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In reading New England (NY) chatter from multiple sources, apparently some LLs have stated if you accept rent from the tenant or the COVID relief funds, you are resetting the eviction clock.
Meaning the amount of time it takes to evict someone. This is NY I was reading about, and my grandmother and a friend's parents both had this trouble.
In reading very heated discussions in NY about accepting either money from the tenant for back payments from the COVID tenant relief, or taking the payments from the state via the COVID landlord relief funds (while using your tenant info which the tenant has to agree to provide), you are accepting that you are starting over anew and this tenant can essentially stop paying again at that point forward, and it will take another 30/60/90/120 days or whatever the processing time is to start it all over again and you cannot evict the tenant just because *back* payments have been made.
So that tenant is getting a reprieve to stop paying again is what the LLs were implying, and that's why they weren't accepting the back payment funds. They just wanted tenants out.
I can't speak to what wacky places like NY or CA do with landlord-tenant rules although what I've read is it can take "up to" 90 days in typical cases. There are lots of reasons a landlord might get an eviction other than non-payment or rent, like damage to property or major rules violations (unauthorized occupant or pets, illegal activities, wild parties, etc). Filing for eviction in no way means the tenant is relieved from previous rent obligations or outstanding balances. The two are completely separate. Paying past due amounts after eviction has begun doesn't suspend eviction proceedings.
The danger you describe seems to be in accepting partial payments. Most corporate landlords make sure to have a lease clause that all payments are applied first to previous amounts due. If you are behind 12 months in rent, tenant can't pay one month and claim they paid for the current month and thus have a right to reside there. The govt relief might have a requirement to withdraw evictions but I can't imagine that a landlord is going to turn down 12-16 months of back rent because it might take 3 months more to evict should the tenant fall behind in the future.
Filing for eviction in no way means the tenant is relieved from previous rent obligations or outstanding balances. The two are completely separate. Paying past due amounts after eviction has begun doesn't suspend eviction proceedings."
"Most corporate landlords...The govt relief might have a requirement to withdraw evictions but I can't imagine that a landlord is going to turn down 12-16 months of back rent because it might take 3 months more to evict should the tenant fall behind in the future.
? No one said it meant they were relieved, but that this is a stipulation NY is placing on LLs accepting payments. It appears that each state can create their own additional guidelines and NY being NY, they are a tenant-protective state. They also don't want a private LL to shift the burden of that tenant onto the state. My guess is also NY being NY and a big bully, they are stating that acceptance of payments voids all stipulations. I tried to get into the system NY has for LLs to read the details but it kept asking for my tenant's info.
Not referring to corporate LLs but smaller ones. Also, the smaller LLs may want to sell their rentals and don't need the issue of a non-paying tenant to jam up the works of the sale.
The broker has nothing to do with your lack of paying rent or your bills. The broker didn't string you along. Take some personal responsibility for your life.
i agree with most of the others. However, your lender should have been up front and had you work on needed items sooner. I don't know if it's his fault or yours though since I wasn't privy to conversations. I've done this long enough to know sometimes people hear what they want. I can say "red", and the other person only hears "blue".
Now you know the issues so start working on it. You may be in better position in as little as 6 months. Get with another lender that will help with basic credit repair and start over.
Last question: I want to know about the rental situation. Are you staying in place with a lease protecting your right to occupy, or have you stayed past your lease and refusing to give the owner possession back? It's odd they are refusing your rent so I'm sure there's more to the story. I'm just wondering if the owner got stuck being unable to evict you because of the stupid eviction ban.
Brokers and lenders aren't the same thing. I used to work for Citibank Mortgages, and I used to work for a broker.
Brokers will farm out your loan application and subsequent paperwork to different lenders. Generally speaking, the more lax the lending requirements, the higher the interest is going to be.
Could be, this particular broker was hoping there would be a lender 'out there' who would accept OP's loan documents (or lack thereof) but alas, no lenders took the bait.
Brokers and lenders aren't the same thing. I used to work for Citibank Mortgages, and I used to work for a broker.
Brokers will farm out your loan application and subsequent paperwork to different lenders. Generally speaking, the more lax the lending requirements, the higher the interest is going to be.
Could be, this particular broker was hoping there would be a lender 'out there' who would accept OP's loan documents (or lack thereof) but alas, no lenders took the bait.
I'm aware the difference but was trying to keep it simple for the OP. Brokers will do this a lot hoping for something to hit. If it does, cool they get paid. If it doesn't, they move on and don't care about the wreckage they leave behind. Not all of them of course, but there are some out there like that. I just don't want to jump to conclusions because I'm only hearing one side of the story which has some concerning inconsistencies and possible lack of personal responsibility demonstrated.
? No one said it meant they were relieved, but that this is a stipulation NY is placing on LLs accepting payments. It appears that each state can create their own additional guidelines and NY being NY, they are a tenant-protective state. They also don't want a private LL to shift the burden of that tenant onto the state. My guess is also NY being NY and a big bully, they are stating that acceptance of payments voids all stipulations. I tried to get into the system NY has for LLs to read the details but it kept asking for my tenant's info.
Not referring to corporate LLs but smaller ones. Also, the smaller LLs may want to sell their rentals and don't need the issue of a non-paying tenant to jam up the works of the sale.
You originally said "you accept rent from the tenant or the COVID relief funds" so you were speaking more generally than a covid relief program. And I said that a govt relief program might have such a requirement. But what is this program offering? Back payment of unpaid rent for past 16 months or just rent going forward? I can't see many landlords participating if it's just going forward as it would be giving up a massive amount and moratoriums may be nearing an end. If it's all unpaid rent, you could be talking about tens of thousands of dollars but maybe selling the place is worth walking away from that. The OP was saying the landlord wanted to move back into the place themself.
This is also a general real estate forum not a NY specific one and I made the disclaimer that wacky places like NY and CA might be especially unfavorable to the landlord.
I worked as a realtor for a year between jobs in my professional field, and I would never work with a client looking to buy a home who wasn't pre-qualified for a loan. You may be angry at your agent, but think of the time they wasted showing you homes and then finding out you can't get a loan.
Ah for the good old days of "liar loans", also known as "no doc" loans. OP could be moving in as we speak....
LOL, when I bought this place in 2008, the day before we were supposed to close the mortgage broker I was going to use called me and told me that his license had lapsed and he couldn't do anything. I was freaking out, but a helpful gentleman on the ME forum gave me a name and number of someone he thought could help.
I have NO IDEA how the magic happened, but we closed at 9AM the next day. I had no job and we had only put $1,000 down as earnest money. I had been *really* freaking because this deal had been 'in the works' for more than 7 months (short-sale/foreclosure). But, somehow it all worked out.
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