Sat, Jul 04, 2009
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Stop Forclosure With Section 8 Tenants |
Wbowers
2 Posts
Member Since: 05/20/2004
Austin, TX
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Posted: 08:48 on 05-20-2004
 My conventional mortgage is 6 months delinquent due to unreliable tenants and could possibly go into forclosure status next month. Will a lender hold off on forclosure while I obtain Section 8 status for the property and susequently find tenants. The proeprty is in Austin Texas. 5 bedrooms two living spaces and an inground pool. Can anyone help?
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jam200
650 Posts
Member Since: 02/19/2004
Temple, GA
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Posted: 08:58 on 05-20-2004
I'd think that that's a question you should ask your lender...
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moneyprivate
82 Posts
Member Since: 11/01/2003
Marietta, GA
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Posted: 09:25 on 05-20-2004
The City of Austin should have a section 8 it might be under housing in the city govt pages.
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Neill7
158 Posts
Member Since: 02/02/2003
Jupiter, FL
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Posted: 09:49 on 05-20-2004
I would not count on the bank waiting.
You could always get turned down for Section 8 because of specific requirements for the condition of your property.
ie they might require central air, window screens, etc.
But most importantly, even if you find tenants you will still be 6 months behind. Unless your rent is 6x your mortgage, you arent going to catch up this month. Why would they wait?
Dont get me wrong, I would still ask them. Ask for everything!
You should get it rented as fast as you can and try to borrow money from credit cards, or friends or family to make up the back payments.
BUT ONLY DO THIS if you are going to cash flow the property and be able to pay the debt back.
This is a time to be really honest with yourself. If you are going to be back in this position again because the property isnt profitable, then prepare to sell the house. Gather some reserves before investing again.
Dont go down with the ship. Avoid bankruptcy and foreclosure if you can.
Good Luck,
N.
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classimg
524 Posts
Member Since: 08/06/2003
Bolingbrook, IL
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Posted: 10:02 on 05-20-2004
Your business model and credit is in jeapoardy! Dump your rental property or sell your owner occupied home ASAP, rebuild your credit standing and by all means, learn from this mistake. (Why did you not execute your exit strategy?) We are concerned to read you are so far behind in payments! Without the specifics something on the investment strategy approach is severly broken.
Eric & Rosa
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joemac1241
74 Posts
Member Since: 10/06/2004
Las Vegas, NV
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Posted: 01:44 on 10-22-2004
Have your tenants not paid in 6 months? And they still occupy the property? Sounds like not only unreliable tenants, but an unreliable landlord (meaning you). Unfortunately, kindness and understanding on you part toward bad tenants (not paying) will hurt you, and already has. When you are managing your own properties, act just like you are managing someone else's and you have the fiduciary responsibility to make sure the tenants are paying.
6 months is pretty deep at this point, and the bank is being nice in that they have not already auctioned your property off. Contact them and see if they are planning to auction it off in November. Texas auctions are the first tuesday of every month and all notices must be posted 21 days prior to the auction.
You may be able to get them to hold off for a month to try and sell the place. In order to fast sell it, set the price as low as you can afford and if you get an offer that works, take it. Otherwise you may need to use bankruptcy or risk losing the house. Try going to an investor meeting and seeing if anyone will buy the place from you.
Good luck!
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DavidMOcala
51 Posts
Member Since: 06/19/2003
Ocala, FL
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Posted: 22:31 on 11-09-2004
As the lawyer for our local housing authority, I can tell you that we wouldn't add you as a Section 8 landlord if your mortgage was on the verge of foreclosure. Even if you would qualify and had a tenant lined up with a Section 8 voucher in hand, it would easily take a month to get you on the roles. Is your lender willing to give you several months to qualify and find a tenant. Not unless you find a bleeding heart in the bank.
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