How can I find out if my landlord is behind on the mortgage?
by Mortgage Rates on Saturday, October 30th, 2010 | 3 Comments
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The bank will not give this kind of info. If he were 4 months behind in mortgage payments the bank would foreclose and then you would defiantly know.
You can check the court house for a notice of default. It is not exactly a foreclosure, but does mean that he was late with teh mortgage.
Even if you found out who the lender was on the property and you contacted them they are bound by privacy laws from giving you any information about this person’s mortgage or payment history.
Depending on the lender he could be behind on his mortgage payment for along time as each mortgage company have a different policy on when to foreclose and when to initiate the foreclosure procedure.
You might check with the county recorder’s office and see if a “Notice of Default” foreclosure notice has been filed by the lender.
This notice establish the fact that the property is in foreclosure. You may access this information because it is public information. Some title companies will provide this information as a courtesy to individuals. You would have to call one and find out.
If he is behind you have to make a decision as to stay there until through the foreclosure procedure and see if the new owner will rent to you.
If the property does not sell and the property reverts to th lender, will the lender allow you to stay there and collect the rent.
You may find out if the owner want to sell the property to you while he is in foreclosure.
If he does contact a mortgage broker to complete a mortgage loan application. Let him assist you with a buyer’s contract and help with the other legal pros you will need to complete the transaction.
If you can not purchase the property from the present owner then you will have to make a bid at the forelcosure sale. You will have to continue to look at the public records.
I hope this has been of some use to you, good luck.
“FIGHT ON”