Real Estate

ok, Ill try and keep this as short as possible. I am one of these people but I wont say which one jsut so i dont sway the story in anyway,

Three people, lets say Jill, her best mate Bec and Bec’s boyfriend Matt all rent a place together, and they are all on the lease. A month into the lease, Jill moves out so Bec and Matt tell her once they replace her they will take her off the lease and she can stop paying rent, but until then she will have to keep paying.

Four weeks later, Bec and Matt still haven’t been able to find a replacement so Jill stops paying rent because she feels four weeks is a generous amount of time to find a replacement. In the mean time, Bec and Matt have to cover her rent she is not paying.

Bec and Matt break the six month lease and move out but still have to pay the rent until the realestate can find new tenants. this goes on four about two months, all of which Bec and Matt have been covering Jills rent.

So, my question is, are Bec and Matt correct to claim that Jill owes them all the rent that they have to pay on her behalf due to the fact that she was on the lease and never taken off it making her legally liable? or is Jill correct due to the fact she gave notice of moving out and "she shouldnt have to pay rent because she wasnt living there" (keep in mind Bec and Matt were having to keep paying rent to the real estate after they moved out until the real estate could find new tenants) etc…
hehe thanks everyone, i actually "bec"
hehe thanks everyone, im actually "bec"
micheleb:

so my "friend" fukced me over for thousands of dollars and im the bad one? lol your messed up.

I would guess that Jill does owe you for the full six months. She did put her name on the lease and agreed to be there for that time. Although she gave you 4 week’s rent while she wasn’t there – which is in itself generous – you would probably be able to ’sue’ her for the balance. Herein lies the problem. Is/was she a good friend of yours or just someone to help cover the costs? Did you do anything to make her want to leave so soon? These things may have a bearing on the case if you do try to get the money out of her legally. How hard did you try to replace her?

[ My dad rented a factory many years ago and he moved out before the lease was up. Although he gave lots of notice to the landlord, he still got sued for the money owing on the unused lease period. The landlord refused to rent the factory to anyone else; my dad even found a few potential tenants but the landlord refused to rent it to them. Anyway, it went to court and my dad did have to pay some money but the judge found the landlord to be very unreasonable and so wouldn't grant him the full amount owed. ]

All in all it teaches you some valuable lessons about sharing a property. One lesson is not to rent with friends if you can’t cover the cost should one of you leave unexpectedly.

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Please don’t shoot me down but I need some financial advice?
I am in a load of debt and want to know more about bankruptcy. My mom died when I was 17 and I have been raising my younger brother ever since. It has been very hard, for two years he was secretely living in my dorm room until I was able to break my housing contract and get an apartment. That is where the debt comes in. My grandmother came to visit and we had no furniture, literally one futon and some covers. She went crazy and decided the I HAD to buy furniture (she is a very forceful person) SO we bought the furniture, she cosigned and said it would be a good way for me to build some credit. It was a 6 mt deferred payment plan. She told me that she was going to pay for half and I would pay for the other half. At that time she was also receiving an SSI check for my brother (because he was under 18 and in H.s) she would send off part of it and helped me pay half of the rent, but this help only lasted 6 months. To say the least my family is all screwed up! Anyway, she stopped sending money and I had to start paying for the rent and utilities on my own which ended up being ALOT of money. I dont have to mention that she never helped pay on the furniture (which I still owe on)

So after talking to a "friend" he was telling me that he’s in realestate and that he could help me get on my feet while improving my credit score, so when I graduate from college I would qualify for things! So I was to purchase a house and receive 6000 at closing 2000 of which would be invested in order to pay off the taxes for the year. I wasn’t planning on living in the house for two more years, until I graduated from college. I used the 4000 to pay my rent in my apt for the rest of the year and that made my bills a lot more manageable for the time being, that was until I found out that the "management company" was not collecting the rent. Although I had been receiving NOTICES and receipts for payment! From what I understand the house went into foreclosure, I never even had a set of keys! I had known this guy since i was a little girl and I can’t believe he scammed me. He’s a close family friend!

