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If any of you rent- be sure to find out what's going on with the property owner and their financial situation...

http://www.msnbc.msn.com/id/27090355/

"Sharga said there are more than 1 million U.S. homes in foreclosure — with about a third of that number occupied by someone other than the owner.

“That number will continue to get bigger,” he said.

Dart said he believes banks are not doing basic research to determine that the people being evicted are, in fact, the homeowners.

He said that in a third of the 400 to 500 foreclosure evictions his deputies had been carrying out every month, the residents are not those whose names are on the eviction papers.

Nor, he said, are banks notifying tenants that the homes they’re renting are in foreclosure. He added that when banks do learn the correct names of those living on foreclosed-upon property, their names often are simply added to eviction papers."
 

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antisocialbutterfly
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Cook County Sheriff suspends foreclosures

http://www.huffingtonpost.com/2008/10/08/cook-county-sheriff-suspe_n_132914.html

Cook County Sheriff Tom Dart will suspend all mortgage foreclosure evictions beginning Thursday, he announced today.

"These mortgage companies only see pieces of paper, not people, and don't care who's in the building," Dart said in a statement. "They simply want their money and don't care who gets hurt along the way. On top of it all, they want taxpayers to fund their investigative work for them. We're not going to do their jobs for them anymore. We're just not going to evict innocent tenants."

The suspension is a response to the soaring number of evictions in the County, many of which are of renters oblivious to their landlord's mortgage failure, according to Dart's statement. The sheriff's office expected to conduct foreclosure evictions at 4,500 properties this year, compared to 1,771 in 2006.
Good man- score one for the people! :)

If you would like to thank Sheriff Tom Dart for upholding justice by not allowing banks to circumvent the law- and all around doing the right thing, you can send email to [email protected]. It may not hurt to forward a copy of the press release and articles to encourage your local Sheriff to do the same.
 

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It is rare for someone to step up to the plate, but he is doing the right thing.

Another thought is that some of these folks may start taking exception to eviction, if the situation continues to worsen...and it looks like it will.
 

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Come quickly Lord
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http://www.huffingtonpost.com/2008/10/08/cook-county-sheriff-suspe_n_132914.html



Good man- score one for the people! :)

If you would like to thank Sheriff Tom Dart for upholding justice by not allowing banks to circumvent the law- and all around doing the right thing, you can send email to [email protected]. It may not hurt to forward a copy of the press release and articles to encourage your local Sheriff to do the same.
The foreclosures around here were getting WAY too numerous. I was happy when he did this. Unfortunately, there are other counties in the area that are getting that bad. Fortunate for me I rent and my landlord seems to be pretty good to go right now. I'm glad I don't own a house right now or live in Cook County. These are definitly scary times!
 

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He added that when banks do learn the correct names of those living on foreclosed-upon property, their names often are simply added to eviction papers

i thought an eviction notice was issued by the courts isn't adding or altering to court documents a crime?
 

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He added that when banks do learn the correct names of those living on foreclosed-upon property, their names often are simply added to eviction papers

i thought an eviction notice was issued by the courts isn't adding or altering to court documents a crime?
Yeah so just add it to the list of crimes these pieces of s*** have already committed. I'm sure there are a ton of AG's waiting to start prosecutions against these bankers. NOT!
 
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sounds fishy

This sounds fishy,,oboma's state..In that situation, I think that the bank should repossess the property and allow the renter to pay rent to them until the property can be resold or offer to sell the property to the renter.
 

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Looking ahead
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Renters have rights. I haven't looked into them for some time now but they (in my area) prevent the homeowner from charging for certain utilities (I think water or sewage is one).

The owner must request permission to inspect the home, he can not just walk in any time he wishes.

Any any eviction must have proper notice as well as time to pack up and leave HOWEVER if the property is foreclosed and there was a contract for say a year or two, the renters contract MUST be honored for the remainder of the contract regardless of who owns the home. After that the contract may be renegotiated or they renters can be sent on their way.
 

