| Author |
Message |
|
|
Nerissa
Guest
|
 Posted: Tue May 15, 2007 5:13 am Post subject: California second mortgage on rental property |
|
|
Does the laws in California allow a homeowner to offer the property for rent even if there is second mortgage against it. The situation is, I have been staying on rent and making payments for the past 3 months AND THEN HE TAKES OUT ANOTHER MORTGAGE on the house and wants to increase the rental payments just because so that he can pay for the second loan. I'm not aware is that possible legally?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
|
Mac_7
Guest
|
| Posted: Tue May 15, 2007 5:14 am Post subject: |
|
|
| If you have a lease on the property, then he cannot raise the rental payment this way. |
|
|
 blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.84 Dollars($)
|
| Posted: Tue May 15, 2007 6:25 pm Post subject: |
|
|
| Quote: | | Does the laws in California allow a homeowner to offer the property for rent even if there is second mortgage against it. The situation is, I have been staying on rent and making payments for the past 3 months AND THEN HE TAKES OUT ANOTHER MORTGAGE on the house and wants to increase the rental payments just because so that he can pay for the second loan. I'm not aware is that possible legally? |
Hi Nerissa,
Welcome to Mortgagefit discussion board.
If you have a contract for a certain number of years then the homeowner cannot just increase the payments in the middle of the contract period. And it would be violation of the terms for which you can sue him.
Thanks
Blue |
|
|
Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1602
Location: MASSACHUSETTS
149.70 Dollars($)
|
| Posted: Wed May 16, 2007 2:40 am Post subject: RE: can landlord take second loan on rental property? |
|
|
Hi Nerissa,
Welcome to forums.
If you have a lease or a tenancy for a month to month basis, then the landlord cannot raise the rental payments in the middle of the lease period. But if you don't have a lease or if you have a lease and the term has expired, then he can raise the rent. But he has to give you a written notice usually 30-60 days in advance depending upon state laws.
However, if you are on a section 8 program, then such programs can help in restricting the increase in rent payments in the middle of the lease period. At least such programs can help in limiting the rent increase to less than $400.
Hope this helps...
God bless you.
Samantha |
|
|
Louis Hoelzle
Guest
|
| Posted: Wed May 16, 2007 3:32 pm Post subject: |
|
|
First you need to check what your contract says on this.
It can be possible that the contract was made out as such that would allow the homeowner to increase the rent.
Consult an attorney to know what your legal rights are in a situation the contract does not allow the homeowner to change the rent amount. |
|
|
