Quote:
Originally Posted by Bobby Jay
I'm a 67 yr old retiree with a family of 5 living in a residence that I have rented for the past 8 years. The owner of the property and I discussed the long term availability of this property before we moved in and he stated that he was not interested in selling the property at any time and was secure.
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Eight years is a long time. Sounds like you got exactly what you asked for, if you were able to stay for eight years.
Quote:
Originally Posted by Bobby Jay
I then ask him if he was still making his mortgage payments on the property and he assured me that he was so that it would not effect his credit anymore than necessary.
Upon further investigation I found out that for the most part he lied to me because the first step would be a modification and then if that is denied the next step would be foreclosure assuming that the payments are at least 120 days in arrears.
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He may not have lied to you. You did some research on the way "most" short sales work, but not all. Not all short sales are the same.
And besides, if this is all new to him, he may not know exactly how it's going to go at this point. He may not have all the facts yet - and so he may not be able to tell you exactly how it's going to work - but that doesn't mean he's lying.
Besides, what possible reason would he have to lie to you? It's not like it's going to affect you one way or the other. You will still owe the rent, even if he isn't making the mortgage payments.
Quote:
Originally Posted by Bobby Jay
Bottom line is we don't want to move. It proposes a great hardship on us because of our age, resources and the fact we have an 85 yr old mother in law with us.
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Realistically, the only way you can get out of moving, is if you can qualify to buy the property. So if that's a possibility, you might want to consider looking into it.
Otherwise, it doesn't really matter whether you want to move or not. You don't have a choice. It's his property, and he needs to sell it.
Quote:
Originally Posted by Bobby Jay
I don't want to ruin my credit by not paying my rent, however I feel that he is only bleeding me dry and the outcome is still going to be the same, we are out on the street.
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He's not bleeding you dry. He's collecting rent. And it's the same rent you've been paying for eight years. How is that bleeding you dry?
Just because he might decide to not pay his mortgage, does not give you the automatic right to not pay rent. The two things are NOT connected.
Quote:
Originally Posted by Bobby Jay
What are my rights in this matter?
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You have the right to a certain amount of notice. It seems he's given you an unofficial verbal notice at this point. The written notice will come later, as he gets further in the process.
Quote:
Originally Posted by Bobby Jay
There has been no written request by the management company or the owner to move as of this date only the verbal from the owner. How long do I really have to find a new place and move. With everything at stake I don't think even 6 months is enough time for us to get everything moved,
Please help !
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When the written notice comes, that will mean you have to move fast. He gave you verbal notices - which is good - because it gives you time to consider your options about where you want to go next. Just know that when the written notice comes, you will have to move fast.
As for how long it will all take? That varies greatly based on the company or bank. We bought a short sale about 18 months ago, and it was a very quick process - the previous owner was out from under the house in less than four months. But I've heard of other cases where it took over a year.
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