You pay the Rent, But Your Landlord doesn't pay the mortgage...what then?

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Real Estate Agent with Delicious Real Estate 2008002258

Columbus Renters - What if your Landlord isn’t Paying the Mortgage October 20th, 2008 categories: For Home Buyers, Real Estate News

Maybe it's time to quit renting and buy. The market is ripe for buyers. call meAll across the country and right here in Columbus, Ohio, renters are finding out the hard way that their Landlords are not paying their mortgages. Renters are paying their rent but the Landlords are not paying their mortgages. Can you imagine finding out that your home is about to be foreclosed on because your idiot Landlord has walked away from the property but kept the rent you’ve always paid on time Granted, if you’re reading this, it probably isn’t happening to you.

What recourse does a renter have in such a situation I’m not really sure, you’d have to ask a real estate attorney for a sound answer. Aside from monitoring the Franklin County Sheriff foreclosure auction site, you may never know that you’ll be put out of your rented home until the Sheriff knocks on your door.

This happened recently to a five family rowhouse in Merion Village. A fellow Realtor, and this isn’t the first time she had to do this, had the job of listing it for the bank and having to speak with each renter to tell them they had to look elsewhere for living accommodations. In cases like this, the bank often offers a cash-for-keys approach to any tenants who voluntarily vacate the premises in a reasonable and quick fashion—maybe one month’s rent or a little more. It’s not a fun place to be for the Realtor.

Bad-guy Middle Man going around evicting people for Landlords who have absconded with the rent rolls. It’s an ugly situation that shows how important it is to develop as solid a relationship as you can with your landlord. ShareThis This entry was posted on Monday, October 20th, 2008 at 9:12 am and is filed under For Home Buyers, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. Edit this entry.

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