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I am looking to move but since I just paid to move in 3 months ago kinda seems not fair....
Suggest you stay put; put in a camera; send a certified letter; and
1) either stop paying rent - if you are/were harassed : or if you were denied quiet enjoyment. (send that certified note, it is a great $7 insurance policy)
2) or pay rent (which were I wearing a tenant's hat/ I would not do)
Don't move if you have a lease; you can be liable for fulfilling the lease even if you move. (even though most people would not go after you for breaking a lease, a good landlord would consider it).
Suggest you stay put; put in a camera; send a certified letter; and
1) either stop paying rent - if you are/were harassed : or if you were denied quiet enjoyment. (send that certified note, it is a great $7 insurance policy)
2) or pay rent (which were I wearing a tenant's hat/ I would not do)
Don't move if you have a lease; you can be liable for fulfilling the lease even if you move. (even though most people would not go after you for breaking a lease, a good landlord would consider it).
I am staying put after speaking to a lawyer....I cannot afford to not pay rent because I am in banking.....that is why it is usually a good idea to rent to people who work in finance....HOWEVER if push comes to shove I will risk it and stop paying....btw the lawyer agreed with much of what you said especially the letter.....so far he has left me alone but that may be because he thinks I am moving.....I have a laptop camera in my apt but am looking at your post about the ring. I am pretty sure they will come in my apt once I do not move....then I have to file a police report.....
I am staying put after speaking to a lawyer....I cannot afford to not pay rent because I am in banking.....that is why it is usually a good idea to rent to people who work in finance....HOWEVER if push comes to shove I will risk it and stop paying....btw the lawyer agreed with much of what you said especially the letter.....so far he has left me alone but that may be because he thinks I am moving.....I have a laptop camera in my apt but am looking at your post about the ring. I am pretty sure they will come in my apt once I do not move....then I have to file a police report.....
not paying rent will most likely NOT effect your credit report; there will be no record of non-payment because it is not going to result in a judgement; you always have the ability to provide a remedy before a judgement is issued against you (which won't happen). Your employer will never find out anything; this is purely a "minor" civil matter (as to having a safe to live, well that is a big personal matter).
I know a local with tons of civil judgement for nonpayment against him, he is a real deadbeat, beyond having to show up in court every now and again; he gets off clean free every time (this guy Scott gets off scot free every time LOL).
I have no interest in reporting anyone or making waves as long as I am given the same consideration. However, calling the law firm who is handling the foreclosure and posing as a buyer is helpful....I am positive once the house goes to auction (if it does) the landlord will not share that and will still try to collect rent.
The property will not go to auction until long after the landlord (and tenant) have vacated the premises.
The property will not go to auction until long after the landlord (and tenant) have vacated the premises.
Nope;
"most tenants with leases will keep their leases, and month-to-month tenants will have at least 90 days to relocate. Tenants with leases have no legal recourse against their former landlords, because they are in the same position vis a vis the new owner as they were with the old: The lease survives and ends as it would had there been no foreclosure. Similarly, month-to-month tenants always know that they can be terminated with proper notice."
And per NY law
"The foreclosing party must notify all affected tenants of the outcome of the foreclosure judgment. There is typically a lapse between the final foreclosure judgment – which revokes ownership from the landlord – and the foreclosure sale, which completes the sale and transfer of title to a new owner. During this time, the bank has a duty to maintain the property.
AFTER A SALE AND TITLE TRANSFER
After the foreclosure sale is complete and title is transferred to a new owner, the new owner must provide written notice to all tenants providing the new owner’s name and address, and advising tenants of the following rights:
tenants may retain occupancy either until the end of their lease term or for 90 days after receipt of the notice from the new owner, whichever is greater."
"most tenants with leases will keep their leases, and month-to-month tenants will have at least 90 days to relocate. Tenants with leases have no legal recourse against their former landlords, because they are in the same position vis a vis the new owner as they were with the old: The lease survives and ends as it would had there been no foreclosure. Similarly, month-to-month tenants always know that they can be terminated with proper notice."
And per NY law
"The foreclosing party must notify all affected tenants of the outcome of the foreclosure judgment. There is typically a lapse between the final foreclosure judgment – which revokes ownership from the landlord – and the foreclosure sale, which completes the sale and transfer of title to a new owner. During this time, the bank has a duty to maintain the property.
AFTER A SALE AND TITLE TRANSFER
After the foreclosure sale is complete and title is transferred to a new owner, the new owner must provide written notice to all tenants providing the new owner’s name and address, and advising tenants of the following rights:
tenants may retain occupancy either until the end of their lease term or for 90 days after receipt of the notice from the new owner, whichever is greater."
Since when has a foreclosure and sale process taken less time than the term of a lease? Lenders will not offer for sale a property encumbered by a tenant as that would lower their recovery substantially and take much longer to sell.
Since when has a foreclosure and sale process taken less time than the term of a lease? Lenders will not offer for sale a property encumbered by a tenant as that would lower their recovery substantially and take much longer to sell.
According to the poster the deadbeat has been able to live in a state of foreclosure for five years, so the ji-g will most likely be up. My experience is that deadbeats stay to the last hour and the last day; because taking responsibility and realizing ramification is not generally a strong point of the deadbeat personality.
As to the lender; they will bid on the property on the steps of the court house; usually in the amount to make themselves whole. They are interested in recouping their loan; that is it and that is all. Odds are the bank will own the property. It does not really matter to the tenant who owns the property.
