Sunday, March 20, 2011

10 Things Tenants and Homeowners Facing Foreclosure Should Know and Do:

  1. The eviction process begins with a letter called a Notice to Quit. You DO NOT need to move out immediately or by the caveat date. You can only be evicted after you’ve had your day in court. Even if your building is foreclosed! 
  2. You might be able to continue living in a foreclosed property if you’ve been a good tenant and don’t want to move. The bank might ask you to move, but it’s in their best interest not to have a vacant building. If you want to stay, fight for it.
  3. If you are up-to-date with rent, it is illegal for your landlord, old or new, to change your locks, remove your possessions, shut off your utilities, or threaten to do any of the above, unless a judge evicts you. 
  4. Save all letters, receipts, leases, and paperwork related to your tenancy, mortgage, foreclosure or eviction, even if you don’t have time to look at them right away. These will help you in court!
  5. Report code violations to the housing inspector. Proof of code violations in your building can help you get what you want or need in Housing Court. 
  6. If you are offered cash for your keys, it’s not always the best option. Bank representatives may try to pressure or bully you into accepting this type of agreement. Don’t let them. You have the right to see them in Housing Court where a judge may give you more time or award you more money to move out. 
  7. Never Sign anything that you don’t understand fully, or aren’t totally comfortable with. If you aren’t sure, don’t sign it.
  8. Never pay rent to someone if you are unsure that he/she is the real owner, old or new. Only a title or deed is positive proof of ownership.
  9. If you are unsure of whom to pay rent to, save your rent money, preferably in a dedicated bank account or in ESCROW, until you know whom to pay to.
  10. Go to Housing Court, even if you don’t have a lawyer or are unsure of what to do. Judges are often sympathetic to tenant needs such as moving costs and time to move.

Know your rights as a tenant or homeowner and help spread the word!

1 comment:

  1. Thanks for sharing this useful information! Hope that you will continue with the kind of stuff you are doing.