Quote:
Originally Posted by AVGWarhawk
I read it as the tenents have paid on time all along. The person who has his name on the mortgage has defaulted. Not the tenents. They have upheld their contractual agreement. The mortgage holder has not. So, is it theft? It is not the tenents fault, they in good faith, paid on time. The middle man dropped the ball and pockets the money. Surely, if the tenents have been paying on time they would wish to continue. I think they should approach the bank and look to aquire the load on the building. THe middle man has to come up with the money he did not pay the bank.
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Yeah but my point is that nobody goes from in good standing to repossession overnight. These tenants pay their rent from month to month, so at most the tenants would be being screwed out of the remainder of one months rent.
Now up here in New England most states have laws saying that the landlord, in this case the bank post repossession, have to give the tenants a months notice for eviction so maybe add another month to that, but no matter how you add it up the fact that the landlord didn't pay his mortgage is immaterial.
I do like your idea of the tenants taking over the payments though. That's something a smart banker should consider, especially in todays real estate market. Besides even if they sell the property in most cases a rental property with paying tenants is a good thing to a prospective buyer.
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