moral implications aside, purely hypothetical. let's say you're someone who talks to everyone, likes gossip and pays attention. let's say through completely unofficial channels, you know of a flipper/landlord who owns upwards of a dozen single and multi-family homes. because of your friendly and accesible nature, people just share things with you for some reason, things that perhaps should not be... [more]
moral implications aside, purely hypothetical. let's say you're someone who talks to everyone, likes gossip and pays attention. let's say through completely unofficial channels, you know of a flipper/landlord who owns upwards of a dozen single and multi-family homes. because of your friendly and accesible nature, people just share things with you for some reason, things that perhaps should not be ethically or even legally shared, you know that he has stopped payments on several of them, single family ones purchased in the last 7ish years which he has been unable to unload. purely by accident, you come across one of these being offered for rent STILL BY THE OWNER, the bank is not involved at this point, it is in real estate purgatory. i know someone who is renting from a landlord who has gone into foreclusure, they pay the utilities themselves, as well as any needed repairs, keep the receipts and log the balance due on their "rent", from which they subtract these expenses. here is the riddle: don't you think that chances are fair to good that were you to rent this place you would only have to pay the agreed rent to the landlord for a few months, and after the bank takes over, it's quite possible that you'll fall through the cracks and end up living there for the cost of utilities? for the record, we already rent a place and i'm not sure i'm comfortable doing this knowingly. but is it a reasonable assumption?
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Response by alanhart
over 15 years ago
Posts: 12397
Member since: Feb 2007
No, banks do evictions concurrent with foreclosures.
Unfortunately, in other regions of the country, tenants get tossed out through no fault of their own, mid-lease, with no return of security deposit, lease canceled, moving expenses unreimbursed. It's the saddest part of the whole bubble-burst explosion.
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Response by lucillebluth
over 15 years ago
Posts: 2631
Member since: May 2010
but what if the bank does not begin foreclosure proceedings right away? i mentioned that he is letting several properties go, and he a small fish. what if the bank just sits on this? would a research of the bank and its liabilities be a legitimate variable?
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Response by alanhart
over 15 years ago
Posts: 12397
Member since: Feb 2007
Would you be comfortable sitting in your home, knowing they're coming for you and your family, but never knowing just when? The middle of the night? Will all of you hole up in the attic so they can't find you?
You might as well just move to Battery Park City if that's the quality of life you want.
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Response by lucillebluth
over 15 years ago
Posts: 2631
Member since: May 2010
no, i wouldn't, that's why i noted this is hypothetical. and i don't appreciate your anti semetic anne frank jokes, either, alan. honestly, it's not even noon.
i just totally think this is possible. not suggesting anyone do this, but i think it can be done.
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Response by alanhart
over 15 years ago
Posts: 12397
Member since: Feb 2007
It's always noon somewhere.
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Response by lucillebluth
about 15 years ago
Posts: 2631
Member since: May 2010
just wanted to give a quick upadate on a situation i find very interesting. the people from my op who are renting a townhouse from a landlord who has stopped paying the bank. so far, no news, but they have decided to try to buy this place when it does make its way down the pipe. their lease includes all utilities and repairs, and as i mentioned above, what they have been told to do is keep all receipts and just keep accurtate records of what they will owe. so..what they have decided to do is make little repairs around the house. so far, they found some "mold" in the master bath, and over 3 months, have ripped out the walls and floor and replaced all tiles and fixtures, on the bank. nothing fancy, but still. i believe in a few wekks they'll notice that the mold damage has spread to the kitchen and it's affecting their son's asthma. i think i'm rooting for them.
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Response by lucillebluth
about 15 years ago
Posts: 2631
Member since: May 2010
when i ask my friend what if you don't end up getting the house, she says the repairs will just benefit the next owner, and she doesn't mind that because f*ck the bank. hmm
No, banks do evictions concurrent with foreclosures.
Unfortunately, in other regions of the country, tenants get tossed out through no fault of their own, mid-lease, with no return of security deposit, lease canceled, moving expenses unreimbursed. It's the saddest part of the whole bubble-burst explosion.
but what if the bank does not begin foreclosure proceedings right away? i mentioned that he is letting several properties go, and he a small fish. what if the bank just sits on this? would a research of the bank and its liabilities be a legitimate variable?
Would you be comfortable sitting in your home, knowing they're coming for you and your family, but never knowing just when? The middle of the night? Will all of you hole up in the attic so they can't find you?
You might as well just move to Battery Park City if that's the quality of life you want.
no, i wouldn't, that's why i noted this is hypothetical. and i don't appreciate your anti semetic anne frank jokes, either, alan. honestly, it's not even noon.
i just totally think this is possible. not suggesting anyone do this, but i think it can be done.
It's always noon somewhere.
just wanted to give a quick upadate on a situation i find very interesting. the people from my op who are renting a townhouse from a landlord who has stopped paying the bank. so far, no news, but they have decided to try to buy this place when it does make its way down the pipe. their lease includes all utilities and repairs, and as i mentioned above, what they have been told to do is keep all receipts and just keep accurtate records of what they will owe. so..what they have decided to do is make little repairs around the house. so far, they found some "mold" in the master bath, and over 3 months, have ripped out the walls and floor and replaced all tiles and fixtures, on the bank. nothing fancy, but still. i believe in a few wekks they'll notice that the mold damage has spread to the kitchen and it's affecting their son's asthma. i think i'm rooting for them.
when i ask my friend what if you don't end up getting the house, she says the repairs will just benefit the next owner, and she doesn't mind that because f*ck the bank. hmm