Now settling into my new home I am beginning to get back into my normal Sunday routine of drinking my coffee and reading the paper. There are only a few sections that I read; the front page, the business section and the travel section.
Brent Hunsberger has two great articles today. The article on the front page, Hundreds of Foreclosure Sales Halted http://blog.oregonlive.com/cgi-bin/mte/mt-comments.cgi caught by eye because the home that I recently rented and recently moved out of was in foreclosure.
The article talks about how lenders have withdrawn hundreds of foreclosure sales since February after there have been several questions on the legality of the process.
After months of my calling the trustee several times to continually hear that the home I was renting was still in foreclosure and then finding the day that I closed on the purchase of a new home that the case was closed. I was so surprised since by my estimation the home had a negative equity of approximately $200,000. I couldn’t image how the landlords who now lived out of state would be able to maintain this as a viable rental. Still, after hearing that the foreclosure case was withdrawn I assumed they must have worked something out with the bank. Now I’m questioning that. Do you think it was one of the homes that Bank of America withdrew?
It is possible that the home you rented may be affected by the revelation lenders illegally processed some foreclosure filings. This should not shadow the actions of your landlord who rented you a property that was already in foreclosure. The loan may very well have the same conclusion if your landlord has no intention to resolve the foreclosure matter. This opportunity to restart the foreclosure process only provides an opportunity to collect more rent from unsuspecting tenants. If you rent you should always check out the foreclosure status of the property each month. This organization is able to help you monitor foreclosure activity on rental property, http://www.foreclosurecourt.org/find-out-if-your-home-is-in-foreclosure.html
Landlords have a responsibility to be honest with tenants. Lets not lose sight of this
I completely agree that the landlords have a responsibility to be honest with their tenants. It would have saved me a lot of time and frustration if they had. I do worry that the home I was renting will be rented to a new family and then go back into foreclosure and end up in the same situation I was.
I viewed your site and think that it’s great to have all of this information in one spot, but too want people to know that this is all public information and they don’t need to pay to get it. I never spent a dime finding out information on foreclosure of the home I was renting.