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Foreclosured (by Triplexer [IL]) Mar 14, 2019 9:13 PM
       Foreclosured (by JB [OR]) Mar 14, 2019 10:04 PM
       Foreclosured (by Deanna [TX]) Mar 14, 2019 10:07 PM
       Foreclosured (by #22 [MO]) Mar 15, 2019 12:02 AM
       Foreclosured (by razorback_tim [AR]) Mar 15, 2019 4:08 AM
       Foreclosured (by myob [GA]) Mar 15, 2019 4:11 AM
       Foreclosured (by plenty [MO]) Mar 15, 2019 4:28 AM
       Foreclosured (by Ken [NY]) Mar 15, 2019 5:51 AM
       Foreclosured (by Vee [OH]) Mar 15, 2019 6:21 AM
       Foreclosured (by allyM [NJ]) Mar 15, 2019 8:20 AM
       Foreclosured (by Triplexer [IL]) Mar 15, 2019 9:07 AM
       Foreclosured (by Sisco [MO]) Mar 15, 2019 10:09 AM
       Foreclosured (by Oregon Woodsmoke [ID]) Mar 15, 2019 11:05 AM
       Foreclosured (by Landlord ofthe Flies [TX]) Mar 15, 2019 12:24 PM
       Foreclosured (by myob [GA]) Mar 15, 2019 12:44 PM
       Foreclosured (by JB [OR]) Mar 15, 2019 9:11 PM

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Foreclosured (by Triplexer [IL]) Posted on: Mar 14, 2019 9:13 PM

This woman who has Social Security, brings in almost 3x with that what the rent would be monthly. I've seen the statements. And she also has been working at least a year at a part time job which she also holds, which was verified.

She has a to-be-roommate son with her who just got hired at a job (starts Monday), and seems pretty adamant about working it. The job checked out. They seem nice enough. He has at least one good work reference from a previous job.

They have deposit and first months rent in hand.

All well and good.

Except for that question, "Why are you moving?"

Well, she put the answer right there on the application. Foreclosure. She's been living at a condo for several years, which is being foreclosed on.

Of course, the bank will smugly tell you absolutely nothing at all regarding the circumstances. So you're left with nothing but their story.

And the story is basically this: the bad relative. And I'll give it to you, verbatim, from the other brother, who will be her roommate:

"Well, my mother was supporting my brother and his three boys every week really. Money for bills, food, gas, ECT. My brother now gets child support from his ex wife. That financial burden is now gone. She [my mother] was foreclosed bc at the time didn't have all the funds together bc she was always helping. So to reiterate my mom will no longer be supporting my brother and his three kids thus making funds available."

People have to start again somewhere. I don't know anything about how foreclosures work, and as I said the bank involved is deliberately of zero help.

But is a foreclosed applicant toxic?

As I said, they have the money in hand, and appear to have the income to make it work.

Just wanted to get people's thoughts/opinions on the subject.

Foreclosured (by JB [OR]) Posted on: Mar 14, 2019 10:04 PM

If she didn't care enough to pay her own mortgage how much is she going to care about paying a stranger to help pay theirs?

Foreclosured (by Deanna [TX]) Posted on: Mar 14, 2019 10:07 PM

Almost 3 million homeowners were foreclosed upon in 2009.

About 2.9 million were foreclosed upon in 2010.

2.7 million homes were foreclosed upon in 2011.

1.8 million foreclosures in 2012.

1.36 million foreclosures in 2013.

1.12 million foreclosures in 2014.

The numbers vary a bit, depending on who's reporting them, and the fact that the foreclosure process takes time, so maybe some houses were counted twice, and there's a difference between "lost to foreclosure" and "filed upon". But overall-- let's just call it somewhere between 7 million households and 13 million households, just for round numbers, over a six-year period.

Anyhow. There's about 127.6 million households in the US.

So it's somewhere between 1 in 20 and 1 in 10 households were foreclosed upon. And a lot of homeowners became renters while their credit repaired itself.

So-- is a foreclosure applicant toxic? Not necessarily. Otherwise, you'd have, say, 10 million people (plus assorted spouses and children) who were suddenly homeless for the next seven years.

But you know your applicant has a soft spot for helping her family members beyond what she can afford to spare.

Having the son's income present helps spread out some of the risk, if "length of time at current job" isn't one of your screening criteria.

So if you think the son and mom can be a good team, file that bit of information away in the back of your head, and give them a try. You might implement some sort of autodraft, where they don't get to choose paying you the rent--- it gets automatically deducted from their bank account. You might autodraft from the son, and allow his mom to reimburse him for her share, or something like that.

You also know that if that autodraft fails, because keeping you happy isn't their top priority, that you need to be stern from the get-go, and play the zero-tolerance card right off the bat.

