Stop Foreclosure Answer

Let’s say that you have been renting a home for the last 3 years.  You have always paid your rent on time.  Today you come home and get your mail.  In it there is a letter from a mortgage company.  You open it and it says

This letter constitutes formal and final demand that you vacate the premises within five days of the date this letter is delivered.

You would be shocked, wouldn’t you?  You might break down and cry.  You might have to sit down because you fear that you are going to pass out.

Some people renting homes, like you, have had this happen to them.  The owner of the home fell behind on their mortgage payments.  The mortgage company foreclosed and wanted the renter out.

Can a mortgage company evict a renter on such short notice?  In most instances the answer is no.  In May of 2009 congress passed the

Protecting Tenants at Foreclosure Act

This law says that if the homes where they live have been foreclosed, tenants have the right to remain in them for 90 days or until the end of the lease that they signed with the landlord.  There are two provisions a tenant needs to meet to qualify for this

The tenant has to have been renting the home for awhile.  If they moved in recently, they are not entitled to remain for 90 days or until the end of their lease.

The tenant has had to have paid their rent on time.

In those instances where a person has lived in the home for awhile on a month to month basis and does not have a lease, they can remain for 90 days following the foreclosure.

Why Would a Mortgage Company Try To Evict a Renter Early?

They will try to get away with it because they don’t want to be a landlord.

They are worried that the renter might call them any time of day or night when they have a problem.  The stove, air conditioner or furnace is not working.  It will be difficult for the mortgage company to get these fixed quickly especially in those areas where they have taken over very few homes like this.

They normally they don’t collect rents.  They have nothing in place to do this properly.

They would like to sell the home as quickly as possible.  With a renter living there, it will take them longer to sell.

It is to their advantage to try to have the renter move as soon as possible.  That removes all of these potential problems.

What do you do if you get a notice like this?  Call the mortgage company and let them know about the notice you have received and believe that it is in error.  Tell them how long you have lived in your home and when your most recent lease expires.  If you don’t have a lease and have been on a month to month basis, let them know that.  Tell them that under the Protecting Tenants at Foreclosure Act you understand that you have the right to stay for 90 days or until your lease expires.

I also recommend that you contact a local attorney if you can afford it.  If you can’t, contact a local consumer advocacy group.  Let them know about the notice you have received and ask for their help.  I suggest that you do this even if the mortgage company told you that the letter was sent in error.

Act quickly on this.  You don’t want the sheriff showing up at your home on the date indicated in the letter and telling you that they have to evict you.

If you are not a renter but a homeowner facing foreclosure, I encourage you to take the steps necessary to do all you can to save your home.  I recommend two things.  First, get a lawyer or a housing counselor from a local non-profit agency in your area to represent you.  Second, learn all you can about the foreclosure process and what you can do to save your home.  There is much information available on this.  It is not complex and you don’t have to have a legal mind to understand it.  I offer an EBook with much information on this.  If you want to learn more about my EBook, please click Stop Foreclosure.

Much Success,

Mark Elkins

Let’s say that you have been renting a home for the last 3 years.  You have always paid your rent on time.  Today you come home and get your mail.  In it there is a letter from a mortgage company.  You open it and it says

This letter constitutes formal and final demand that you vacate the

premises within five days of the date this letter is delivered.

You would be shocked, wouldn’t you?  You might break down and cry.  You might have to sit down because you fear that you are going to pass out.

Some people renting homes, like you, have had this happen to them.  The owner of the home fell behind on their mortgage payments.  The mortgage company foreclosed and wanted the renter out.

Can a mortgage company evict a renter on such short notice?  In most instances the answer is no.  In May of 2009 congress passed the

Protecting Tenants at Foreclosure Act

This law says that if the homes where they live have been foreclosed, tenants have the right to remain in them for 90 days or until the end of the lease that they signed with the landlord.  There are two provisions a tenant needs to meet to qualify for this

The tenant has to have been renting the home for awhile.  If they moved in recently, they are not entitled to remain for 90 days or until the end of their lease.

The tenant has had to have paid their rent on time.

In those instances where a person has lived in the home for awhile on a month to month basis and does not have a lease, they can remain for 90 days following the foreclosure.

Why Would a Mortgage Company Try To Evict a Renter Early?

They will try to get away with it because they don’t want to be a landlord.

They are worried that the renter might call them any time of day or night when they have a problem.  The stove, air conditioner or furnace is not working.  It will be difficult for the mortgage company to get these fixed quickly especially in those areas where they have taken over very few homes like this.

They normally they don’t collect rents.  They have nothing in place to do this properly.

They would like to sell the home as quickly as possible.  With a renter living there, it will take them longer to sell.

It is to their advantage to try to have the renter move as soon as possible.  That removes all of these potential problems.

