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  1. #1
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    So my landlord was not paying the mortgage.,,

    It sucks, i have recieve a notice from the bank, saying that I have to move out of the house within one month and they will give me a check. I have been sharing the house with my friend and his wife for 8 years' a month ago they move out with their family
    So since i have to move out of this house, I was thinking about looking for a place close to a mountain.(Phoenix and surroundings)
    .
    or does anyone of you mountain bikers have a place for rent where I can live and have my 2 bicycles and my motorcycle safe.
    any suggestions.
    some of you may know me, I'm Rafael the guy with the green Enduro , I used to ride with the cactus saturday group rides and did some shuttle rides with smokenspokes and the burgandy Braap braap van, (or whatever you guys call it.)

  2. #2
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    pm sent

  3. #3
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    If you have a lease document with an end date on it, you may be able to legally keep the bank from being able to evict you. If I'm not mistaken, I believe rental law in AZ does not allow a bank to evict a tenant if the landlord is still in a lease.

  4. #4
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    Quote Originally Posted by ECEGatorTuro
    If you have a lease document with an end date on it, you may be able to legally keep the bank from being able to evict you. If I'm not mistaken, I believe rental law in AZ does not allow a bank to evict a tenant if the landlord is still in a lease.
    well, the lease already expired a couple of months ago. The bank told me that I can stay in the house 90 days and receive no money, or leave by the 5th of july and get a $ 2800 check.

  5. #5
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    Quote Originally Posted by ECEGatorTuro
    If you have a lease document with an end date on it, you may be able to legally keep the bank from being able to evict you. If I'm not mistaken, I believe rental law in AZ does not allow a bank to evict a tenant if the landlord is still in a lease.
    Actually, the opposite is true for AZ. It does sound like things weren't handled correctly in the OP's case because he should have gotten a notice on the house stating that the house is going to auction. If the owner doesn't make good on the mortgage the house will sell at auction and from that point the tenant has 30 days to vacate. In most cases the bank will send a representative out and make an offer called Cash for Keys, where they'll give you money (usually $1000) to vacate before the 30 days. The only way to postpone the auction date is for the owner to put the house up for sale as a short sale and have an offer on the house. The offer is the only way to postpone it.

    I just went through all of this. My wife and I moved back to AZ from CA and rented a house. We got the auction notice on the garage door without any warning from the owner that they weren't paying the mortgage. After fuming for a week or so, I contacted the owner and made an offer to buy the house as a short sale. They agreed and 8 months later (short sales suck) we got the house. We closed this last Dec. The nice thing was that this house was brand new when we moved in. The owner was an investor like all the rest of them that lost their @ss. We got the house for 40 percent of the original purchase price. I couldn't believe what the bank let this house go for.

  6. #6
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    Quote Originally Posted by dunerinaz
    Actually, the opposite is true for AZ. It does sound like things weren't handled correctly in the OP's case because he should have gotten a notice on the house stating that the house is going to auction. If the owner doesn't make good on the mortgage the house will sell at auction and from that point the tenant has 30 days to vacate. In most cases the bank will send a representative out and make an offer called Cash for Keys, where they'll give you money (usually $1000) to vacate before the 30 days. The only way to postpone the auction date is for the owner to put the house up for sale as a short sale and have an offer on the house. The offer is the only way to postpone it.

    I just went through all of this. My wife and I moved back to AZ from CA and rented a house. We got the auction notice on the garage door without any warning from the owner that they weren't paying the mortgage. After fuming for a week or so, I contacted the owner and made an offer to buy the house as a short sale. They agreed and 8 months later (short sales suck) we got the house. We closed this last Dec. The nice thing was that this house was brand new when we moved in. The owner was an investor like all the rest of them that lost their @ss. We got the house for 40 percent of the original purchase price. I couldn't believe what the bank let this house go for.
    so did you make out well? could you have turned around and flipped a profit or not really because all the homes were down 40 % in the area?

    I suppose it should help you make a nicer profit it you could hold it for a number of yrs.

  7. #7
    SamuraiBunnyGuy
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    no bank wants to have to deal with unloading a forclosure...
    see if you can find out if the bank is willing to do a short sale to YOU (providing you qualify)
    they'll recoup more from a short sale then they will from auctioning the property.

  8. #8
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    Quote Originally Posted by mx_599
    so did you make out well? could you have turned around and flipped a profit or not really because all the homes were down 40 % in the area?

    I suppose it should help you make a nicer profit it you could hold it for a number of yrs.
    We did really well. Even with the housing market in the crapper, we still came out of the deal with a little bit of equity. After all was said and done, we got the house for about eleven thousand less than what the house appraised for.

    Short sales suck in most cases but as a renter of the house we were buying it didn't really affect us like it would someone just trying to purchase the house.

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