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House we're renting is going into foreclosure.

E

Eli

Super Moderator | Elite Member
We being my brother and I. We're in Santa Fe, New Mexico. I just moved back.

So yeah, the landlord was served court documents yesterday.

Does this ever work out in favor of the tenants? 🙁 I looked through the documents, and there is wording that says the tenants have a vested interest in the property.

Could this end up being a good thing for us?
 
Originally posted by: OdiN
Well I don't think you have to really pay rent anymore 😛
Click to expand...
Oh? How does that work? I doubt that.. lol...

But I'm open to the idea. 😉
 
Eli, same thing is happening to us. Only in our case, I just got a job offer in upstate NY so we were going to move anyways. The rental agency told us we would get our deposit back and we don't have to pay rent again as long as we're in the house (basically all of Sept. is free if we need to take that long to move out).

Sorry to hear about your situation though, my guess is that you weren't expecting to have to move any time soon. That sucks.
 
Are you thinking about buying it?

Also, isn't that a bit of stupidity for the landlord? I'd think he should have charged more for rent...
 
Originally posted by: Megatomic
Eli, same thing is happening to us. Only in our case, I just got a job offer in upstate NY so we were going to move anyways. The rental agency told us we would get our deposit back and we don't have to pay rent again as long as we're in the house (basically all of Sept. is free if we need to take that long to move out).

Sorry to hear about your situation though, my guess is that you weren't expecting to have to move any time soon. That sucks.
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Hmm.. Damn..

If we really have to end up moving it's going to be really, really hard on us. I mean we've only lived here since March, and times have been tough.. Don't have any money saved up to put towards a new place..
 
Originally posted by: Eli
Originally posted by: OdiN
Well I don't think you have to really pay rent anymore 😛
Click to expand...
Oh? How does that work? I doubt that.. lol...

But I'm open to the idea. 😉
Click to expand...

You just quit paying. The owner is pocketing the money anyway and not paying the bank.

I don't know, but you may be able to talk to the bank and maybe take over the loan.
 
Originally posted by: nakedfrog
Are you thinking about buying it?

Also, isn't that a bit of stupidity for the landlord? I'd think he should have charged more for rent...
Click to expand...
I think that would be awesome, sure! Especially if we could get a deal because the bank wants to get rid of it, or whatnot.

According to the documents, his mortgage is only $623/mo! :shocked:

We could pay that without batting an eyelash; our rent is $1000/mo...
 
Originally posted by: Eli
Originally posted by: nakedfrog
Are you thinking about buying it?

Also, isn't that a bit of stupidity for the landlord? I'd think he should have charged more for rent...
Click to expand...
I think that would be awesome, sure! Especially if we could get a deal because the bank wants to get rid of it, or whatnot.

According to the documents, his mortgage is only $623/mo! :shocked:

We could pay that without batting an eyelash; our rent is $1000/mo...
Click to expand...



WTF

 
Originally posted by: Ns1
Originally posted by: Eli
Originally posted by: nakedfrog
Are you thinking about buying it?

Also, isn't that a bit of stupidity for the landlord? I'd think he should have charged more for rent...
Click to expand...
I think that would be awesome, sure! Especially if we could get a deal because the bank wants to get rid of it, or whatnot.

According to the documents, his mortgage is only $623/mo! :shocked:

We could pay that without batting an eyelash; our rent is $1000/mo...
Click to expand...



WTF
Click to expand...
WTF on him for not paying the mortgage, or what?

I don't know why his mortgage is so low, but he gave us a really good deal on the place. He was renting it out for 1200/mo, which is along the lines of other houses around here. He gave us a year lease for 1000/mo, then it goes up to 1100 next year. We live in a really nice neighborhood.

It's a really good deal, but after seeing what the mortgage payment is, that sounds better. 😉
 
Originally posted by: Megatomic
That $1000 is also paying for his homeowners insurance and taxes. The $623 mortgage is just the loan itself.
Click to expand...

Still - if he could take over the loan then that might be a good move.

How many years is left on the loan? If it's lower might be able to refinance to bring down the costs a bit to make things more manageable for the time being.
 
Your deal with the landlord is independent of what he pays the bank... so the fact that his mortgage is lower doesn't mean you should be paying less rent. The fact that it is in foreclosure doesn't mean you don't owe rent. Unless there's a clause in the rental agreement that says so anyway.

Also, you don't know how much he actually owes on the house or it's market value. If he has a lot of equity then his payment would be lower than yours would be if you bought it out.
 
Originally posted by: Eli
Originally posted by: Ns1
Originally posted by: Eli
Originally posted by: nakedfrog
Are you thinking about buying it?

Also, isn't that a bit of stupidity for the landlord? I'd think he should have charged more for rent...
Click to expand...
I think that would be awesome, sure! Especially if we could get a deal because the bank wants to get rid of it, or whatnot.

According to the documents, his mortgage is only $623/mo! :shocked:

We could pay that without batting an eyelash; our rent is $1000/mo...
Click to expand...



