L/O NIGHTMARE! Need Advise!! - Posted by Kristy
Posted by Kristy on July 13, 2002 at 02:13:36:
Ok, a friend of ours answered an ad that said “No Qualifying only $1,000 Down” He was shown a house, he put up the $1,000 plus $900 for first months rent. It was understood he had the option to purchase this house at any time. This all took place on June 19th 2002. On July 1st, he received an eviction notice. He has done nothing wrong and his rent isn’t due till July 19th 2002. He did some searching and fond that the guy he rented from was not the owner of record. (guess that’s not a big deal BUT…)My friend called me and I found that the property was scheduled to go to foreclosure auction on July 8th 2002. When I called the Trustee the sale had been postponed till July 15th 2002.
I did a deeper search and found that this “Landlord” had filed notice of liens on properties( usually in the amount of $25K) just days before they were scheduled to go to auction. Plus he had hem notorized in a different county than where the propertie were located.
Upon moving into the house, our friend noticed that one of the windows had been drilled out to gain access to the property. Our feelings on this are that the guy knew it was vacant and going to auction, gained access to the property and had the locks changed, then rented it out to our friends, collected the cash and will let the bank throw my friends out after the sale.
I feel the bank will get the property back, since there is no equity in it. The original owners just bought it new a year ago. there is some very shady stuff about this Landlord.
Any seasoned investors or anyone with legal experience know what our friend can do? I told him he has approximately 3 to 4 weeks after the auction before he has to get out. Told him he should wait to see who purchases the property and if it postponed again, call the bank and find out why. Basically to see if the Landlord is trying to bring the payments current.
Any help would be greatly appreciated. sorry this is so long.