Comments on: Foreclosure from a renter’s perspective

By: Andrew

Andrew — Mon, 27 Jul 2009 12:55:34 +0000

“# 3 thebaglady Says:
July 7th, 2009 at 6:50 pm
The 90 day notice is only for Fannie Mae/Freddie Mac owned loans. If her landlord didn’t have one of those loans then the bank really doesn’t have to comply with the law. They actually can just evict her. I think she should have taken the money, too. Rents are going down anyway and she will have to move eventually. If she squats there it actually gets confusing as to where to send her rent.”

Couldn’t be more wrong. The new law applies to all states and all lenders. At the minimum she has 90 days from the end of her lease (or 90 days from the sheriff sale date) to vacate.

By: bluntmoney

bluntmoney — Wed, 08 Jul 2009 23:46:35 +0000

Hm, I don’t know. I’d rather move on my own terms and take the time I needed to make a decision instead of being forced out on short notice. Especially if I had a lease that wasn’t originally intended to run out anytime soon… Although the cash would be appealing :)

By: Writer's Coin

Writer's Coin — Wed, 08 Jul 2009 11:25:59 +0000

I’m with Nicole on this one. Why extend the inevitable? Two weeks is plenty time to find another place to live. Take that money and run.

By: thebaglady

thebaglady — Wed, 08 Jul 2009 01:50:43 +0000

The 90 day notice is only for Fannie Mae/Freddie Mac owned loans. If her landlord didn’t have one of those loans then the bank really doesn’t have to comply with the law. They actually can just evict her. I think she should have taken the money, too. Rents are going down anyway and she will have to move eventually. If she squats there it actually gets confusing as to where to send her rent.

By: Nicole

Nicole — Tue, 07 Jul 2009 13:10:40 +0000

It seems to me like the renter is being short-sighted. She is quite likely going to have to move out anyway, so while moving on short notice is extremely inconvenient, I would start looking immediately and take the cash if possible. If I had to respond to the bank within 2 hours, I guess I’d say no, but if I had a week to see if I could find a new place – absolutely.

Even without the cash, I’d want to be out of there ASAP. Being in the middle of the bank trying to sell the property, it being shown frequently, dealing with inspections, etc is miserable.

Cut your losses and realize your gains. Take the cash and run. You’re probably going to have to leave before long anyway, and if you don’t, you’re going to have to deal with ten times more hassle than it’s worth.

By: Chris

Chris — Tue, 07 Jul 2009 12:26:25 +0000

It sounds like the bank is being a bit shortsighted. It would probably be easier to sell the condo to an investor if there were established renters. Otherwise the buyer of the property has MORE work to do to get renters back into the property.