WTF
Click to expand...
WTF on him for not paying the mortgage, or what?

I don't know why his mortgage is so low, but he gave us a really good deal on the place. He was renting it out for 1200/mo, which is along the lines of other houses around here. He gave us a year lease for 1000/mo, then it goes up to 1100 next year. We live in a really nice neighborhood.

It's a really good deal, but after seeing what the mortgage payment is, that sounds better. 😉
Click to expand...

Well a. that's ridiculously cheap and b. at that price how the fuck do you go into foreclosure?
 
better find out how much taxes and insurance are before you get too happy.

Not to mention the down payment fees that will be included.
 
Originally posted by: OdiN
Originally posted by: Megatomic
That $1000 is also paying for his homeowners insurance and taxes. The $623 mortgage is just the loan itself.
Click to expand...
Still - if he could take over the loan then that might be a good move.
Click to expand...
No doubt. I was just describing the reason for the disparity.
 
Originally posted by: purbeast0
buy it.
Click to expand...
How easy would this be realistically, though?

He has first dibs, right? As in, if he paid up, it would be his again?

He also has a daughter, a minor, that is named in the documents as possibly having an interest.

Edit: I'm surprised nobody has flamed me for looking through his documents. 😛 I wouldn't have if they were in an envelope or something, but it's just a stack of papers with "NOTICE OF FORECLOSURE" in big letters on the front. Of course I was going to look through them at that point. 😛
 
If you don't have the money to move, I doubt you can buy it. Requirements to get a bank loan now means full doc everything and providing all the records. Banks are scared to lend for anything now to the point of being ridiculous. It's so polar opposite of even last year where all you needed was to sign your name and were begging you to take their money.
 
Originally posted by: Ns1
Originally posted by: Eli
Originally posted by: Ns1
Originally posted by: Eli
Originally posted by: nakedfrog
Are you thinking about buying it?

Also, isn't that a bit of stupidity for the landlord? I'd think he should have charged more for rent...
Click to expand...
I think that would be awesome, sure! Especially if we could get a deal because the bank wants to get rid of it, or whatnot.

According to the documents, his mortgage is only $623/mo! :shocked:

We could pay that without batting an eyelash; our rent is $1000/mo...
Click to expand...



WTF
Click to expand...
WTF on him for not paying the mortgage, or what?

I don't know why his mortgage is so low, but he gave us a really good deal on the place. He was renting it out for 1200/mo, which is along the lines of other houses around here. He gave us a year lease for 1000/mo, then it goes up to 1100 next year. We live in a really nice neighborhood.

It's a really good deal, but after seeing what the mortgage payment is, that sounds better. 😉
Click to expand...

Well a. that's ridiculously cheap and b. at that price how the fuck do you go into foreclosure?
Click to expand...

Drugs? I'm gonna go with drugs.
 
Damn, Eli... lost job, GF, moved to NM, and now this? 🙁

Anyway, you need to keep paying the rent. Do not stop doing so under any circumstances. However, you may get a letter from his mortgage lender (or their trustee) asking for you to start paying the rent to them. This is legal for them to do so under the Assignment of Rents clause which your landlord would have signed to them when he got the mortgage.
You have certain rights as a tenant, but you could also get evicted without cause (if NM allows for that, I know that OR does with only 30 days notice). There is pretty much nothing that could cause the situation to work out in your favor.

Something weird there though... why did the documents get served there at the rental house? They should have gone to the landlord's primary residence. Or am I missing something here?
 
Originally posted by: Vic
Damn, Eli... lost job, GF, moved to NM, and now this? 🙁

Anyway, you need to keep paying the rent. Do not stop doing so under any circumstances. However, you may get a letter from his mortgage lender (or their trustee) asking for you to start paying the rent to them. This is legal for them to do so under the Assignment of Rents clause which your landlord would have signed to them when he got the mortgage.
You have certain rights as a tenant, but you could also get evicted without cause (if NM allows for that, I know that OR does with only 30 days notice). There is pretty much nothing that could cause the situation to work out in your favor.

Something weird there though... why did the documents get served there at the rental house? They should have gone to the landlord's primary residence. Or am I missing something here?
Click to expand...
Damn, so we're probably going to get fucked? 🙁

Shit. I was hoping this could be a very dim glimmer of light at the end of the tunnel.

I have no idea why the documents were served here. I think he has this address as his primary address. 😕

This gets really complicated because our landlord is an 80 year old Native American Indian man with a beef against [the government]. I have no idea the extent of it. He's a nutjob. Constantly saying how he doesn't have to pay taxes, and such. He claims he's his own soverign nation. :Q

He's lived like this for a long time though. His arguments seem to hold some clout, but like I said I have no idea the extent of it.

:laugh:

Anyway.. IF we could a chance to buy the house, we could probably get the money. This would be a first time home buy. I think it would only be worth it if we could get some sort of deal?

I mean, if it's basically just applying for a loan, then we could probably find a better house to buy?
 
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