Let me try to give you the short version. My mom is has some people renting her place in FL. She moved to MI. Her name is still on the mortgage because they didn't have good enough credit to have it switched into their name. I told her it wasn't a good idea, but she didn't listen to me. Anyway, they have not paid rent to her this month and it's due on the 1st so she can pay her mortgage company in a timely matter. She has called them and left messages but has not heard anything from them. Is there anything that she can do legally? I know she won't fly down there to see what is going on even though I think that is her best bet. She emailed me saying she was looking into foreclosure which I think is another bad idea. Do you have any suggestions? Thanks to all of you who answer!
2007-02-13 00:42:35 · 7 answers · asked by Jess_DH13 5 in Business & Finance ➔ Renting & Real Estate
Her mobile home isn't in a park although that would probably help her. She let them rent the property with intent to buy since they have crappy credit. But the mortgage is still in her name. They are to send her money every month for rent so she can make her mortgage payment. I also agree foreclosure is a terrible idea! Would that affect her new husband's credit if she did the foreclosure?
2007-02-13 01:06:53 · update #1
I absolutely think she should fly down, but knowing my mom she won't. She is already thinking worst case scenario. My husband & I moved out of FL before she did and we sold our house without issues. I know it is more difficult to sell the mobile home. I don't know what made her think she could trust the tenants to pay living so far away and all. Everyone has given me some wonderful ideas and I will express them to her! Thanks for all your help! I hope she does something besides foreclosure!
2007-02-13 01:11:43 · update #2
Her realtor is aware of the situation but the place is still on the market in case someone decides to make an offer. She carries insurance on it because she has a mortgage.
Lisa S. Thanks for the suggestions as far as speaking with her new husband. The only problem is I don't really know him, but then again, I don't want my mom to be in this situation. She does have a neighbor who could check but she made some crazy suggestion about giving them a key, which I told her not to! You just never know!
Miss V thanks for the suggestion. I'm unable to buy her property. Also, I don't live in FL anymore. But the her mortgage company is aware of the situation.
Again, thanks for everyone for their answers. I will bring up the options to my mom! Thank you all!
2007-02-13 01:31:50 · update #3
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Update to your update:
Yes it will affect his credit if your mom files the forclosure. I doubt it will have a direct affect but if they attempt to buy property together, it will be an issue.
Your mom probably just wanted to get out of the situation so she could go start her life with him.
When people (renters) have horrible credit they usually have to pay a huge downpayment to cover the landlord in case they try to pull a stunt like this one due to the track record that they have.
This a shame ~ in a few years they will beg your mother to 'help' them when the realize how easy that had it living with her.
I hate to say this but I think you should talk to the new husband.
Tell him in a way that lets him think that you want to establish some trusting bond with him.
'look this is really none of my business and I feel as if I am betraying my mom telling you this but I am worried about her property in FLA. Is there anyway you can plan your next getaway down there to check it out. I dont want to see the place damaged and her not get the return out of her investment' or whatever
Go on to tell him that she loved you so much that she did not make the best deal/pick the best tenants because she just wanted to be there with him.
That should help him to feel enough guilt to want to help you~
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Is there a neighbor that your mom had when she lived down there that could look in on the place?
have that friend go and check on the house.
Have your mother use the damage deposit to pay the rent for this month. If possible, your mom should try to avoid forclosure
(borrow against her credit if she needs to if she can reasonably expect to sell the house) .
Due to some of the restrictive laws in trailer parks, it might be harder to sell the trailer than you might think.
Unfortunately, you mom is going to have to fly down and check out the place and talk to a relator , assess the damages and try to get the place listed as soon as possible.
i would advise against forclosure if at all possible
GOOD LUCK!
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2007-02-13 01:05:13 · answer #1 · answered by lisa s 6 · 1⤊ 0⤋
Mom doesn't listen. The local government could charge her as an absentee landlord if any problems arise, such as the tenants not taking care of the property or causing a hazard to occur. If you really care, see if she'll sell it to you or someone else. If she truly has a mortgage, then she is also responsible for home owner's insurance. If the lender doesn't know that someone else is living there and a problem occurs, your mother may suffer some liability.
2007-02-13 01:19:43 · answer #2 · answered by Venita Peyton 6 · 0⤊ 1⤋
Absentee landlords make themselves vulnerable to deadbeat tenants. She should have arranged to have a local property management company keep an eye on it for her. Maybe it's not too late for her to have them handle it? For a fee (have not idea what that might be) they will attempt to collect rent, then start eviction proceedings. Failing that, is there a neighbor who might be able and qualified to act as her agent? Many real estate companies offer property management services.
BTW -what made her think that if they had bad credit (as in they didn't pay their bills before) what made her think that they would pay their rent now?
2007-02-13 01:06:26 · answer #3 · answered by PRS 6 · 2⤊ 0⤋
I couldn’t understand what agreement does she have with the renters. Is it just rental agreement or did she sell the mobile home "subject to financing", or was it a lease purchase?
Each of the above options will require different actions.
If this is only rental agreement - she can file an eviction.
If she sold it she should foreclose.
If she does not want to go there she can hire the mobile park manager or a real estate agent to handle this for her.
2007-02-13 00:59:50 · answer #4 · answered by Gali L 1 · 0⤊ 0⤋
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2016-10-17 06:52:09 · answer #5 · answered by svendsen 4 · 0⤊ 0⤋
Yes, she can evict them and try to get a judgment in court and then try to collect.
Foreclosure will damage her credit.
2007-02-13 00:53:19 · answer #6 · answered by kingstubborn 6 · 1⤊ 0⤋
This is the short version???
2007-02-13 06:46:30 · answer #7 · answered by njc_flhtc 4 · 0⤊ 1⤋