Here is the latest Corona Ca Real Estate Market Conditions Weekly Update from Jeremy O'Neal your Corona Real Estate Expert.
Corona Ca Real Estate Market Conditions Update by Jeremy O'Neal - Corona Realty DRE #01227333
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e upon a time we lived in a world where just about anybody could buy a home, and if you we renting a home it was pretty much because you chose to.....and renters were happy to pay rent because in most areas of the Inland Empire of Southern California the rent was about half the cost of a mortgage. Over the last couple of years this situation has flipped. With ever decreasing home prices most homes in the Inland Empire are a great investment and will provide instant cash flow. So here is the delima, some homeowners who lost their homes to foreclosure in 2007 & 2008 were forced to rent and the homes they are renting are now in foreclosure. It is interesting to me how people react when they find out the owner of the house is not making the payments to the bank. I often hear comments like this:
"The Landlord does not deserve my rent payment...after all they aren't paying the bank!"
"What a slimeball! How do they expect me to pay rent when they aren't making their payments!"
"I have to save up my money to get out of here.....I'm not going to waste it on rent!"
I completely understand the stress that a tennant feels when they find out this information.
So, my questions are this:
If the owner of a property stops making the mortgage payment and the property goes into foreclosure does it give the tennant the right to stop making rent payments?
Is it legal for a landlord to collect rent on a property and not make the mortgage payment?
I would love to hear your thoughts on this. Thanks for reading.
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Realtor Serving Corona Ca. I am the Corona specialist and have extensive local real-time knowledge of Corona CA. Certified Short Sale Expert.
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