What do you do if you get a notice like this?  Call the mortgage company and let them know about the notice you have received and believe that it is in error.  Tell them how long you have lived in your home and when your most recent lease expires.  If you don’t have a lease and have been on a month to month basis, let them know that.  Tell them that under the Protecting Tenants at Foreclosure Act you understand that you have the right to stay for 90 days or until your lease expires.

I also recommend that you contact a local attorney if you can afford it.  If you can’t, contact a local consumer advocacy group.  Let them know about the notice you have received and ask for their help.  I suggest that you do this even if the mortgage company told you that the letter was sent in error.

Act quickly on this.  You don’t want the sheriff showing up at your home on the date indicated in the letter and telling you that they have to evict you.

If you are not a renter but a homeowner facing foreclosure, I encourage you to take the steps necessary to do all you can to save your home.  I recommend two things.  First, get a lawyer or a housing counselor from a local non-profit agency in your area to represent you.  Second, learn all you can about the foreclosure process and what you can do to save your home.  There is much information available on this.  It is not complex and you don’t have to have a legal mind to understand it.  I offer an EBook with much information on this.  If you want to learn more about my EBook, please click Stop Foreclosure.

Much Success,

Mark Elkins

Be careful.

Bank of America May Try to Take Your Home

even if they don’t have the mortgage on it.  Ridiculous you say.  There’s no way that can happen. You are absolutely right.  It shouldn’t but Bank of America has tried.

The Case of the Couple and Their Florida Retirement Home

In February I read about this couple from Massachusetts.  Back in 2005 they purchased a home in Florida.  They figured that one day this would be their retirement home.  They paid cash for it.  They had no mortgage.

Here is What Bank of America Did

Last year Bank of America foreclosed on it even though there was no mortgage on the home.  They did it even though they had no right to.  In July their representatives showed up and changed the locks on the home.  At the time the home had been rented.  As you can imagine, Bank of America’s action scared the renters and they moved out.  So the owners lost rent.

The Bank of America representatives also took family photos, power tools and some other things the couple had at the home. They had the utilities disconnected.  This caused the pipes to freeze.  Water damage occurred.

The real estate agent representing Bank of America in this area knew they had the wrong home.  The home they meant to foreclose on was on the other side of the street from this one and about 10 homes away from it.  They were told they had the wrong home.  Yet Bank of America forged ahead.

The owners, an unemployed construction worker, and his disabled wife didn’t have the money to make the trip from Massachusetts to Florida.  It was until this January when the owner had the ability to make a trip to Florida to prove that this was his house and to get it back.

Do you know what?  The house they were supposed to foreclose on.  Bank of America actually did foreclose on that other home last September.

Can You Imagine the Settlement Bank of America Will Have to Pay?

The Massachusetts couple did hire a lawyer and is suing Bank of America.  I can just see the amount that Bank of America will have to pay.  Let’s see

• Expenses for the trip to Florida and to show that the property was not the bank’s,
• Lost rent because the renter was frightened and moved out,
• New locks on all the doors(You never know who Bank of America gave the keys to),
• The charges to repair the damage caused by the burst water pipes, and, of course,
• Punitive damages because of the anguish and grief caused the couple.

The Sad Thing Here Is

The cost of this will not come out of the salaries and bonuses of Bank of America executives.  It will be passed along to the share holders.  If you own any Bank of America stock, dump it quickly.  Is this a company that you really want to be involved with?

Bank of America Is Guilty of Doing the Same Thing Elsewhere

There have been at least two other instances where Bank of America has tried to foreclose on home where they did not hold the mortgage.

A couple owns a vacation home in Galveston.  They had a rude awakening when they went to spend some time there last October.  They found the locks changed and a foreclosure notice on the door. When they were able to get in, they had another surprise.  Bank of America had the utilities turned off. The couple had fish in the freezer which thawed out and spoiled because the power was off.  Can you imagine how overpowering the stench of the rotten fish was?

There also was a home in Kentucky where Bank of America tried to do the same thing.

The owners of both of these homes have sued Bank of America.

Don’t Trust Bank of America

If you are facing foreclosure and Bank of America has your mortgage, be extra careful that they don’t zap you.  If they try to take homes that are not theirs, do you really think that they will help people facing foreclosure save their homes.  Make sure to get a lawyer or an expert in loan modifications to help you.  You need to make sure that your interests are protected.

Regardless of who your mortgage company is, watch out that they don’t pull any fast ones on you.  What’s the best way to do that?  Make sure that you know as much about the foreclosure process and the steps you can take to save your home.  You want to be at the point where you know more about the foreclosure process and what you can do to save your home than any people you deal with.  It’s not difficult.  You might want to check out my EBook.  There is a lot of information which I am sure you will find valuable in it.  You can find out about it by clicking Stop Foreclosure.

Much Success,

Mark Elkins