After reading up on the situation, Iearned that I was in the wrong for saying that I was going to live in the house when I wasn’t planning to. Now I have a foreclosure and debt because of the furniture . I was just trying to make life normal for my little brother and I, but I ended up ruining mine! I don’t know what to do, where to go, who to turn to! I dont have the financial stability to hire a lawyer and at this point I am being sued by HSBC for the furniture, but I have no way to pay them, nothing to pay them. I can’t even settle because I don’t have the money. I live in Michigan and finding a job is virtually impossible, literally I have applied everywhere from department stores to office buildings and no one wants me because of my lack of FULL TIME job experience (I have been a student and worked 35 hr/wk for the last 4 years) . Please help me!
2 days ago – 6 days left to answer.
Additional Details
If I don’t file for bankruptcy, how long will this foreclosure loom over me and what are my responsibilities concerning the foreclosure? How will the taxes pay out? I don’t even know who to contact on this

HSBC has already served a summons, how can I handle it from here. I regret the fact that I let myself get screwed and in so deep in this matter Ive been fending for myself since 17 (right about the time when I was supposed to learn how to properly transition into adulthood) I dont want to make another stupid mistake, I am already in over my head!!!

As for bankruptcy as an option, what does this do to the foreclosure? I think that with all of this stuff added up I’m over 100,000 in debt, not to include the student loans that I have to start paying back ( I know I can’t get rid of those).

I’m only 22, and I dont want to ruin the rest of my life! The last five years have been horrid enough.

Your questions are too complex and with too much at stake for Yahoo Answers. The definition of insolvency or bankrupt, is that you owe more than you are worth. Many people will fall into this if they are upside down on their house note and they still owe a lot on their cars. If you are renting and owe $100K, you are by definition, insolvent and bankrupt. You need to speak to a bankruptcy attorney who can tell you the details of exactly what to expect after bankruptcy. Until then, my unprofessional opinion is that the HSBC collection process will be halted, your school loans will remain, the foreclosure and other debts will be eliminated, you will owe no tax on the write-offs, and your credit history will be mud. School loans are generally kept intact with long payment plans. Credit card and other consumer debt is usually wiped away. Debt writeoffs are considered taxable income, unless you go through a bankruptcy or are otherwise declared insolvent. If your school loans exceed the value of your assets, you will not have to pay any taxes on the writeoffs, but will have to pay all income taxes you still owe from previous years. The foreclosure and HSBC collections will ruin your credit, so clearing the debt with a bankruptcy will not hurt you any more, but will instead take the place of the mountain of other defaults it can prevent, then it will fall off in 10 years and by that time, you should have greatly improved your situation and had years of manageable expenses that will give you good credit. While that seems like a long time, your second chance can allow you to accumulate some good credit history that will outweigh the bankruptcy because older events are shown, but count less the older they are. Also, you show no signs of being able to pay off the $100K plus student loans in 10 years. Keep in mind, that some creditors can file the petition to force you into bankruptcy, but that is unlikely in your case because companies like HSBC would probably get less than what it cost them to file, if they get anything.

We were all living in a house with black mold riddled throughout the kitchen cupboards and bathroom to the state where we couldn’t actually use the kitchen or bathroom for the last 3 months of our tenancy. My partner had several asthma attacks (he has never had one in his life) and we would both got terrible uncontrollable trembles throughout the night.
The trembles have stopped since we moved out, and he can breath easier but for me, I had a miscarriage while we were living there and have also been coughing up chunks of blood for the past 5 months. Now, I know that there is no proof that the miscarriage was caused by the black mold but what about the chunks of blood!

We had ongoing issues with the Real Estate as they were not prepared to remove the mold, so basically we had no choice but to continue living there. We were unable to use the kitchen or bathroom for 3 months and the place completely stank! Finaly we took it upon ourselves to hire a private contracter to remove the cupbourds in the kitchen, but it still didn’t work. Anyways, I was becoming that sick that we had no choice but to end the lease early, as we were scared that our 2 young children would get sick. We were absolutely homeless for 2 months because of these lowsy bastards! we have found a rental again, we are now settled in a clean environment.

