Upside Down Mortgage » Renter Problems

Savvy Renter’s Kit

admin — Sun, 19 Jul 2009 02:23:16 +0000

There are too many people with upside down mortgages these days and many of them are too afraid to own a home and they rent instead. Renting is a good option if you are still deciding what to do, where to live and what price range you can afford monthly. If you have lost your job recently, perhaps renting is a good option while you look for work. You never know which city you are going to end up in.

This second edition of "The Savvy Renter's Kit" shows consumers what to look for when searching for rentable housing including how to assess individual housing needs.

The book thoroughly explains lease agreements and demonstrates how tenants can protect their best interests in writing.

Buy Savvy Renter's Kit (Paperback) at Amazon

Savvy Renter’s Kit is a post from: Upside Down Mortgage

American Tenant: Your Rights as a Renter

admin — Wed, 15 Jul 2009 19:43:10 +0000

When you are upside down in your mortgage, it may be a good time to move out, sell your home and move into an apartment or a more affordable home. Renting is different from owning and there are certain rights that you have as a renter. This book called American Tenant: Everything U Need to Know About Your Rights as a Renter (American Real Estate) will give you detailed descriptions of what your rights are. It is good to know them upfront before you rent or before you change from owning a home to renting a home.

The Expert Guide to Finding Your Best Deal as a Tenant

Whether you're a first-time renter or a seasoned tenant, it's crucial to know your rights and find the best deals on rental properties--especially at a time when renting is a more popular option than ever. Backed by decades of real estate experience, American Tenant lays out all the issues you need to know--the questions to ask, what to expect, and how to interpret and negotiate leases. Drawn from years of experience helping thousands of clients, American Tenant delivers everything you need to know to get the most from your tenant/landlord relationship.

Everything U Need to Know About:
Your Rights as a Renter

Information on credit and background checks
Tools and techniques to negotiate your lease
Explanations of your civil rights
Agreements about maintenance and repair
Ways to handle roommates, evictions, and many other issues

BONUS CD-ROM FEATURES: Rental forms PLUS Landlord-tenant laws for all 50 states!

Buy American Tenant: Everything U Need to Know About Your Rights as a Renter (American Real Estate) (Paperback) at Amazon

American Tenant: Your Rights as a Renter is a post from: Upside Down Mortgage

US Department of Housing and Urban Development

admin — Wed, 24 Jun 2009 00:59:45 +0000

What is the US Department of Housing and Urban Development?

Fair housing is an important part of the federal laws and there has to be a federal department that makes sure that landlords or lenders comply with the laws. If you have a problem with mortgage companies or you think that you are being unfairly discriminated, then the US Department of Housing and Urban Development may be able to help you. Some people have never heard of this department of the government because they have not been or are not aware that they have been treated unfairly. Sometimes, they do not know what to do.

Enforcer of the Fair Housing Act

The Department of Housing and Urban Development enforces the Fair Housing Act and other federal laws that prohibit:

discrimination and
the intimidation of people in thier homes.

Fair housing is about equally access to rental housing and homeownership opportunities. That means, the law helps renters as well as homebuyers. It is illegal and in violation of federal laws for landlords to refuse to rent or sell homes to someone based on:

race,
color,
nation origin,
religion,
sex,
familial status or
disability

Housing discrimination is illegal and the Dept of Housing and Urban Development will ensure fair housing for anyone seeking a place to live. Many homeowners with upside down mortgages were discriminated in ways that violate the Fair Housing Act.

US Department of Housing and Urban Development is a post from: Upside Down Mortgage

Renters’ Legal Rights

admin — Mon, 22 Jun 2009 16:28:57 +0000

Many homeowners who find themselves with upside down mortgages decide to downsize. They have learned their lessons and they are trying to sell their homes - the homes that have been devalued and are now not worth as much as their mortgage balances. Some homeowners decide to sell the homes anyway and move to smaller and more manageable homes. Others decide to rent for a while until they can figure out what to do next to get out of the mess they are in. If you have decided to rent, instead of own for a while, then this book called Renters' Rights: The Basics will help you understand renters' legal rights when renting a property.

Book Review
"If landlords nationwide were to recommend [this] book to renters, I'd bet only half of today's landlord/tenant problems would exist in the future." (Orlando Sentinel )

"This lively, practical and occasionally humorous new book... is another in the Nolo series that makes learning about legal topics interesting and almost fun." (San Jose Mercury News )

"Well written, well researched and practical describe this thorough rental-law guide book. On my scale of one to 10, this outstanding book rates an off-the-chart 12." (Robert Bruss, nationally syndicated columnist 20080201)

Renter? Head off problems with roommates and landlords!

Is your roommate making it next to impossible to pay the rent on time each month? Or is your landlord forgetting about the clogged drain he said he'd repair weeks ago? Then it's time to assert your rights!

