Military Relocation-Things to Know if Your Landlord Defaults on Their Mortgage

By
Real Estate Agent with Integrity Real Estate Group

The current real estate market in Northern Virginia has proved a rude awakening for some renting military families who signed a lease in the last year.  Landlords who decided NOT to pay their mortgages have left the tenants holding the bag when the sheriff comes to the door.

Military familes who are forced to make a local move due to a foreclosure may find some relief from the Servicemembers Civil Relief Act.  Not many servicemembers know that under section 531 in the SCRA anyone looking to evict an active duty servicemember from a rental property that is their primary residence must have a court order.  This applies to rent that is less than $2831.113 per month.  Servicemembers can apply to the court to stay their eviction or reduce their rent until their case works it's way through the legal process.

As of July 2008 servicemembers who are being forced to leave their rental property due to foreclosure can apply to their base legal services and transportation office to seek financial assistance with their move.  In addition to the assistance you may find through your base you can also seek "cash for keys" from the lender who is foreclosing on the property.

Recently a family that I had helped find a home last year and signed a multiple year lease found themselves forced to move.  I spoke with the agent who had contacted the renters about the impending foreclosure and was able to assist them with a "cash for keys" opportunity that provided them $1500 to move.  They are currently working with their transportation office to see about assistance with additional moving expenses.  If you are active duty military renter and have been notified of your landlords impending foreclosure RUN to your local legal office to talk about the options that the SRCA may provide for you.

Lenders have been forestalling foreclosure procedures for properties with renters who are current on their rental payments.  Hopefully these lenders will realize a property with a paying tenant is better than an empty home during the winter months.

Military Legal Services Locations

Posted by

                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Military Relocation Professional


Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

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Re-Blogged 1 time:

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  1. Yvette Gardner 04/01/2009 12:51 AM
Topic:
Real Estate General Information
Location:
Virginia Fairfax County Fort Belvoir
Groups:
Realtors®
Military Relocations
RE/MAX Active Rain Bloggers
CRS - Advantages
Dedicated Bloggers
Tags:
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pentagon
military relocation news
fort belvoir relocation

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Rainer
2,821
Candice Skinner
Candice Skinner Real Estate - Leesville, LA

Being located right next to Fort Bragg and Pope AFB, this info will no doubt be extremely useful info for me. So, thanks a bunch!

Apr 01, 2009 06:14 AM #16
Rainer
16,943
Matt Jameson
The Atlas Group - Southern Oregon Real Estate-Medford Homes - Medford, OR
Medford Web Designer

Excellent information, thank you

Apr 01, 2009 07:17 AM #17
Rainmaker
31,426
Amy Zender
eXp Realty | Luxury Homes - Bellingham, WA
Luxe Gal

Since I help with military around NAS Whidbey Island, I am bookmarking this post, in addition to printing it out! What great information to share! I applaud your sensitivity when dealing with some of our nation's finest! They deserve a break, and the aforementioned information is significant indeed. Cheers,

Amy's Sweet Signature

Apr 01, 2009 07:19 AM #18
Rainmaker
84,360
Simon Mills
Mills Realty - Toluca Lake, CA

There have been several post over the past few days in regards to grammer and spelling.  This post is a prime example of why the two are unimportant when blogging.  Although there are spelling errors in the post the information is so valuable that it makes no difference.  Thanks for your terrific post.

Apr 01, 2009 07:36 AM #19
Anonymous
Michelle Evans

Awesome Information!  I don't deal with rentals myself, but being Married to a Marine and being a volunteer lends me the opportunity of meeting many military families!  I recently met a couple who I passed this info on to right away.  They will need it,  Thank you!!

Apr 01, 2009 10:15 AM #20
Rainmaker
1,122,192
Bryant Tutas
Bryant Tutas-Tutas Towne Realty, Inc - Poinciana, FL
Broker/Owner, Tutas Towne Realty, Inc

Great info Cindy. Contacting  the lender is also something that can be done. Lendees are not only forestalling foreclosures but they are also keeping tenants in the property after the foreclsure has taken place.