As you can understand I am absolutely discusted with this Real Estate, for not fixing the mold problem and it has been 5 months and I am still coughing up chunks of blood!!!

I want to take them to court, but I am not sure that there is any proof that the symptoms can be proven to be caused by black mold exposure.

Does anyone have any suggestions?

Advocasy & rights aren’t prepared to help because the realestate said they would counter claim for the removal of the cupbourds. I have photoes of everything, it was discusting.

Perhaps you could get a doctor’s evaluation to establish that the mold was a cause of the problem. Black mold can kill. This sounds like a lawsuit is in order.

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Duration : 0:3:46

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Attorney Negotiated Mortgage Loan Modification for Home Owners. Expert Advice on Real Estate and Finance. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://RealEstateMarketingThisWeek.com

Part 6 (Excerpt)

Using Retirement Funds to pay your Mortgage is just a bad idea Get a Loan Modification

So it doesnt matter if it is a $100,000 property or a $500,000 property the cost to the lender is $50,000 on the average nationally.

So the idea of the upside down scenario, you may see banks more willing to entertain a broader audience of loan modifications or a broader request of loan modifications based on the fact that they know that now, what we are calling toxic assets, not only exist on their balance sheets, but they want to do something to avoid the additional cost of foreclosing on the property, to avoid the additional impact on our economy nationally with all these foreclosures mounting. So a loan modification that may not be the best or most ideal candidate today, dont throw the option completely out of the window.

And to that point I would never tell a home owner to stop making their payments just to get a better loan modification, because as of today, this may not be the case two weeks or two months from now, but as of today, your servicer is not going to entertain a loan modification unless youre late in most cases. Heres the situation, though at first you may get mad at that and they get mad at me for it, but the reality of it is we have a real problem now with lots of people who are two, three, four months behind on their mortgages, this loan modification we are jumping in, we are getting attorneys involved and getting right in front of the asset managers or the attorneys for the servicers to get these foreclosure proceedings stopped.

Im absolutely certain that in the foreseeable future they are going to allow people that are not late yet to do these loan modifications, hold on, I said I would never tell a home owner to not make their mortgage payment to get a loan modification, the other thing I would never tell a homeowner to do, never ever, is to take money out of your 401K to pay their mortgage payment because you cant go forward.

There are other stops in place, if you dont make your mortgage payment because of hard times you are going to get a loan modification. I talked to a guy the other day that had a 23 year, huge 6 figure income, he lost his job, big huge firm here in the valley, he is probably listening to the show right now, this guy drained his entire 401K, I mean a huge one, just to make his mortgage payments.

And the average 401K participant, investor, does not understand the ramification of what that is, just because your company plan allows you to take a loan against your 401K doesnt mean it is the right thing to do. There are ramifications beyond our time and the scope of this discussion regarding that decision. Loan modification first, if you are taking money from a 401K to make a house payment you are not only inefficient in creating the velocity of money but you are costing yourself in penalties, taxes, and that is certainly something we can be forthright about talking with anyone who wants to call.

And in this case the poor guy used up every dime of his 401K because his lender told him NO, NO, NO, three separate times because he was not late, well he wasnt going to allow that to happen. Unfortunately knowing what he knows now he would have looked at it differently.

Loan Modification is not for someone who has no income at all, the investor, the servicer, the bank that holds your mortgagee is not willing to do a loan modification because you dont have the means to pay. Even if it is a modified loan, you still cant make the payment. Right in some cases where you have significant cash reserves, but I have not seen one of those done.

That wouldnt be the ideal candidate, describe a little bit about who should be doing this loan modification and I know we are getting close to a break but people need to know that this option exists. They are hearing all these different concepts in the news and they are hearing in the media the spin about Hank Paulson and what the treasury is doing, and hearing about this bailout package and what that represents, and now they are hearing that the money is not going to be used to buy back bad loans, and mortgages, bad assists. So what does that do to the underlying holder of that mortgage? The owner of that house?

