.
The "angry middle class" seems to, unfortunately, include many who bought their house at a high price with no or low down payment, and feel "entitled" to simply walk away if the value drops. When the bank does not cooperate, it means, to them, that "the middle class can't win".
I'm intrigued by the sense of entitlement many homeowners have; I wish there were a book that explained it.
Well yes, it's just that in this case, a lot of foreclosed homeowners had the bad timing of having bought at the top of the market - while the bubble was peaking - and right before a recession ate their jobs.
With the bubble burst, there was no 'greater fool' to bail them out.
Most of those homeowners had no business buying homes in the first place. They were in reality just renters that had been convinced by the government and banks that they could afford to buy a home. They bought with zero down payment, which gave them no skin in the game. Then they walked away, because they had nothing to lose. Just like a renter.
The Middle Class is angry because we can't keep up with inflation. A middle class person used to have a nice life, maybe they didn't have all the luxuries of the upper middle class but they were comfortable. Not anymore. Rents are sky-high, the cost of a house is out of the reach of many middle class people, credit scores are the most important thing to lenders and life is just harder.
Fifty years ago women didn't have to work outside the home unless they wanted to. Now most women, even those with babies and young children have to rush back to work to make ends meet leaving children raised by daycares and nannies.
We're mad because our money used to buy us a comfortable life, now it doesn't. I feel sad for this generation of young people, they will never know how good life used to be here in the United States.
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