Quick Property sale » Money

the home I rent is going in foreclosure. The sale date is in Aug, do I still pay rent?

admin — Wed, 23 Jun 2010 02:11:30 +0000

The person I am renting from is letting 15 units go into foreclosure. He did not give the courtesy to let us know they are going in to foreclosure. He is still asking for rent even though the property is going up for auction in aug. I need to find a place to stay, and I doubt that he will give us our deposit back. Should I continue to pay rent? It seems as if they are just trying to take our money and does not care if we are homeless or not. Some homes are being auctioned off on the 28th of July, and they are still demanding payment. Why are the tenants not protected against people like this, however the landlord has the right to do this to tenants?? The landlord denied everything, but we are being served with foreclosure papers and the trustee to sale. Does anyone have answers?

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Can I get a small secured loan whilst under a debt agreement?

admin — Thu, 10 Jun 2010 23:21:31 +0000

I am currently paying off a debt agreement, but am in need of a small (no more than $2,000) secured loan to pay some vet bills etc. I have the capacity to repay this amount within a year but am not sure of any companies who provide such a loan… Are there any? I have a car for security with a clear title (no money owed on it).

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I signed a year lease beginning in March ‘09 and landlord is selling property via short sale. What should I do?

admin — Fri, 28 May 2010 10:53:59 +0000

I found out from the first broker here in Florida handling the property that owner hasn’t paid mortgage since Oct. 08, among many other shady things. The manager (friend of owner) of the property is who introduced us to the property/signed/witnessed the lease. Since moving in we loved the place however we never received a gate code nor did we receive pool passes and were given excuses. Come to find out the HOA, according to the broker, is suing him for back payments…the owner claims to have less than $50 in bank account in the notes obtained by the broker from the lender???And the owner is back and forth out of the country and the manager up and left on contract work in another state.
My gf and I are full time professionals/students and do not have the time to simply up and move out on a moment’s notice. The manager contacted me in April, not even 6 weeks after moving in mind you, stating she was out of town and needed me to fax a copy of the lease to the owner b/c he was away and needed it for accounting purposes. They didn’t have the balls to tell me then in April that I had in fact faxed the lease to the broker who initially told me all these facts in order to start the selling process. We work and go to school and do not have the time to move until August. We Pre-paid 5 months’ rent upfront and paid a security deposit for the last month’s rent in order to receive a “free” month.

Basically I see it as the owner has my money or spent my money, hasn’t made a mortgage payment, is in trouble with HOA and is acting as if I should cooperate completely to sell the property…strangers in my house, constantly keeping the place up 100%, making arrangements for our dog to be elsewhere during showings, and not knowing what the future holds.
What burns me up the most is that I feel the owner and manager knew their intentions from the beginning and should have said they wish to go on a month to month basis due to the fact that the owner may sell the property at any time…at which point I would have said no thank you and walked away.
I signed a year lease, negotiating 5 months’ rent + security deposit upfront with monthly rent payments to begin in August. If the place sells, I don’t want to pay for moving expenses…I’ve only been here 2 months. I don’t want to sign another year lease from the date of sale here or elsewhere…it will keep me here longer than expected. I don’t want to sign a six month lease elsewhere b/c it cost more monthly.
The broker I originally spoke with stated he is unhappy with all the facts that he has in front of him and does not wish to do business with the owner. Broker stated he will only do business with the owner after he has a signed paper stating that I am happy with an agreement b/w the owner and I. The broker then stated the owner signed a contract with the broker’s agency and cannot do anything with the property for a year???(Is that true?)
I was just contacted yesterday by another broker from another agency wishing to put a lockbox on my door, take pictures and schedule showing dates…haven’t called back yet…don’t know what to say.
I have contacted and am waiting to hear from an attorney but I don’t think I could afford nor have the time for that and is it really worth it? I would love to have some leverage so when I am ready to leave I can negotiate financially, being compensated for the severe inconvenience/moving expenses and receive our deposit back without thinking this guy would try and take me to court for breaking a lease….OR do I have nothing to worry about in the state of Florida and the new owner HAS to uphold the lease OR if the property goes into foreclosure WILL the bank uphold the lease? I don’t want to start paying this grease ball monthly rent in August if it’s going directly into his pocket and has been a pain since day 1.

-Confused and Frustrated

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Should I rent my property?

admin — Sun, 23 May 2010 07:43:36 +0000

I just found out that I have to move to Alabama for another job in July. I just bought a house last November. I have absolutely no equity on my house. If I sale I will be outta pocket a lot of money. If I rent the house (compared to the classified adds close to my neighborhood) I would be out of pocket about 250.00 after rent is paid to the property manager. Will the tax writeoff help out any? Should I just sell the house and take the loss? Or would it be smarter to hold on the the property and take the loss every month for renting

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Taxes on home sold with existing non-secured loan question?

admin — Fri, 21 May 2010 06:49:49 +0000

If I purchased a home for example $200,000 with a non-secured loan (strictly based on paperwork and credit, but no lien on the house) and I sold the house for $200,000, would I have to pay taxes on that money since there were no capital gains?

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I have a loan secured on my car that I can no longer pay – why won’t they take it as payment?

admin — Wed, 21 Apr 2010 15:24:38 +0000

I have a loan secured against my car that I can no longer pay. I have offered for the creditor to take the car as payment for the loan but they refuse. Plus, I can’t sell the car to get them the money to pay them because they hold the title – are they allowed to do this?

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How does a share secured loan work?

admin — Mon, 08 Mar 2010 11:41:02 +0000

And would this help build my credit or not? Does it use the money you already have in your share account? If so, is this purely a loan to build up your credit or can you actually get more money than what is in your share account?

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Can you negotiate the financing rate of a secured loan with the bank?

admin — Wed, 03 Mar 2010 10:19:22 +0000

I have some money put away in a CD and would like to take a small loan ($1,000) against it from the same bank. Can I negotiate the financing rate with them the same way I could with a car dealer?

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Has anyone had a short sale refused by the mortgage lender?

admin — Fri, 26 Feb 2010 17:06:46 +0000

We have our investment property for sale because we cannot make the payments anymore. The renters are 5 months behind with rent & are now squatters. We are trying to evict them but it’s costing even more money. We’ve had an offer which was submitted in December. The lender has replied this week stating they will consider the offer but we may have to give them the difference in what is paid to what is owed. Can they do that? We’ll be bankrupt.

Passive Income

Post from: Quick Property sale

I signed a year lease beginning in March ‘09 and landlord is selling property via short sale. What should I do? I found out from the first broker here in Florida handling the property that owner hasn’t paid mortgage since Oct. 08, among many other shady things. The manager (friend...
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I have secured loan. the loan is not registared with the land registry! what do i do?

admin — Thu, 18 Feb 2010 05:25:03 +0000

I have a ’secure loan’ but i went bankrupt last year and have since found out that the secure loan was not registered with the land registry! Do i still have to pay it? or can i take them to court? The loan company is still asking for the money.

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