A tenant is someone who rents a property from a landlord or property owner. The tenant pays rent to the property owner, in exchange for living in or using the property. The terms of the rental are usually defined by a lease. Learn more here abotu what it means to be a tenant and what it involved in renting or leasing property.
Are we now living in a Landlord Nation? If you look at who owns rental property in America, you might think that more people are renting than are owners, although that isn't the case. In addition to our primary residence, we own one and a half rental properties. That is, we own one by ourselves [...]
When you live in a home owned by a family member, transferring the home title from owner to tenant can be complicated. Just because you've been living in a home for an extended period of time and paying the expenses (as in this case), that doesn't make you the homeowner. Q: How do we get the [...]
Most of us are familiar with the saying, “There’s no place like home.” Unfortunately, unforeseen incidents, such as fire or water damage, can quickly turn your home upside down. While most homeowners have insurance to cover them in case issues arise, many renters don’t believe they need insurance. Every day, I hear from people who [...]
A renter asks about an owner-occupied requirement with regard to mortgage refinancing. The renter says his landlord has refinanced the property twice, each time claiming he lives there. The renter wonders if the landlord breaks the law by claiming the property is owner-occupied during a mortgage refinance. Circumstances may change after the mortgage refinance occurs and that lenders don't have time to follow up.
If you are renting a soon-to-be foreclosed property, will you be evicted? What happens if you pay your rent, but your landlord did not make the mortgage payments and the property entered foreclosure. What does the eviction process look like for a renter of a foreclosed property? Ilyce offers advice about the foreclosure eviction process.
A landlord wants to sell her investment property and has trouble. While the property is rented, the rent does not cover the mortgage. The landlord wants to know the effect of using a deed in lieu of foreclosure on her credit score. She called the credit bureaus but could not get a direct answer. Ilyce says that the effect of a deed in lieu of foreclosure on a credit score depends on the individual because each person has different credit factors.