It is pretty scary for the majority of them, the loan modification lenders are getting very aggressive when being approached with a lawsuit or being addressed by an attorney, receiving a subpoena in regard to a specific loan case. They are paying attention to that and those are the people who are going to be getting the best options at this time…

Duration : 0:6:12

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Duration : 0:7:34

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CALIFORNIA FORECLOSURE REAL ESTATE MARKET CONDITIONS

First thing first – we need to get ride of the HVCC. If you’re in the real estate game you know – this is a problem. Do something about it and sign the petition – Help get rid of HVCC at: http://www.HVCCPetition.com .

A quick video on what’s been going on with the market. I’m a firm believer on looking at numbers and ALOT of numbers. If you can read the charts – you can block out the noise from the media and make an educated guesstimate on which way the market may go.

With the backlash of Senate Bill 1137 we saw another record fillings of NOD’s in California. In my previous video (http://www.youtube.com/watch?v=2ZP8Vuf2wUk) I made in Jan. I spoke about what may happen. I stated we may see a huge drop in price in May, June, July… or something to that tune.

Well… we just saw another moratorium pass – I am behind the 8 ball on this… I just finished the first 3 pages only… you can read the actual draft here…

http://www.corp.ca.gov/OLP/pdf/rm/ForeclosurePreventionDraftRegs.pdf

With record NOD fillings and high unemployment rate – can the market soak up all of the inventory that is about to hit the market? Only time will tell…

One last thing…

A pending Senate Bill 94 will kill the loan modification companies… I’ll post a video on my take later on this week.

Jeff Coga
The Short Sale Samurai

Duration : 0:10:42

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Go To http://ModificationHotline.com and Complete Our Easy Form – It Takes 2 Minutes and Can Help You Save Your Home.

Duration : 0:10:38

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Facing Foreclosure on Your Real Estate Mortgage, Short Sale & Loan Modification are Alternatives. Hire an Expert Short Sale Negotiator, Experienced Real Estate Agent. Go To http://RealEstateMarketingThisWeek.com

Part 2 (Excerpt)

Short Sale and Loan Modification; Make sure you Work with an Expert

Were just going to go ahead if we could and just jump right into the short sale information. Jeri, again thank you so much for taking the time to be with us. What is the name of your firm?

Our group is Dream Vesting Group and our brokerage is Keller Williams Arizona Realty.

So that is great, licensed agents with Keller Williams and I know the two of you and I know of your history and we will talk a little bit more about that, but you have been working together for awhile. You and I had a chance to speak about the short sales and your success rate, very, very impressive proven results always helps. So the natural first question for those that are listening today. What is a short sale exactly?

A short sale is a property sale where the bank or lender agrees to accept less than what is owed to them. So the bank is agreeing to take a loss on the sale of your property, and I like what you said earlier about not trusting a loan modification or a short sale to just anybody, you definitely dont want to be the guinea pig and you dont want to approach the bank yourself and ask them to please take a loss because you need to sell your home.

And that is one of the things that is funny nowadays. I know people have seen them pop up all over the town, the ugly yellow bill boards all over the place. Advertising on the radio about loan modifications and they have 100% success rate, all kinds of these different things. The same thing with short sales, you actually have a process and you have a lot of experience doing it, you know the ins and the outs and this isnt a part time job this is a fulltime job.

Absolutely is a fulltime more than fulltime job, the last three Sundays I have been on the phones with lenders when they are open, one of them has a call center in India. I have been on the phone from 10 oclock at night until Midnight and again at 6am with the same lender trying to stop foreclosure.

Well that is good that you have the time, Take the time to do that. I am sorry that you have to work that many hours but you know Kalyn, is it not true that the sooner we get through all of these short sales and loan modifications the better off were all going to be anyway right?

Absolutely, a lot of people ask, what does it take? Who should be considering a short sale? If youre late on your mortgage currently, if your mortgage has adjusted, if you can no longer afford your monthly payment, if you foresee yourself not being able to afford your monthly payments, any of these instances plus several more, you should definitely be sitting down with someone and talking about your options which would be most likely a short sale or loan modification.