Apr 01, 2009 11:28 AM #21
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Fernando-thanks for stopping by.

Apr 01, 2009 12:13 PM #22
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Lenn-with as many military families as we have in our area keeping up with anything that will help them when trouble hits is important.

Apr 01, 2009 12:15 PM #23
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Kenneth-thanks for your comment and of course we support all of our military families here in the area.

Apr 01, 2009 12:15 PM #24
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Cherimie-since you are in a heavy military area as well I hope your legal office doesn't have to deal with any of these issues.

Apr 01, 2009 12:17 PM #25
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Norma-hope you don't have any families that will need to use it.

Apr 01, 2009 12:17 PM #26
Rainmaker
319,813
Kathy Torline
ERA Herman Group Real Estate - Colorado Springs, CO
Colorado Springs Real Estate Blog 719-287-1049

Great post -- we have the same problem here in Colorado.   It's a shame when landlords don't make their payments.

Apr 01, 2009 01:00 PM #27
Rainmaker
2,159,116
Rebecca Gaujot
RE/MAX Vision Quest - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

This is a great post for the Northern Virginia/Metro area as there are so many military families located there.  Not many here in WV, but this is good information. thanks,

Apr 01, 2009 01:11 PM #28
Rainmaker
805,065
Kay Van Kampen
RE/MAX Broker, RE/MAX Solutions - Springfield, MO
Realtor®, Springfield Mo Real Estate

This is great information for any military family that faces this problem.  Many families do not have the funds to relocate because of foreclosure in today's economy.  The military is at least somewhat protected.

Apr 01, 2009 01:20 PM #29
Rainmaker
32,181
Craig & Sue Guffin
Coldwell Banker Monsees Realty - Sedalia, MO
Sedalia Mo Real Estate

Great information Cindy, I think that it is a shame that any renter in good standing should even have to think about being evicted because a landlord can not take care of there business. I know it may eventually need to happen but another investor may purchase the property complete with a quality renter if they were allowed to stay.

As far as our military. I can not say enough about them. I think that our tax dollars should be paying for there house. If anyone would even consider evicting them because of anothers failures well...shame on them. Thanks for your post.

Apr 01, 2009 01:51 PM #30
Rainer
148,701
Aaron Poling
Long & Foster - Martinsburg, WV
Working to get YOU the BEST Deal!

Great info. This may come in handy with future clients

Apr 01, 2009 02:05 PM #31
Rainmaker
562,261
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Cindy -- Valuable information here, and it's a crime that our nation's finest have to add this to their already stressful lives, what a shame.  I hope the Washington Post and other papers publicize it and cite your work and efforts as well.

Apr 01, 2009 03:03 PM #32
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Christianne-thanks for stopping by. 

Roland-I hope I don't get any more phone calls from military families who need assistance.

Andrew-I had to talk to the REO agent about offering them "cash for keys".  The renters didn't have a clue and it wasn't offered right off the bat.

Apr 01, 2009 11:32 PM #33
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

 Peter-AR offers a lot of great info for us to save for future reference.

Jeff-it is an odd rental amount and I'm sure it had to be some "average" that the government came up with.  There is always the one final move that the military provides back to your "home of record" when you get you retire.


Patricia-thanks for your comment.

Diane-you are right that banks don't want houses and some lenders have been working out agreements with renters to finish out their leases.

Apr 01, 2009 11:36 PM #34
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Charles-interesting.  I've done a number of leases that are for multiple years.  If a lender is going to ask you to leave it probably won't matter how long your lease is.

Carla-glad you aren't having to deal with this issue.

Missy-I try and do a check on the landlord before I have my clients sign a lease.  Ask for copies of their last few mortgage statements to show they are current on payments.

Candice-you are in a heavy military area.  Hopefully it is information you don't have to use.

Apr 01, 2009 11:41 PM #35
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