0
What happens to a person who is renting a house but the homeowner goes into foreclosure?
Wiki User
∙ 9y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Why would a homeowner need to hire a foreclosure attorney?
A homeowner may need to hire a foreclosure attorney if they are being foreclosed upon by the bank or lender, or person who provided the mortgage. If a person owes more on his home than the home is worth, the bank may try to foreclose on the home, in which case, one would need a foreclosure attorney.
What are your rights as a renter in Georgia when the current property is in foreclosure?
If you are the Rent-ie (The person who is renting from the owner) or the Renter (The person who owns the property) Rentie- Nothing Renter- Its like a normal property.
What happens if the person filing for foreclosure dies?
A person doesn't "file for foreclosure". A bank or other lender takes possession of property by foreclosure procedure after the owner (mortgagor) of the property has defaulted on the mortgage. The procedure varies in different states. If the mortgagor dies during the foreclosure proceeding the lender can continue the foreclosure process against the estate. The death of the mortgagor may delay the proceedings until the heirs have been given notice of the foreclosure, depending on how far along the foreclosure has progressed. If the mortgagee (lender) dies during the foreclosure proceeding their estate representative can continue the foreclosure once appointed by the court.
What happens if a person renting a house from you is caught with drugs?
This depends on what is in your lease. Most of the time there is something in there with police, drugs, crimes, etc.
Who is John schepcoff?
For the Past 30 years, John Schepcoff has been mentoring and teaching other Real Estate Agents including Loan Officers and homeowners "how to understand the process of Short Sales, Foreclosure and past Foreclosure". When a person understands the process, the homeowner, Real Estate Agent or loan officer can now help the homeowner understand there is one more option. Instead of losing the home in a short sale or foreclosure, the owner can receive a securitization Audit. What will this prove? It will now prove that the bank does not own the loan but in fact the loan is now a stock. If the loan is a stock the bank can not force s short sale or foreclosure. John Schepcoff goes more into detail how this is done. If the homeowner still wants to sale the home, the agent will still be paid the commission and now the homeowner also will make money on their home. How about that! This becomes a more win/win for the agent as well as the homeowner. Most homes today have gone through securitization. You can learn more from John Schepcoff website. SavingYourHomeToday dot com. John Schepcoff also mentors and teaches how to do Lease Purchase or Rent to Own. If a person can control the property, they can make money.
What are homeowners insurance codes for rental property?
If you move out of a home and start renting the home to someone else you need to cancel your homeowner's policy and purchase a tenant occupied dwelling fire policy. If you are referring to a home that you live in and don't own but are renting from the owner then what you need is an HO-4 homeowner's form. The HO-4 provides you with coverage for your contents inside the home as well as liability coverage. The person who owns the house cannot and does not cover your contents on his policy.
Anyone know this guy John Schepcoff?
For the Past 30 years, John Schepcoff has been mentoring and teaching other Real Estate Agents including Loan Officers and homeowners "how to understand the process of Short Sales, Foreclosure and past Foreclosure". When a person understands the process, the homeowner, Real Estate Agent or loan officer can now help the homeowner understand there is one more option. Instead of losing the home in a short sale or foreclosure, the owner can receive a securitization Audit. What will this prove? It will now prove that the bank does not own the loan but in fact the loan is now a stock. If the loan is a stock the bank can not force s short sale or foreclosure. John Schepcoff goes more into detail how this is done. If the homeowner still wants to sale the home, the agent will still be paid the commission and now the homeowner also will make money on their home. How about that! This becomes a more win/win for the agent as well as the homeowner. Most homes today have gone through securitization. You can learn more from John Schepcoff website. SavingYourHomeToday dot com. John Schepcoff also mentors and teaches how to do Lease Purchase or Rent to Own. If a person can control the property, they can make money.
How long is your credit affected after a foreclosure?
Usually a foreclosure will lower a person's credit score by 250 points, and sometimes by as many as 280 points. The foreclosure stays on a person's credit report for seven years.
What is the name of the person renting out a place?
A person renting out a place may be the owner, an agent, a landlady, a landlord, or a tenant subletting space.
How can a person or group contest a foreclosure of their property?
A person or a group can contest the foreclosure of a piece of property by contacting an attorney. This is the best way to get information about property.
What do you call a person renting a building?
Leasee
When renting a studio or apartment do i need to mention if I am bringing another person with me?
It really depends on who you are renting from. When in doubt, mention it.
