[ale] OT: way off topic but help!!!!

[Damon L. Chesser]

On Thu, 2011-03-24 at 11:43 -0400, Scott Castaline wrote: 
> Since I believe many of you on the list or at least some rent their 
> homes instead of being actual homeowners I am posing this question to 
> the list. I will be posing it as a hypothetical question due to certain 
> circumstances that I wish not discuss at this time.
> 
> We have found out that the actual homeowner of the house we rent is 
> delinquent in mortgage payments and has until April 19, 2011 to settle 
> back payments with additional fees or be responsible for the full amount 
> of loan, or I presume face foreclosure. Do I need to panic, or am I safe 
> since I have already spoken to the property management company? I don't 
> want to have Gwinnett SO knocking on my door to dump my stuff on the street.

Here is what Clark Howard says to do:  If the own is foreclosed on, stop
paying rent.  Keep the money, don't spend it, but do NOT send the rent
check to the (former) owner:  The former owner is NOT due any rent if
they don't own the property.  It normally takes 3 to 6 MONTHS for the
bank to actually act.  Try to contact the foreclosure lawyers
representing the bank.  The bank would love someone to live in the
property as opposed to being empty and vandalized. Negotiate with the
lawyers.  Who knows, you could walk away with a house you own for the
cost of the monthly rent (of course, you may not want that).  When the
property is foreclosed on and after some (long) period of time you get a
vacate order, you can now use all your rent money you saved to move
with.  

You can also negotiate with the banks to pay your monthly rent to them
through the end of your lease.  Everything is negotiable.  If they don't
want to negotiate, then use the time to save your rent payments.  If
they do want to negotiate, then you have the "back" rent to pay them.
In the event of fore closer, The current property management company has
no authority to do anything, btw.  They work for the land lord, not the
new owner (the bank).  Do take the time to look over Clark Howard's
website for advice, or better yet, call him, he has a crew that answers
questions 40 hours a week, not just when he is on the radio, all at no
cost to you.

HTH 
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-- 
Damon
damon at damtek.com