 What Happens If The Home You Are Renting Gets Foreclosed?Friday, February 26, 2010 - Article by: Rich Iacovetta -
Click HERE to watch the video version of this post.<p style="margin: 0.0px 0.0px 0.0px 0.0px; line-height: 20.0px; font: 12.0px Georgia"> <p style="margin: 0.0px 0.0px 0.0px 0.0px; line-height: 20.0px; font: 12.0px Georgia"><span style="letter-spacing: 0.0px">Many people in Santa Clara county wonder what happens if the home you're renting gets foreclosed? Well, there was an interesting article on CNN Money.com asking that very question. The first thing is to make sure you're in a lease because the company that is foreclosing upon that home must honor the lease. If you're having this kind of problem please look into some sort of tenant advocacy group in your area to help protect your rights.</span></p><p style="margin: 0.0px 0.0px 0.0px 0.0px; line-height: 20.0px; font: 12.0px Georgia; min-height: 14.0px"></p><p style="margin: 0.0px 0.0px 0.0px 0.0px; line-height: 20.0px; font: 12.0px Georgia"><span style="letter-spacing: 0.0px">I know times are tough all over, but do desperate times really call for desperate measures? A 73 year old Tampa man robbed 3 different banks of $600 each so he could pay his mortgage payment. I don't condone robbing a bank to pay your mortgage, but why rob 3 banks? Why not get the $1800 from one bank, so you'd only have to look at one count of robbery for 15 years instead of 3 counts totaling 45 years? Better yet, he has 100k in equity in his home, and could have qualified for a reverse mortgage that would have paid his mortgage for him. And if his friends couldn't come up with a $1800 for him, how are they going to raise the 22k bail money that the judge ordered? </span></p><p style="margin: 0.0px 0.0px 0.0px 0.0px; line-height: 20.0px; font: 12.0px Georgia; min-height: 14.0px"></p><p style="margin: 0.0px 0.0px 0.0px 0.0px; line-height: 20.0px; font: 12.0px Georgia"><span style="letter-spacing: 0.0px">Or how about the Ohio man who's bank began foreclosure proceedings on his home so he just bulldozed it down before letting the bank get their hands on it. Before you applaud these guys, understand that when people do this sort of thing, and if everyone behaved like this, then banks would naturally react by tightening credit, and no one would be able to get a loan. Memo to struggling mortgage payer: Don't bulldoze your house, and if you're a senior citizen struggling to make your payments, call me before robbing a bank so we can discuss a reverse mortgage.</span></p><p style="margin: 0.0px 0.0px 0.0px 0.0px; line-height: 20.0px; font: 12.0px Georgia; min-height: 14.0px"></p><p style="margin: 0.0px 0.0px 0.0px 0.0px; line-height: 20.0px; font: 12.0px Georgia"><span style="letter-spacing: 0.0px">Tracy, CA will now have to pay a fee every time they call 911 for medical emergency. Residents can choose to pay a $48 annual fee that will allow them to call 911 as many times they feel necessary, but if they decide not to, and they're going to be hit with a $300 bill when they do make a call. People of Tracy, you may want to start packing your bags, because crime WILL rise because people won't call 911 for fear of going bankrupt. </span></p><p style="margin: 0.0px 0.0px 0.0px 0.0px; line-height: 20.0px; font: 12.0px Georgia; min-height: 14.0px"></p><p style="margin: 0.0px 0.0px 0.0px 0.0px; line-height: 20.0px; font: 12.0px Georgia"><span style="letter-spacing: 0.0px">Rates were at a six week high this week hitting around 5% . Remember, I'm your mortgage guy, and I have time to help you or anyone else you know who needs advice when it comes time to buy or refinance a home. Become a fan of the show, and share it with someone you know. </span></p></p> |
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