Owner Foreclosures

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Permalink Reply by Jeremy Tallman on May 5, 2010 at 1:06pm

The PROTAFA regulations protect tenants with a bona-fide lease. It's not ideal, but tenants are able to stay in the property through the terms of their lease, even if the ownership changes hands. As for collecting management fees... good luck with that ;) !

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Permalink Reply by Karen McDaniel on August 3, 2010 at 2:07pm

In this economy, owners walking away from their properties is just another part of the overall beast in this market today. Most of these owner did not want this to happen and most would be willing to renegotiate mortgage terms if it were at all possible. Unfortunately most of the help for distressed home owners currently available under the new administration does not include mortgages on investment or rental property.
On that note I recently contracted with a new property manager on one of my houses in SC and he was quite thorough in his research of my identity. He pulled the county court records to verify I was the legal owner or any others, checked if any current liens were on the property and even wanted a copy of a recent appraisal or the one when I bought the house.
Their are ways to safeguard yourself at that moment, but situation can change in the future which will be out of your control.

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Permalink Reply by Karen McDaniel on August 3, 2010 at 2:14pm

I know there's a way that a person can be notified if a property goes in default. I believe your name would have to be on record with the county court house as being one to notify if property had a "notice of default" recorded against it. I have never had a property manager ask me for this, and I'm not sure if it's something I would readily allow anyway, but that's one way to get a heads up on any defaults with properties they are managing.

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