Posted in the Moriches Forum
#1 Aug 30, 2013
My landlord hasn't been paying his mortgage and before the house goes to foreclosure, he wants to sell it under a short sale. Would I still be obligated to pay my entire rent? I don't have a lease and I'm sure some of the rent was also for profit and not entirely for paying the mortage.
#2 Aug 30, 2013
If he's not paying the mortgage, all the rent you are paying is profit....to him! You did not contract with his bank, you have a month to month lease with the landlord. He can sue you for not paying rent and he can evict you once he serves you with a pay rent or quit notice as long as he still holds title. Your credit could be ruined by not paying just debts.
And, if you can afford market rent about $1,700 per month, why don't you call the county for down payment grants which are now available up to $10,000. There are many houses available that the total mortgage, re tax and insurance would be below $1,700 you are probably paying to your landlord. And the interest and taxes are tax deductible.
#3 Aug 30, 2013
Brady, I'm not familiar with what you're talking about in your second paragraph.
#4 Aug 30, 2013
Obama will save us all!
#5 Aug 30, 2013
Read this link. There is no need to keep paying rent when you can actually buy a house and build equity.
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