Although an obligation from the owner to the mortgage company is seperate from a rental agreement from the tenant to the owner. Doesn't give the homeowner the right to defraud the renter. IT IS MORALLY WRONG. I can't believe some of the posters saying it is none of my business what the homeowner does with the rent. What about the renters right to a secure place to live?
Rent is suppose to be used to pay the mortgage. Not paying the mortgage is tantamount to FRAUD. Leaving the renters to fend for themselves is irresponsible.
Property manangement companies need to set up an account where the rent is paid directly to the mortgage company. I know I'm not alone in this situation.
If you own property and in foreclosure. Be upfront with your tenants. Don't take money from them to save your own ***. Even if it's legal to do so.
2007-09-09 07:52:20 · 10 answers · asked by Robin G 4 in Business & Finance ➔ Renting & Real Estate
What the owner does with his property and rent is none of your business. If you want to assert your right to secure a place to live, then buy your own house, then you can have all your saying on your own financial responsibility.
2007-09-09 08:03:06 · answer #1 · answered by Jack 2 · 1⤊ 0⤋
The landlord can do whatever he wishes with rent money collected. If he wants to keep the property, it should certainly go first towards costs of maintaining the property. Some trust deeds (the equivalent of mortgages) contain a clause assigning rents to the lender in case of defaults. Unless there is some specific representation that the tenant is entitled to long term occupancy, the landlord is not committing fraud by not paying the mortgage because that is between him and the mortgage holder. On a month to month lease, you can be told to move in a month. Not fun, but still legal.
2007-09-09 08:02:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
This does not affect "the renters right to a secure place to live". The renters can continue to live in the place for the duration of the lease. (This does not apply in a few special cases, such as the S&L bailout ~20 years ago.) A foreclosure on a rental property changes who is the owner (landlord), who gets to collect the rent from the tenant.
2007-09-09 08:03:43 · answer #3 · answered by StephenWeinstein 7 · 0⤊ 1⤋
Your landlord offered a duplex so he could have help paying down his loan. i anticipate all and sundry concurs with that. Your in 0.5 the residing house meaning in concept 0.5 the residing house isn't being utilized with the aid of him and somebody needs to pay for that 0.5. nonetheless following me? okay heres the clincher, and this is the place he's taking great thing approximately having a duplex. He costs you extra advantageous than the 50 p.c. you're using so help subsidize his 50 p.c.. If he costs 50 p.c. or much less he's formally no longer receiving an incentive to purchase a duplex. to boot keep in mind that this individual has to pay the taxes, maintenance the residing house, and pay the different unpredicted charges.
2016-10-18 11:00:17 · answer #4 · answered by llanos 4 · 0⤊ 0⤋
Unfortunately, the situation you describe is happening far too often. The property management companies are hired by the owners, and disburse the funds according to the contract, typically to the owner.
Greed is a powerful vice.
2007-09-09 08:16:29 · answer #5 · answered by godged 7 · 0⤊ 1⤋
It is none of your business whatsoever. If you want the security of knowing the mortgage is paid then buy a home.
There is nothing fraudulent in what the LL does with the rents.
2007-09-09 08:00:28 · answer #6 · answered by Anonymous · 1⤊ 0⤋
They aren't defrauding you. You have a contract that you pay a certain amount of rent, and for that rent you get living space for that month.
It might be irresponsible, and I agree with you it's not right for them to not pay their bills, but they aren't defrauding you.
2007-09-09 08:01:51 · answer #7 · answered by Judy 7 · 1⤊ 0⤋
The only way to avoid that situation is to have something in the rental contract stating what you want to happen if the house is foreclosed on while your a tenant.
2007-09-09 08:02:03 · answer #8 · answered by vegas_vixen24 2 · 0⤊ 2⤋
You're not allowed to post rants here, wanna rephrase into a question so you don't get a violation notice?
2007-09-09 10:06:54 · answer #9 · answered by Roland'sMommy 6 · 1⤊ 0⤋
i agree that is bs not sure what can be done about it. Landlords are generally scumbags ( though not all by anymeans) and renters are wise to try and take advantage of things like Freddie Mac to get their own homes to get out of cycle of exploitation
2007-09-09 08:04:23 · answer #10 · answered by Anonymous · 0⤊ 3⤋