As in the historical rate of foreclosure across the country, like a bank that had a mortgage, one question repeatedly issued from the tenant. What happens to the lessor of the house being seized?
General scenario
The day is bright and radiant, and the four families are enjoying the afternoon together. They are paying rent and paying it since moving first for many years. This house is completely unaware that the landlord is not selling real estate and the servicer is foreclosing real estate.
This family arrives home in the afternoon and finds a letter addressed to the tenant. They are supposed to lose the prize within 72 hours. They encounter a panic, call the bank, call the landlord, call the realtor, and not pass it to anyone. They will find new places, step in savings on deposits, first and last rents, get rid of savings and dispel their savings.
truth
This scenario has occurred countless nationwide, and the lessor is not simply aware that the law has been changed to protect them. This family situation is typical for many tenants. The tenant simply returned the rent by just paying the rent and avoided paying the mortgage. The lessor is likely to file a lawsuit against the landlord due to fraud, but for banks and servicers it may be stronger to stay at home.
The lessor can not leave during the term of the lender. Lending organizations need to respect the lease period. In other words, if the lessor enters into a two-year lease contract and the banks foreclose at the end of the three months, the house has the right to remain in the house and pays the rent to the current bank, not to the current landlord The lease for 2 years is over.
dilemma
Despite this being a law, many of these lending institutions are still moving forward with plans to drive out borrowers. They are said to be banking without receiving information from these lessees. Some state attorney general officials have written warning letters to these agencies for this action, they are not tolerated and are making efforts to inform the general public. Nevertheless, practice can be continued.
Even a lessor who knows and understands their rights is difficult to stay at their house. With bank collapse after bank collapse, actions and memos are transferred from one financial institution to another financial institution like a young boys' baseball card. hand. The lessor handles one bank, presents a lease, handles indefinite telephone and letter, eventually reaches the point when it is left alone to spend the lease term and draws the bank to another bank You can succeed. All processes must be started from the beginning.
What can the industry do?
Mortgage underwriters and banks do not want to sit at a foreclosed house. They want to sell them, but if a long lease period is still to be observed, it can make it harder to sell the house. Nevertheless, laws are created and enforced, and these agencies must observe the laws of the land.
The best thing for members of the housing industry is to inform the lessor from the beginning right if you are a mortgage broker, real estate broker, or bank manager. Being honest is one of the best remedies for difficult situations.
Sometimes a tenant who lives in a house, condo or apartment pays wage on time, it may indicate that you are responsible when it is time to file a mortgage.
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