All a tenant has to do is pay rent; a lease is a simple contract. Rent gets paid to whoever owns the building.
The lease travels with the property on sale; the new owner has the right not to renew the lease; and the tenant has limited recourse with the new owner (because the new owner does not really have a contract with the tenant). If you bought an apartment building you buy the leases and the problems as well.
The tenant does not have to be nice in this instance. My suggestion is to never be nice to a deadbeat; in this case the deadbeat is her landlord (who she should not pay).
According to the poster the deadbeat has been able to live in a state of foreclosure for five years, so the ji-g will most likely be up. My experience is that deadbeats stay to the last hour and the last day; because taking responsibility and realizing ramification is not generally a strong point of the deadbeat personality.
As to the lender; they will bid on the property on the steps of the court house; usually in the amount to make themselves whole. They are interested in recouping their loan; that is it and that is all. Odds are the bank will own the property. It does not really matter to the tenant who owns the property.
All a tenant has to do is pay rent; a lease is a simple contract. Rent gets paid to whoever owns the building.
The lease travels with the property on sale; the new owner has the right not to renew the lease; and the tenant has limited recourse with the new owner (because the new owner does not really have a contract with the tenant). If you bought an apartment building you buy the leases and the problems as well.
The tenant does not have to be nice in this instance. My suggestion is to never be nice to a deadbeat; in this case the deadbeat is her landlord (who she should not pay).
Houses go for years between a "lis pendens" filing and a judgement of foreclosure; only after such a judgement will an auction be scheduled. The lender has no need to bid on the property - it is already theirs by that time. If the tenant had a ten year lease the remainder would still apply but, in all practicality, it is extremely rare for a residential lease to extend for more than a year or two.
Again, the bank will not hold an auction on a house occupied by a tenant and may even pay a tenant to abandon the lease if they want to move the house before the term of any existing lease would expire.
Houses go for years between a "lis pendens" filing and a judgement of foreclosure; only after such a judgement will an auction be scheduled. The lender has no need to bid on the property - it is already theirs by that time. If the tenant had a ten year lease the remainder would still apply but, in all practicality, it is extremely rare for a residential lease to extend for more than a year or two.
Again, the bank will not hold an auction on a house occupied by a tenant and may even pay a tenant to abandon the lease if they want to move the house before the term of any existing lease would expire.
The auction is usually a sale in trust; the role of selling the house is played by a "trustee" (some confusion exists because the attorney for the bank may have two roles; one as the trustee, and the other as attorney for the bank; Same thing in a stanard real estate closing where you can have a single attorney working for two parties) ; the bank will usually be the first bidder because they are usually the primary creditor (and many times the home may not be worth more than the credit extended on the property); if there are no other bids then the property becomes REO. The bank does not own the property (unless they bid in the auction, and actually "win" the auction); instead they own paper collateralized by an interest in the property, either a first lien or second lien (which may even be subordinate to other types of encumbrances) . Such paper is cleared (in the title of the property) at the time of the auction either at 100c/$1 or a sum less than that. Each claim against the property has a priority with different classes of liens such as a tax lien or contractor lien. Tenancy and occupancy is totally distinct and separate from the process.
Having bid/purchased such property on the courthouse steps, (and purchased buildings with existing tenants) I know very well what the process is.
Also the foreclosure process is distinct from the eviction process. In other words, there is no assurance that a foreclosed upon property will be delivered in a vacant state. If the foreclosed upon party is in the house after foreclosure you actually have to go through an eviction process!
The only issue you are addressing in foreclosure is that of who gets paid (and in what order), and who owns the title (and the degree to which the title is cleared)
The auction is usually a sale in trust; the role of selling the house is played by a "trustee" (some confusion exists because the attorney for the bank may have two roles; one as the trustee, and the other as attorney for the bank; Same thing in a stanard real estate closing where you can have a single attorney working for two parties) ; the bank will usually be the first bidder because they are usually the primary creditor (and many times the home may not be worth more than the credit extended on the property); if there are no other bids then the property becomes REO. The bank does not own the property (unless they bid in the auction, and actually "win" the auction); instead they own paper collateralized by an interest in the property, either a first lien or second lien (which may even be subordinate to other types of encumbrances) . Such paper is cleared (in the title of the property) at the time of the auction either at 100c/$1 or a sum less than that. Each claim against the property has a priority with different classes of liens such as a tax lien or contractor lien. Tenancy and occupancy is totally distinct and separate from the process.
Having bid/purchased such property on the courthouse steps, (and purchased buildings with existing tenants) I know very well what the process is.
Also the foreclosure process is distinct from the eviction process. In other words, there is no assurance that a foreclosed upon property will be delivered in a vacant state. If the foreclosed upon party is in the house after foreclosure you actually have to go through an eviction process!
The only issue you are addressing in foreclosure is that of who gets paid (and in what order), and who owns the title (and the degree to which the title is cleared)
Provided there exists only one mortgage the Judgement of Foreclosure ends the mortgagee's interest in the property. He is then subject to eviction if he does not vacate. The bank sets the upset price and goes through the auction process which is administered in New York state by a referee (not a trustee) appointed during the foreclosure proceedings. Again, there is no need for the lender to bid on its own property.
Tenants have nothing to do with the foreclosure process except that if tenants are in the house when it is foreclosed they will move on their own, be incentivized to move, or be evicted before a sale takes place.
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