Reader Mail: Landlord credit reports?

3/11/2009:

Can someone please explain “why?”

WTF?

One Hoboken411 reader “Lonnie” did some “analysis of the rental market here in Hoboken” and has the following to say:

“Due to these very tough financial times, as you know many condo owners, etc. are in foreclosure or late for months on their mortgage payments and/or taxes.

Check your your owner/landlord before you commit. And they want “your” credit report? They should be giving you “their” credit report!!”

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10 Comments on "Reader Mail: Landlord credit reports?"

personalt
Member
personalt

This seems to be the stupidest article with the stupidest responses ever.

Many condo owners are not on foreclosure in Hoboken.

Reality tracker has 6 properites in pre forclosure since the 1st of the year. I could be wrong but I think that is more then 90 days late.

realtytrac.com/MapSearch/MapSearch/...XJFbmFibGVkVmVuZG9yTmFtZSI6bnVsbH0=

There is only two bank owned properties since the 1st of the year and only 10 going back as far as they track at least through 2008.

And no you cant rent it back to yourself for a dollar and live there forever. As bmac says – this would most likly be fraudulent conveyance. But if not, once the bank owns it they will sell it to someone that wants to owner occupy. At end of your lease term(if not sooner) you will be out of there.

concernedresident
Member
concernedresident

what is perfectly legal is to rent your home to yourself for a $1 and the bank can forclose on you, however can not force you to leave – by law you are protected. The bank can sell it but the buyers will be surprised to find out that you are living there. Short sales and picking up forclosures are risky in this respect.

If you fear foreclosure something to consider… Imagine living in your house not paying anything but a buck!!!! No taxes!

Hmmmmm…. Maybe the homeowners should consider this – Good luck city of hoboken collecting taxes from THE BANKS!!!!

Check this out… it is legal I don’t have all the particulars but if someone finds this info please forward – I’ll look myself.

bmacqueens
Member

[quote comment=”142498″][quote comment=”142473″][quote comment=”142420″]To answer 411’s question: if the landlord’s lender forecloses on the property, you may find yourself homeless. [/quote]

I think that in NJ, the lease is superior to the mortgage and will survive foreclosure.[/quote]

That sounds like a great way to avoid getting forced out of your house due to foreclosure. You lease it to your buddy long term, and then after the foreclosure you crash at his (your) place.[/quote]

The creditors will attack this move as a “fraudulent conveyance,” and it’s a pretty good argument unless you leased to your buddy years before you got into money trouble (which is unlikely).

Beejay
Member
Beejay

[quote comment=”142473″][quote comment=”142420″]To answer 411’s question: if the landlord’s lender forecloses on the property, you may find yourself homeless. [/quote]

I think that in NJ, the lease is superior to the mortgage and will survive foreclosure.[/quote]

That sounds like a great way to avoid getting forced out of your house due to foreclosure. You lease it to your buddy long term, and then after the foreclosure you crash at his (your) place.

HansBrix
Member
HansBrix

[quote comment=”142420″]To answer 411’s question: if the landlord’s lender forecloses on the property, you may find yourself homeless. [/quote]

I think that in NJ, the lease is superior to the mortgage and will survive foreclosure.

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