Posted on: 31st May, 2011 01:20 pm
hi i am currently renting a house and just received a letter in the mail stating that the morgtage is in the recovery center and that the full balance of 48000.00 is due, does that mean that the property owner is not making the payments and that the house is in the beginning stages of foreclosure or will he have a chance to try to make arrangements on the mortgage.. and if he is not paying and the full balance is due do we legally have to continue paying him a monthly rent payment..
If there was a notice of default, then the owner has defaulted 90 days on the loan. Once the NOD has been filed, the lender has to wait 90 days to scheduel a trustee sale and then has to post the sale for 21 days. If you are a tenant, your contract is to pay the rent on specific time period. Its a shame that you pay rent, but owner wont pay mortgage, but you are entitled to payment just as owner is to pay the mortgage. If you have a valid lease, created before the NOD, then the new owner must honor the remaining term of your lease. The NOD and Trustee Sale are only for deed of trust type loans. The mortgages used in some states, require a court order to start foreclosure and can take over a year to complete. good luck
Welcome adiendl,
Your query has been replied to in the given page:
http://www.mortgagefit.com/annoucements/about51625.html
Take a look at it. I hope it will help you.
Your query has been replied to in the given page:
http://www.mortgagefit.com/annoucements/about51625.html
Take a look at it. I hope it will help you.
Again, foreclosure laws differ from state to state. Indeed, although an owner is unable to make payment on his mortgage loan, the contract between tenant and landlord ought to still be in effect, so you ought to continue making your rental payments. Perhaps by your doing so, the owner will at some point find enough other funds to put a stop to the foreclosure proceedings.
Not every borrower who faces foreclosure is intentionally neglecting to pay his mortgage...there seems to be a pervasive feeling that this be the case, especially when it comes to non-owner occupied (rental) properties.
Believe it or not, sometimes it's just that a person got in a financial jam that he can't quite work out of.
Not every borrower who faces foreclosure is intentionally neglecting to pay his mortgage...there seems to be a pervasive feeling that this be the case, especially when it comes to non-owner occupied (rental) properties.
Believe it or not, sometimes it's just that a person got in a financial jam that he can't quite work out of.
