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Old 11-28-2007, 11:00 PM
 
Location: Fort Worth, TX
38 posts, read 181,507 times
Reputation: 27

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My husband and I moved from CT to TX 4 month ago. We leased a house for a year, so we can take time to know the area. BIG mistake, we just found out our rental property is scheduled for foreclosure sale! We also learned that we have no rights when the house forecloses. So we are moving again

Both Austin Tenants' Council and TX Tenant Advisor website offer great information for Renters. You really need to know the landload's finance to avoid this.
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Old 01-04-2008, 04:15 PM
 
1 posts, read 4,305 times
Reputation: 10
Default renting from a slum lord re: repo

This is actually believe or not the 2nd time we have gone through this. We are going through it now again. Always very nice homes with rent above 1,000. We always pay the rent on time keep up the property and the landlord does not pay the morgage. The landlord highers a real estate agent to manage thier property to get the check..... and boom we get the notices on the door. This time the bank left a note and the land lord denied and lied unitl we were informed 60 days later form the real estate agent what was going on. The renter should have rights and be compensated for the break in contract ..... right??!?! But that is not what happens and we pay rent until the forecloser sticker is placed on the door.... this is not right and the renters need protection.
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Old 01-04-2008, 04:47 PM
 
Location: Dallas TX & AL Gulf Coast
6,848 posts, read 10,694,800 times
Reputation: 33382
We've discussed this situation at length in the "Renting" forum. We were afraid that it would be happening more often especially in today's real estate climate. So sorry to hear it's happened to you!

Hope some of this info will be helpful to you and good luck!

//www.city-data.com/forum/renti...reclosure.html
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Old 01-06-2008, 04:38 PM
 
3,087 posts, read 6,975,551 times
Reputation: 4459
One thing to keep in mind when renting is who owns the house and why do they rent it out. If you find an owner who has moved and wants to rent it out just to keep up with the payments, they will more likely default than an owner who owns many rent houses and that's how they make a living.

If you are in Tarrant County, go to the TAD website and research the owner and see just how many homes they own and how long they've owned them.

Of course, nothing is guaranteed. We rented a home from a lady who has many many homes and all rent is her income. She'd been in real estate for probably 50 years.

Then.....she passed away 4 months into our contract. Her children are currently fighting over her estate and the whole thing went sour. We moved when our contract was up.
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Old 01-06-2008, 07:42 PM
 
Location: Fort Worth, TX
38 posts, read 181,507 times
Reputation: 27
The County Website is very helpful. You can get so much information about your rental property and its owner. Yes, nothing is guaranteed when you are renting, but you may be able to avoid this situation if you know what to look for.
In our case, we moved out the property because we didn't want risk being evicted. But the house didn't foreclose and we were nofified after we vacated the house (4 days prior to the foreclosure sale). So, the landlord/leasing agent claimed that we breached the contract. It is lose lose situation for the renters.
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Old 01-07-2008, 01:49 AM
 
Location: Dallas/Fort Worth, Texas
4,191 posts, read 14,065,304 times
Reputation: 2649
If you plan on renting a property, I would recommend that you check with the county's office. It usually requires a visit not a phone call and certainly not via email. You want to check if there was a NOD (Notice Of Default) on that property by that owner, this is public information. That is ALWAYS put on the record by the mortgage company if they don't get the mortgage payment on time. It doesn't mean that it's in foreclosure. Depending on how recent that info is, it will give you a glimpse at the landlord's financial habits.

This is one of the ways most investors find distressed homeowners. They get the NODs and contact the owners if they want to sell.
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Old 01-07-2008, 11:42 AM
 
Location: TX
5,412 posts, read 14,857,001 times
Reputation: 1717
Sorry to hear that. When rental homes go bad, one usually thinks it's the renter who is not paying and then needs to be evicted. It seems like when the landlord does a financial background check on the tenant, the tenant should also request a financial background check on the renter! Good luck w/ your unexpected move.
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Old 02-04-2008, 12:57 PM
 
2 posts, read 8,174 times
Reputation: 10
Default I'm the Tenant, Landlord Defaulted on Mortgage

Need advice! My landlord defaulted on the mortgage and I have seven months left on the lease. Landlord wants payments sent directly to him instead of property management company. Also, sending in real estate agent to put lock box on front door. I just want out of the lease and the landlord doesn't want me to leave. He says there'll be a better chance of selling the home if the home is leased. He's the one that defaulted on the mortgage and so far, I'm told the foreclosure has not been filed. I don't know what to do!
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Old 02-04-2008, 01:14 PM
 
Location: Dallas/Fort Worth, Texas
4,191 posts, read 14,065,304 times
Reputation: 2649
When the bank forecloses you will not get any of your deposit back either. Is he going to sell it as a short sale? I guess he is going to try to sell it as an investment property with a tenant in place. Note that the new owner doesn't have to honor your lease. If it's not scheduled for foreclosure yet, that's a good sign you will have at least until then to find a new place.

Also, he probably ended his relationship with the property management company, they represent him not his mortgage company.

You have the ball, you can look for a new place but don't expect to get your deposit back or wait until it forecloses or sells, then the new owner will decide if they want you or not.

Sorry for your predicament.
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Old 02-04-2008, 04:00 PM
 
2 posts, read 8,174 times
Reputation: 10
I discovered the default by accident. They're insisting that I let them hang a lock box on the door which I'm told is not secure. Yes, he's trying to end the relationship with the property management company. I'm looking for another place in the same ISD, same high school. Can they come in with a locksmith? The owner has no keys to the property. Thanks for listening. I appreciate any and all advice!!
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