Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 08-25-2013, 09:43 PM   #21
Recycles dryer sheets
MissMolly's Avatar
 
Join Date: Jun 2010
Posts: 471
Quote:
Originally Posted by Meadbh View Post
The realtor is probably acting as a property manager, i.e. an agent of the owner. There is likely to be a contract between the owner and the property manager's firm such that the said firm gets a percentage (e.g. 10%) of the rent off the top while the residual funds are deposited in the owner's bank account. If the owner is not paying the mortgage, that is a separate financial process and the tenant has nothing to do with it. If the financial institution forecloses on the home, they will wish to sell it as soon as possible to recoup their debt, usually at a loss. They have no interest in becoming a landlord! The financial institution often delegates the sale to a property brokerage firm that specializes in repossessions. In most cases, marketing the property will mean asking the tenant to move out, unless the home can be sold to another investor who is interested in keeping a good tenant! With an unexpired lease she has some negotiating power and hopefully will get moving costs and a reasonable time to organize the move. Either way she should check the residential tenancy act or equivalent legislation in her jurisdiction. Here's an example: Residential Tenancy Branch : Government of British Columbia

If the mortgage is held by Fannie or Freddie, she may be protected under the Protecting Tenants at Foreclosure Act as pointed out earlier by another poster. If she has a valid lease, the lease will be honored until its expiration. Protecting Tenants at Foreclosure (PTFA) : Fannie Mae
__________________

__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
MissMolly is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-27-2013, 06:06 AM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,626
Some arrests reported in this scam:
More Houston families report being part of rental scam - Houston Chronicle
The leasing 'agent' simply stole the keys to unoccupied houses and leased them. The owners did not know their unoccupied houses were being rented.
__________________

__________________
LOL! is offline   Reply With Quote
Old 08-27-2013, 08:26 AM   #23
Thinks s/he gets paid by the post
bUU's Avatar
 
Join Date: Dec 2012
Location: Georgia
Posts: 1,914
That's really unfortunate for the renters, given that it means that they don't have a legal means of resisting the eviction notice. Hopefully the leasing 'agent' has recoverable assets that can be attached by civil lawsuits by the renters.
__________________
bUU is offline   Reply With Quote
Old 08-27-2013, 08:34 AM   #24
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,571
Quote:
Originally Posted by LOL! View Post
The leasing 'agent' simply stole the keys to unoccupied houses and leased them. The owners did not know their unoccupied houses were being rented.
Some things stay the same. When I was doing fraud cases I had a couple in which the Nigerians West Africans were selling houses they didn't own. In one event they sold the same house three times in one day!

Ultimately it was the lenders and title companies that took the biggest hit although buyers had some restless nights. I don't know if they got their deposits back from the title companies.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 08-27-2013, 10:01 PM   #25
Thinks s/he gets paid by the post
MooreBonds's Avatar
 
Join Date: Aug 2004
Location: St. Louis
Posts: 2,091
Quote:
Originally Posted by Walt34 View Post
Some things stay the same. When I was doing fraud cases I had a couple in which the Nigerians West Africans were selling houses they didn't own. In one event they sold the same house three times in one day!

Ultimately it was the lenders and title companies that took the biggest hit although buyers had some restless nights. I don't know if they got their deposits back from the title companies.
Not trying to hijack the thread...but just curious - were the West Africans selling them at "firesale" prices without any inspection/walk throughs because they needed the money in a pinch, or was it an extremely elaborate operation where they actually had access to let people walk through the house, etc.?
__________________
Dryer sheets Schmyer sheets
MooreBonds is offline   Reply With Quote
Old 08-28-2013, 05:10 AM   #26
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,571
Quote:
Originally Posted by MooreBonds View Post
Not trying to hijack the thread...but just curious - were the West Africans selling them at "firesale" prices without any inspection/walk throughs because they needed the money in a pinch, or was it an extremely elaborate operation where they actually had access to let people walk through the house, etc.?
This goes back 20+ years and my memory is dim on the details, but they were in a depressed area of Baltimore and supposedly ~$20k "investment properties" so I doubt there were any walk-throughs. The transaction where the money changed hands occurred in the jurisdiction where I worked so that was where the theft happened.
__________________

__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 05:06 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.