I was preparing to write a blog on the problems the forclosures are about to cause, when I found a well written featured blog about the sad plight of the displaced tenant. The responses to this post are so surprising to me. All the comments were so sympithetic to the renter. What about the owner that just lost his property, because the bak has no modification program for investors? Also, in Florida the owners rights are alreay non-existant. The tenant has all the rights, and tenants that know the system have been known to take full advantage of it. It seems alot of states are not experiancing the same things we are in Florida. The time it takes to evict in Florida is well over a year. The tenant has more than ample time to live off the security deposit, and in many cases Takes full advantage of the poor owners situation,and continue to live in the rental way past the amount of time they have posted security for, refusing to pay any rent. They use the fact that they have recieved a notice from the bank and know it is in forclosure. As some of you have stated, that does not have anything to do with the contract they have signed, but in Florida the time it takes to evict allows the tenant to live rent free for many months. ALthough I personally am being affected by these non paying mortage owners, in situations where the bank is selling them so under market value that it is making my investment in the same communty, a terrible loss, I still have to say that your post and responders to your post, are putting their sympathies with the wrong side. It is the owner, who has no other way to go, other than to have their property forclosed on. The banks are not working with any investors on modifing the loans. They would rather the owner lose the property and the money they spent to buy it, then sell it for half price to a new owner. Most renters are out nothing more than to have to find a new place to rent. By the way , that is one reason I find it so funny when the bank only has programs for assistance for primary homes. Isn't this the renters primary home?
I agree with you. Tenants always have all the rights and they know how to play the game.
Tenants almost always know that the house has been foreclosed.
There are usually notices posted on the front door prior to the sheriff sale, and after the sale, if the bank acquires it, the listing agent approaches the occupant and offers cash for keys. If they decide to stay, the sheriff posts eviction notices on the property. and when an eviction is scheduled, the deputy is back with a copy of the court order.
But they almost always say "I didn't know".
My issue is that if the owner was not making motgage payments to the bank, did he just pocket the tenant's rent? I gues it doesn't matter, the renters had to pay whether the owner was or not, I just think it would have been nice for the owner to give them a heads up.
Actually Richard, wouldn't it be better if the bank "sold" the owner his home back at the same price the will sell it for after foreclosure? Afterall he is the one that put the original money into it. Whre is the consideration for the owners?
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