Regaltip

Bronx, NY

#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.
Brady

Stamford, CT

#2 Aug 30, 2013
Regaltip wrote:
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.
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.
Regaltip

Bronx, NY

#3 Aug 30, 2013
Brady wrote:
<quoted text>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.
Brady, I'm not familiar with what you're talking about in your second paragraph.
Brady

Bronx, NY

#4 Aug 30, 2013
Obama will save us all!
Brady

Stamford, CT

#5 Aug 30, 2013
Regaltip wrote:
<quoted text>
Brady, I'm not familiar with what you're talking about in your second paragraph.
Read this link. There is no need to keep paying rent when you can actually buy a house and build equity.

http://www.suffolkcountyny.gov/departments/Ec...

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