What Happens to a Renter if Their Landlord Defaults on a Mortgage?
I've been reading about the Wall Street bailout for days. I've been trying to understand what caused it. Now I read an article in the Daily News and in Crain's New York that city renters could be next victims of mortgage mess.
The articles goes on to say that "An increasing number of apartment complexes face possible foreclosures and thousands of city renters could be the next victims of the mortgage crisis housing advocates warn. At least 580 buildings containing 40,000 units have one or more factors that could lead to mortgage default, Crain's New York Business reported yesterday on its website.
Private equity firms bought at least 90,000 affordable housing units in the past four years, many at inflated prices in badly leveraged deals, according to the Partnership to Preserve Affordable Housing.
The Riverton apartments in Harlem and Stuyvesant Town on the East Side are both at risk, according to the Crain's website. Riverton's owners indicated last month that they were on the verge of defaulting.
And Savory Park, a seven building complex in Harlem has been placed on a watch list. Appollo Real Estate Advisors and its partners bought the complex in 2006 for 175 million.
Appollo refinanced a year later, increasing the debt to 367.5 million, the credit rating agency Realpoint reported. The agency called the risk of default on the load "moderate to high."
Housing advocates told Crain's that buyers had unrealistic goals about rent increases. The same lenders caught up in the mortgage free-for-all in single family homes lent them money any-way."
If these companies default on the mortgages (loans), what happens to the renters? What can the renters do? Can the renters do anything?
I live in one of the housing developments purchased by Appollo Real Estate. What can the tenants do?
Upside Down in Condo?
The condo I bought in 06 is worth about $80,000 less than I paid. The developer owner has approx 30 properties unsold and it appears that they did not budget well for reserves and though still on the property are about to pass about $100,000 in debt to the owners in the form of a double condo fee. Many people already have crazy loans from during the bubble, and the community already has owners going into foreclosure. There are lots of management issues and building issues due to the renovations being done by several contractors. The condo management is basically tied to the developer owner as that is who hired the company. What was once affordable is now quickly becoming unaffordable and the situation very scary and uncertain-we although being well over 300 owners have not found a way to come together to be heard by our board to protect our interest. I want to either find a way to modify my loan to try to hang on-or find a way to walk a way that leave me completely out of the property and able to move on. I might be able to rent it out a make my mortgage and condo fee right now but if it goes up again it will be much harder-the next increase will make it triple in less than three years. I would also like advice on help making the developer owner pay for the liabilities that they are leaving for us-they still own about 20 apartment buildings adjacent to the condos.
Is there a law in Washington, DC saying that you can’t have bars on a ground floor apartment windows?
I'm about to move into a ground level apartment (1st floor not in the basement) and come to find out there are no bars on the ground level windows. I live in NE Washington, DC and my neighborhood is not that bad when it comes to crime, but I really don’t feel safe without bars on my windows being that I’m a 20 something single female. I asked the manager and she told me that it's now against the law to puts bars on the ground level windows in DC. However, some of the other buildings in the same complex have bars. I ask her why did some of the other building have them and some did not. She replied that the one’s that have bars had them on there for years and years. I’m not really convinced on this. If the management is not going to provide them I am more than willing to go to home depot and buy some.
Why the term “Immovable Property” is not used instead of “Real Estate”?
As far as I know the meaning of "real" derives from "royal" and as we all know today, not much royal estate left around the world. So why not use the term IMMOVABLE PROPERTY instead of the unclear REAL ESTATE? Why do they use the term real estate? As in Royal Estate? Estate is like a huge house(s) or a set of buildings with (high) acreage and are usually well taken care of. Only 1% rich can afford it, while immovable property (house, flat, land, even a studio apartment etc.) can be bought by anyone and it does not state it's "royal" or "real" because everything is real, so no need to add that word "real". Is there unreal estate? Unreal property? There is movable and immovable property and why not use the term IMMOVABLE PROPERTY more than REAL ESTATE.
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What is the best way to find a partner for my real estate investing company?
I've just finished setting up my LLc and right now im just learning the basics of real estate, property managment etc. I'm just wondering how about if i find a partner that's willing to invest some capital and expertise if any on real to help grow my company. I have dreams of owning a multi million or even billion real estate investing company. Right now i'm focusing on building a company that buys and sell cheap real estate. But in the future i want to own large apartment buildings and office buildings worth millions. I'm young but im commited to learn.
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Apartment question! Could use Info?
Okay heres the deal, I live in this apartment in Florida that I use to love. Recently they were bought out by ING Clarion. No biggie, they started making much needed improvements. Then my lease came up, and not only did they raise my rent almost 100 dollars,I was paying 800 to live here(for 70's counter, cupboards, appliances) now paying 905, new ones going for 1075, they cut out My military discount they were giving us before. They've redone some of the apts with new appliances and counters but want even more money for those, on top of a transfer fee etc, The progress of work is almost 2 months behind, Its now looks like I'm living in the ghetto(spray-paint every where on buildings, huge trash bins allover), they had the pool closed for over a month and a half, just reopened it, to then tell us they will be closing it again in a month(during height of summer and school vacation) to redo some more things to it. Can anyone tell me of my legal obligations and what my options may be?
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Are there any apartments or lofts or condos to buy in NYC’s Times Square?
i heard they are starting to turn some of the buildings in Times Square into apartments?
anyone know of any names or websites?
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