Yes the last thing anyone wants, and I mean anyone, is a foreclosure, that is the last resort. Nobody wants a foreclosure; you dont want it on your record, you dont want to have to deal with that. Its a very public event, a foreclosure is, the banks dont want you to foreclose and that is probably why they are so willing to work with you would you say? Absolutely the banks dont want the home back no matter what they tell you.

Exactly and on the loan modification side people try on their own to do this and its true that people can actually do a loan modification on their own but there are so many pitfalls and its just not something you want to try on your own. Surely you dont want to try a short sale on your own. So Jeri let me ask you this, what are some of the main objections?

The main objection that we hear from most of our clients is the cost to them, they already cant afford the payment on their mortgage or they wouldnt be in that particular situation 9 times out of 10 and so they are concerned about cost. Most people have already resigned themselves to the fact that they are losing their home and they dont want to spend any more money on it.

The good news is in a short sale you dont have to spend anymore money, all of the costs are absorbed by the bank. They agree to lose more money basically, so there is no realtor fees and the majority of the time we can negotiate an as is contract so if there are repairs that need to be made they dont come to you and ask you to do it, its just factored into the cost. So its very effective for homeowners.

And again it keeps them from going into foreclosure. They get to stay in the house and they get to save whatever is left of their dignity, some people take it very pride fully as well. So Kalyn, the second most common objection is?

Duration : 0:6:34

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http://RealEstateMarketingThisWeek.com/short-sales-great-alternatives-to-foreclosure – Facing Home Foreclosure? A Short Sale Specialist is your best Foreclosure Defense.

Part 1

What is a Short Sale? How to Negotiate to Stop Foreclosure.

Kalyn Roberts and Jeri league, welcome to the program. Jeri and Kalyn are short sale experts and have graciously decided to come to the program to discuss some of the short sale important things that people do need to know, and were going to get to all of this short sale information, but a couple of things important to mortgage interest rates. Today is a fantastic day in the mortgage rate world. Leslie and Staci at Velocity Financial were kind enough to put together a scenario for us so listen to this folks.

This is not the teaser, this is not the loss leader, this is the real deal as of today, a $417,000 loan amount, the interest rate is 4.875%, thats 4.875% that is below 5% obviously, the APR is 4.948% and that is for a no cash out loan, and that is a special rate and we have a certain allotment of loans that were allowed to do at that special rate. If youre interested in talking to a member of my staff or myself or anyone else about that program you would call. There are people there standing by to take your phone call.

Were a local licensed firm and one of the only 15% of the mortgage companies in the state of Arizona that is licensed to do FHA loans as well. Any mortgage related needs that you have were here to help but for the next hour were going to be talking about Short Sales.

Now over the last several months we have been talking about loan modifications on the show a lot, Velocity Financial was one of the first companies to work with a national network of attorneys, a 16 year old firm that were working with. They have done thousands of these loan modifications, and the loan modification industry in Arizona is for the most part unregulated, but you want to make sure youre working with a licensed firm, and you want to make sure youre utilizing an attorney.

You dont want to be giving money to anybody that says they can get you a loan modification, the only money you give is to an attorney, dont be giving money to people who come by and say they can help you out. Youre going to have to be very careful on how you handle that, but interestingly enough the loan modification is for the mortgage side, essentially the loan modification is to the loan officer what a short sale would be to a realtor.

Now the short sale part of real estate is not something you want to trust to somebody starting out doing short sales, unless they are being supervised by a pro, you dont want to mess around with it. This is not a time to be trying it out, this is not a time for people to be using you as their guinea pig, not a good idea at all.

That is why we brought Jeri and Kalyn in and were going to talk about some of the specifics. You definitely want to make sure that if you need to do a loan modification, if youre facing foreclosure or you want to do a short sale, whatever scenario is the better decision for you and your family, you have got to work with a professional, Jeri and Kalyn have extensive experience, they have an unbelievably great success rate.

It doesnt have to take six months to get this done they can execute this for you and they are the pros so were going to go through some questions over the next hour, there is just one more thing I want to talk about and that is if a loan modification is something you think you need call the office and we have put together a video for you that you can watch, its very short, it explains the process and we will then get together with you and answer any questions that you have… http://realestatemarketingthisweek.com

Duration : 0:5:36

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