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Why is this article up voted? 1st, the 90 days required is not true in all states. I know for a fact it isn't true in Florida: http://rhol.org/csu/evictions/F
by wtvanhest 15y ago
Why is this article up voted?
1st, the 90 days required is not true in all states. I know for a fact it isn't true in Florida: http://rhol.org/csu/evictions/Florida/FloridaSteps.htm http://rhol.org/csu/evictions/Florida/FloridaSteps.htm
2nd, the author never said what the "market value" was. I imagine it was more than the investor paid, or he/she wouldn't have bought it. Doing so would be a bad investment by definition.
3rd, The author doesn't understand basic real estate finance. You put money down with the assumption you will pay your mortgage, if you do not pay your mortgage the bank has to foreclose out of their shareholder's interest (if you have a 401K you probably own part of a bank).
4th Foreclosure law in most states says that if you loose a property to a bank, all leases and contracts are void, even those contracts with tenants. (Florida has recently put some restrictions on this type of action and I would be surprised if California hadn't followed or led the same type of action.)
- nknight 15y agoThe article you link to has no relationship to the article you're commenting on. You're talking about non-payment of rent. There is a separate federal law concerning eviction of rent-paying tenants after foreclosure on their landlord. See, for example: http://seattletimes.nwsource.com/html/localnews/2009421916_renters06m.html http://seattletimes.nwsource.com/html/localnews/2009421916_r...
- wtvanhest 15y agoThat is a Washington State law. "The new state law requires trustees who foreclose on a property to give tenants at least 90 days' notice" There is no federal law requiring 90 days notice to vacate premise. Just individual state laws which is my point.
- nknight 15y agoPlease read the article I linked to: "The federal law requires these tenants to keep paying rent for as long as they occupy the property, which can be 90 days from the sale or the remainder of their old lease, whichever period is longer." Also in the sidebar: "Notice to vacate: Federal law requires new owners to give tenants at least 90 days' notice before seeking to evict them. State law requires 60 days' notice." Edit: Link to actual text of law: http://thomas.loc.gov/home/gpoxmlc111/s896_enr.xml#toc-id9BE15F37A08C485B9D6C93D973E38A5F http://thomas.loc.gov/home/gpoxmlc111/s896_enr.xml#toc-id9BE...