Aimed at everyone from the new renter on the block to more seasoned tenants who just want to know the basics, this primer is packed with the critical legal and practical information that every renter needs, written in plain English.

Renters' Rights covers important concerns such as:

leases and rental agreements

discrimination

rent

security deposits

privacy

roommates

repairs and maintenance

Buy Renters' Rights: The Basics (Paperback) at Amazon

Renters’ Legal Rights is a post from: Upside Down Mortgage

Cancellation of Debt

admin — Sat, 13 Jun 2009 15:42:18 +0000

The good news for homeowners with upside down mortgages or people who are behind on their mortgages and cannot afford to pay them is that there is the Mortgage Forgiveness Debt Relief Act. Your debt can be canceled by the mortgage companies and the Mortgage Forgiveness Debt Relief Act will help you. First, let us understand what it means for a debt to be canceled.

What is a Cancellation of Debt?

If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the canceled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.

Example of a Cancellation of Debt

Here’s a very simplified example of how cancellation of debt works. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you.

Is it likely that your debt will be canceled?

When people cannot pay their mortgage payments, they hope that their debts will be cancelled, especially when they have upside down mortgages. However, the reality is that all lenders will do anything to recoup some of the money, if not all, first. Cancelling the debts is really something that they will not do if they can help it at all.

Cancellation of Debt is a post from: Upside Down Mortgage

Dealing With Debt Effectively

Chris Blanchet — Fri, 12 Jun 2009 16:39:20 +0000

by Chris Blanchet

So many people cite personal finance problems as a leading cause of divorce and long-term, debilitating stress that it is rather surprising so few products are available that help people manage this important aspect of life. As well, given the severity of such problems, it stands to reason that dealing with financial problems needs to be done effectively. This will not only allow you to improve your own, financial and mental health, but will allow you to avoid dealing with difficult debt collectors.

The easiest way to start dealing with debt is to figure out your total debt obligations. Organize unpaid bills and debt from the lowest amount due to the largest. With these payments in mind, determine the amount you can repay every month. You will need to complete a budget to arrive at this number. For a more comprehensive strategy, prioritize debt based on the rates your creditors charge you. High-rate debt will take a higher priority than low-rate debt.

Debts that need to be paid immediately should always take priority. If they remain unpaid, the creditors have the ability to take severe action against you, which is something you do not want. Past due rent and mortgage payments are examples of ultra-high priority debts. If you are seriously past due and cannot repay any debt without risk, consider delaying payments until a full budget has been completed, which we discuss next.

The next step when dealing with debt and managing personal finances is to fine-tune your budget. This helps you calculate your monthly expenses and determine if there is anything "extra" that can get earmarked for debt repayment. Another advantage with preparing a budget is that you can pinpoint areas that you can reduce spending and, thereby, start saving money in terms of expenses.

If you are far past due, one way you can start dealing with debt is to talk with your creditors. Once you have completed a budget and decided the amount that you can afford to pay each month, you should negotiate with your creditors (if your financial situation warrants it) and agree on an amount that you can repay each month. You can either interact with them over the phone or write them a letter mentioning about your current financial situation.

Now that lenders are taking a bit of heat about responsible lending practices, nearly all of them offer third-party services to people who are having a tough time dealing with debt. These no-cost services will offer tips and knowledge about how to remedy your debt situation and regain control of your personal finances. If you are having problems surviving from month to month or if you are stressed to the max about whether you can overcome your debt, you should consider taking advantage of such programs.

Since every situation is unique, it becomes difficult to give general recommendations about dealing with debt and handling personal finances. However, the above guidelines certainly provide a basic overview. To take your personal finances to the next level, you should visit sites like Help Fix My Finances.com to work through your own, unique financial plan.

About the Author:

Chris Blanchet maintains a blog about debt repayment at How To Repay Debt.com. As well, his personal finance e-book Help Fix My Finances provides the basis of the website of the same name.

Dealing With Debt Effectively is a post from: Upside Down Mortgage

Upside Down Mortgage Problems Bad For Renters Too

admin — Tue, 09 Jun 2009 02:14:21 +0000

You might not think that the current mortgage crisis will affect you if you are renting. However, there are many people who get evicted from their homes, not because they did not pay for their rent or mortgage payments but because their landlords fell behind and let the rental homes to go foreclosure. There are many landlords all over the US that are upside down in their mortgages and, as a result, tenants suffer. Some became homeless and have to go and live in homeless shelters. In this bad economy, this is one of the major problems renters have to deal with.

The mortgage crisis that helped trigger the US recession is hurting more than just home owners. An increasing number of tenants are being forced out as well. That is because once the banks take possession of a home, they evict whoever is in it - even if they' have never missed a month's rent. Al Jazeera's Tom Ackerman reports on the plight of one such family in the Midwest state of Indiana.

Upside Down Mortgage Problems Bad For Renters Too is a post from: Upside Down Mortgage