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small "l" libertarian
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Renters have rights. I haven't looked into them for some time now but they (in my area) prevent the homeowner from charging for certain utilities (I think water or sewage is one).

The owner must request permission to inspect the home, he can not just walk in any time he wishes.

Any any eviction must have proper notice as well as time to pack up and leave HOWEVER if the property is foreclosed and there was a contract for say a year or two, the renters contract MUST be honored for the remainder of the contract regardless of who owns the home. After that the contract may be renegotiated or they renters can be sent on their way.
I've actually been in this situation. In the house prior to the one we are in now, we had lived there for 4 months and paid the rent on time. We found out about the foreclosure when the bank taped the notice of auction sale to the front door.

I looked for information on what our options were, and was dismayed to learn that the bank or the new owner, if someone bought the house at auction, could evict us with little warning. So, to avoid that hassle, we immediately began to look for another place to live, rather than be forced to take something fast or be out on the street. We actually skipped out on our last month of the 6 month lease, but by then our landlord no longer owned the house anyway, so there was nothing he could have done. We thought about suing him, but you can't get blood from a stone, you know?

Afterwards, looking back on it, there were other warning signs: There was no credit check, the lease was a photocopied form lease that looked like he got it from a book, and he insisted we write the rent checks to his sister instead of himself. Now I realize, that was probably in an attempt to hide the rental income from the bankruptcy court.

If you rent, definitely be VERY observant of the situation, and look for any sign that the landlord isn't representing anything as being on the up and up. If possible, rent through a property management company. They will likely have much better knowledge of whether their owners are paying their mortgages or not, and even if there is a foreclosure, there is a "deep pocket" involved that you can sue.
 

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Say no to NWO PLEASE!
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I'm glad my house is in Canada, just not sure how much longer we are going to be able to hold out. I'm having mixed feelings between wanting a total colapse if this gets really bad, or if I'm willing to stick it out until our next bubble....

So much for our future plans in this system.
 

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I own some rental property so I see this from a different perspective. Often times, the idiot who bought the rent house has a higher mortgage payment than what the renter actually pays. Especially in California or Phoenix where home prices are way too high. They bought the house on the mistaken assumption that real estate always goes up.

Eviction procedures vary tremendously from state to state. In Texas, for example, the Sheriff doesn't do evicitons, that's the job of the constable. The "eviction" is just informing the tenant that he has to move. To actually throw him out of the house requires a "Writ of Possession" which is a seperate thing. Its something I'm glad I've never had to do.

I'm not sure that its entirely the bank's fault. They can't control if the home owner is using the rent to pay the mortgage and I wouldn't be suprised if it was illegal in some states for bank-owned properties to be rented out. The rules for bank owned real estate changed if the 80s during the S&L failure because many banks were holding on to properties to keep from recording losses. I've never seen a house forclosed on where the renters were allowed to stay. I know of two apartment buildings that went through forclosure, one continued to operate while the other was shut down by the city (since the owner hadn't made any repairs on a bunch of code violations). Also, the bank that currently owns the mortgage is probably not the bank the wrote the loan.

Another thought: My county tax office has a record of who the lien holder is on each property. If you live in a rent house, you can look it up to see which bank holds the mortgage and give them a call to see if the mortgage is being paid.

If your a renter be careful about renting new or giant houses. Although it might seem like a good idea, these are the worse then it comes to foreclosure since the owner is probably losing money each month even if your paying. For an older house, make sure the house is in good shape. The roof shouldn't be patched together and the AC and appliances should be less than 10 years old. A good owner will make sure the house is in decent shape before renting it because he doesn't want you calling all the time to fix stuff. The owner should act professionally and give you receipts for all rent paid. Its also a good idea to rent from some old dude since he's probably had the house for years and doesn't have a mortgage. Always remember that there is a difference between a good deal and something that's cheap.
 
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