Foreclosured (by #22 [MO]) Posted on: Mar 15, 2019 12:02 AM

I agree w jb. If the person was dumb to the point of supporting a deadbeat to the point they'd lose their house, they're never going to make a good tenant... it's clear you're trying to justify giving them a chance... I'd wager big that you get burned badly if you fall for this baloney.. pass on 100% of apps like this...huge red flags and fireworks....

Foreclosured (by razorback_tim [AR]) Posted on: Mar 15, 2019 4:08 AM

Pass. She doesn’t have a history of making paying for a place to live a high priority.

Foreclosured (by myob [GA]) Posted on: Mar 15, 2019 4:11 AM

She's on SSI and you can't garnish that---- otherwise with modifications --- I'd do it. Big modifications to dep and terms.

Footnote: People who get behind a few months on Mort payments (say due to job loss) can't just come up with 4 months of payments to catch up. Once it's in arrears the lender can't take part payment and continue the foreclosure.

In my case I had 23 go to foreclosure in 2011. After 4 years they were foreclosed on the courthouse steps and I brought back 19 of them for penny's on the dollar. Some I couldn't back due to tax liability. It made no sense to try to pay up the 48 months in missed payments when I could get them back free and clear for penny's.

Foreclosured (by plenty [MO]) Posted on: Mar 15, 2019 4:28 AM

Will this brother be living there with kids coming and ?going? I'm a bit confused with her writing what does the mother's foreclosure have to do with anything?

Foreclosured (by Ken [NY]) Posted on: Mar 15, 2019 5:51 AM

The foreclosure doesn't bother me,she is not garnishable anyway and I would have expected bad credit anyway.I would still consider her in a c class neighborhood,lots of people like this will help the kid but once there is a landlord collecting rent now she has her convenient excuse why she cant help anymore because the landlord will kick me out.As long as there is no entitlement attitude I would take her.As far as the bank goes why even bother to call them? they cant give out info about customers to random callers,how would you like your neighbor calling your bank and asking about your mortgage or balances in accounts? besides you have all the info needed concerning the mortgage anyway,it was foreclosed for non payment,what more do you need to know?

Foreclosured (by Vee [OH]) Posted on: Mar 15, 2019 6:21 AM

The banks in my area are useless on risk like this, they turn it over to the county court to serve and then auction the parcel, so you can prolly get the info looking on the county docket for the last name and also do some reverse engineering from the mortgage at the recorders office - very hard to foreclose without having a mortgage. This may not help this applicant much but will help you on future purchases, once you know the court process by observing the foreclosure you will know what agent has this d details on the property you seem and may intervene the common process with a cash offer.

Foreclosured (by allyM [NJ]) Posted on: Mar 15, 2019 8:20 AM

This sounds to me like the mother will be helping them also with money. Or maybe mom will be moving in with them? I would not take any of these folks. It sounds like they need some help from a social worker and that's not your job.The young man is coming through to me as "difficult" to put it politely.

Foreclosured (by Triplexer [IL]) Posted on: Mar 15, 2019 9:07 AM

" if "length of time at current job" isn't one of your screening criteria."

There may be those who also come to find that what one requires in a renter, and what is available to pick from rarely match up. You can easily (at least in my case) end up with a vacant unit for months on end while you pan through applications, most of them with glaring red flags--- apps which often for some reason tend to slack off if the place has been up for rent a long time.

As someone else pointed out: "For all the time the place sat empty while you looked for the perfect tenant, you could have signed someone no-so-great up, got rent and deposit and kicked them out by now."

Wash, rinse, repeat etc.

I suppose there is SOME wisdom to that, at least to an extent.

Well at any rate, I think they're a go. They're well above the litter of applicants so far, and pretty passionate about promising they've turned over a new leaf. You can all watch from a safe distance lol.

Foreclosured (by Sisco [MO]) Posted on: Mar 15, 2019 10:09 AM

Triplexer, do I understand this correctly that you will be signing a lease with these people? Why? They have proven they do not pay as agreed. Not to mention a career deadbeat will be moving in. Aren't you concerned that all you get out of this transaction is lawyer bills and an expensive repair bill.

It is your business, but where do you find strength in their application?

Foreclosured (by Oregon Woodsmoke [ID]) Posted on: Mar 15, 2019 11:05 AM

Too much drama, too many excuses, for me to accept them.

Foreclosured (by Landlord ofthe Flies [TX]) Posted on: Mar 15, 2019 12:24 PM

If you agree to this non-payment waiting to happen, at least double the deposit. This will help pay some of the time and court expenses you have a strong probability of accumulating should brother find another excuse to milk mom.

Foreclosured (by myob [GA]) Posted on: Mar 15, 2019 12:44 PM

there's got to be someone employed who's a better deadbeat then this? She's not garnishable forget her.

Foreclosured (by JB [OR]) Posted on: Mar 15, 2019 9:11 PM

Triplexer, if you're going to go for it for lack of good prospects I would also want to get a higher deposit as well. Keep us posted as to how they work out over the next few months. Good luck.

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