USING TENANT PROTECTION LAW AS OFFENSIVE STRATEGY

SUBMITTED BY CARRIE — SEE EDITOR’S COMMENT BELOW

Has anyone seen this:

http://forceyourlendertomodify.com/

Here borrowers with comparable homes in foreclosure exchange long-term leases at below-market rent. Then they rely on the tenant-protection law to stay in the homes and allow more time for modification. The theory is if a foreclosed home is leased at low rent, then investors are less likely to buy the home at sheriff’s sale. Some of the comments suggested that the borrower should show up at sheriff’s sale and disclose the lease to the bidders. And of course, they disclose the lease to the bankster before sale. This is an interesting concept to me, except for the modification, which the bank has no more right to do than to foreclose. But at least, it might muddy the waters a bit and give more time for litigation. If this could catch on across the nation, this would definitely cause a moratorium.

I thought it was interesting that the paperwork and the exchange is FREE, but does offer the option of limited attorney help starting at $99. (I am in no way affiliated with this Web site or anyone related to it.)

EDITOR’S COMMENT: I have been aware of this strategy and the fact that people are reporting that it is working. I just don’t know that it will work if it is used extensively. There are a number of possible challenges to it by the “banksters” and it does put you in the position of trying to get away with something by trick instead of being right on the facts and the law. Comments are welcome

Posted in bubble, Corruption, Eviction, securities fraud |