Skip to main content

Our landlord had 6 properties in foreclosure (including ours) for 4 years. Why didn't the bank repossess the houses?

Me and my family lived in a home that was being foreclosed for 4 years from 2009 to 2013. My dad has explained that the owner of our house owned 5 other properties that she was also renting out and were also in foreclosure, so she was making a lot of money by taking in rent for properties that she wasn't paying mortgage for. He said that she was exploiting loan modification policies that were passed by law during the recession, and that's how she managed to not pay a dime on 6 mortgages while also getting rent for 4 years.

I was wondering if someone who knows more about real estate and foreclosure could explain to me what exactly she was doing. How could she not pay mortgages for 4 years? Why didn't the bank repossess the houses? Would she have had to pay back the bank?

We lucked out from the shady situation personally, paying far less in rent than was typical for a house with that size and location, but she managed to stretch a foreclosure process over 4 years (or more after we left). We would get foreclosure notices on our door every couple months, and people from the bank would come and inspect the property for appraisal, but the bank never took the house. She also didn't pay the HoA fees, and neighbors were surprised that we were allowed to have keys to the community pool. It appears the house was in foreclosure long before we moved in, the way the neighbors talked about it. We ended up being evicted for failing to pay rent, and the owner showed up in her Mercedes and designer clothes with the sheriffs to kick us out. It's clear she was living quite comfortably for someone with 6 properties in foreclosure. My question is, how?

submitted by /u/Danielnrg
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ik8aab/our_landlord_had_6_properties_in_foreclosure/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more