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Not true Tom. In NY State you are not required to pay the landlord if the home is in foreclosure. Do not spend the money keep it in an account that way if you're taken to court you can show the judge you did act in good faith in keeping his money but was never made aware of what's going on and received notices from the bank.
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Interesting. Would you mind sharing where I can find this law/regulation?Thanks!
I would be curious to see that, too, as it is news to me. If it is true, I wonder how they expect the owner to be able to get current? I do know that most mortgage notes for investment properties contain a rider that allows the lender to collect the rents directly if the owner falls into arrears.
I would be curious to see that, too, as it is news to me. If it is true, I wonder how they expect the owner to be able to get current? I do know that most mortgage notes for investment properties contain a rider that allows the lender to collect the rents directly if the owner falls into arrears.
I just saw this. I am trying to find the exact source of the info but I know people who've personally done it.
Here is a better explanation of it. A lot of landlords were collecting rents and leaving tenants in the cold once the property is either seized by the bank or sold in a foreclosure proceeding. The tenant can request a clear deed from the landlord and if one is not produce they can withhold payment but must keep the money in the even a judge orders they pay any back rent to a new owner/landlord.
This can also work if you landlord has the building in disrepair. You can force them to take you to court by withholding rent, at which point the judge will force them to make the repairs and order you to pay rent from the time you stopped paying as long as you showed good faith by keeping the money on hand. (this one happened to me the building had too many violations to count)
You asked how they expect the owner to get current. I think it's meant to protect the tenant because a lot of times they don't know the property is in foreclosure until they are being evicted and the landlord/owner who they've paid for the past year has just made off like a fat cat.
P.S I had a family member took over his dad's building and ran it into the ground. There was nothing he could do once the pennants stopped paying once they found out he was in foreclosure.
The house right next to me has been abandoned for quite some time. A few of the neighbors have said it is in forclosure. There have been several people from thebank/mortgage company out here taking pictures and asking us neighbors questions. Is there any way you can find this info on line, instead of going to the court house? It is just impossible for me to get to Annapolis to look this info up.
Usually there is a company that helps with the foreclosure. You can look up the information online or contact the bank where the mortgage was taken out.
Usually there is a company that helps with the foreclosure. You can look up the information online or contact the bank where the mortgage was taken out.
That's easier said than done. Depending on when the mortgage was obtained, the lender may not even in business anymore. Aside from that, nowadays, most mortgages are packaged and sold to investors - not easy to follow the trail in many (if not most) instances.
Just because the check is made out to "XYZ", doesn't mean XYZ is holding the mortgage; they may just be the servicer at this point (collecting payments and making necessary disbursements, i.e. RE taxes and HO insurance). For that they get paid a fee; in these times, probably more lucrative than the interest on the loan
Ok so I'm freaking LOST!! LOL I understand that in order to look up a foreclosure I need to go to my county's courthouse BUT which room do I go into or who do I ask for to receive this information about lis pendens? I am currently looking to buy a home in my area but I am sketchy to say the least. The down payment and monthly payments are super low not to mention when I called to get info the lady said all the houses they sell are foreclosures and are sold in as in condition. Does this mean the house WAS foreclosed on and now everything is ok with it or does it mean that the house is currently UNDERGOING foreclosure?? I just don't understand this at all.
Ok so I'm freaking LOST!! LOL I understand that in order to look up a foreclosure I need to go to my county's courthouse BUT which room do I go into or who do I ask for to receive this information about lis pendens? I am currently looking to buy a home in my area but I am sketchy to say the least. The down payment and monthly payments are super low not to mention when I called to get info the lady said all the houses they sell are foreclosures and are sold in as in condition. Does this mean the house WAS foreclosed on and now everything is ok with it or does it mean that the house is currently UNDERGOING foreclosure?? I just don't understand this at all.
You need to ask this question on the Florida forum. Every state is different.
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