tenant
Landlord Keeps Rent From Rent To Own Home
Renting a rent to own home may seem like a good option if you lack money for a down payment. But what happens if you don’t end up buying the rent to own home? Does the landlord get to keep all the rent you’ve paid toward the rent to own home until that point? Yes. It’s up to the landlord to apply the rent as a down payment if and when you buy the rent to own home.
Landlord May Keep Deposit, Regardless Of Potential Renter’s Decision
If you give money to a landlord to hold a rental house for you, you risk losing that money, especially if you didn’t sign any documentation. The landlord is under no obligation to return the deposit put down on the house, even if there was a verbal agreement that the money was only to hold the house. To get the money back you may need to contact a real estate attorney.
Landlord’s Foreclosure May Displace Tenants
When you’re renting a home you may be affected if your landlord can’t pay the mortgage, even if you’ve paid the rent. What can tenants do when the landlord breaks an agreement to apply the security deposit to the last month’s rent? In this case, the landlord threatened to file an eviction notice to have the tenants move out before the end of their lease term. But the processing of the eviction notice will likely take longer than the lease term. The tenants can look at their local landlord tenant laws to see what recourse they have and could have also researched the foreclosure on the Web.
What Happens To Tenant After Foreclosure
With the rise in foreclosures since the credit crisis, many renters or tenants find themselves directly affected. What options do tenants have if they’re served with a lis pendens for foreclosure? Lenders used to evict tenants but in this housing market many landlords prefer to keep the tenants in the foreclosed homes. Foreclosure does not always have negative effects on tenants.
Owner Occupied Status Affects Mortgage Refinancing
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.
Renters Renting In A Foreclosed Home
If you’re a tenant in a property that is foreclosed on, what are your rights? I recently answered this question from a reader, and it appears that the…
Rental Property Foreclosure Forces Tenant Eviction
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.
Deed in Lieu of Foreclosure Affects Credit Score
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.
Consider Lease Purchase In Tough Housing Market
If you’re trying to sell your home in a tough housing market you might consider offering a lease purchase. In a lease purchase the seller rents the property to a tenant who may later buy it. The tenant puts down a non-refundable option fee which goes toward the purchase of the home. Learn about how lease purchases work and if it’s the right choice for you.
Renter’s Insurance Will Help Protect Property
If you rent your home you should have renter’s insurance. Less than half of renters have renter’s insurance according to Allstate. Why is renter’s insurance important? What does renter’s insurance cover? Good renter’s insurance will help you replace your belongings in case of a disaster.
