I am seeing a very unsettling trend in the foreclosures that i am coming across over the past few months, investor buys a home, puts it up for rent, finds a tenant that lives up to their side of the lease and then the landlord does not pay the mortgage and tenant is living in a foreclosed home.
I found 2 of these cases yesterday and have 4 more that I'm working on. The tennant has very little recourse and the bank is in a position where they may have to take over the lease.
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I am client focused results based Realtor whose interest is in "getting our clients from where they are to where they want to be" My team and I service the entire Phoenix Metro area.
Phoenix area road closures weekend of October 24 ~ 27
Some information regarding the upcoming elections in AZ.
30-Day Market Snapshot as of 10/18/2008 (from ARMLS for past 30 days – residential sales only)
Metro Phoenix Weekend Closures & Restrictions on Valley Freeways
Pending home sales are rising, the western states lead the advance.
State AGs ask lenders to fast track mortgage aid:
30-year mortgages drop below 6 percent
Why are buyers asking for 6% closing costs
Its not all about Price remember the effect of interest rate
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Andrew, Are you suggesting that investors are doing this on purpose? If so, That is very distrubing. Thanks for bringing this to the publics attention.
Only 2?
we place a disclaimer in our leases that the "Landlord is current" on all mortgage payments and home being leased is neither a short sale of foreclosure...
Andrew,
It's a real mess, isn't it? I have friends who are renting a home right now to the tune of $3200 a month. At least 4 times, someone has tried to serve the renters with foreclosure papers. You can be sure that $3200 is not going towards the mortgage.