Question: If you were a *&^%$$# real estate “investor” with tenants in your house for 56 months who paid all 56 payments of $2,195 on time every month for a total of $122,920 and you were in default on your payments to the mortgage company would you lie to your tenants and then be hostile to them when they asked to re-negotiate the rent after you lied to them about the status of the property?
(Rhetorical) Question: If you were a lying landlord would it be expected that you would be hostile to your tenants?
On 8/19/09 Nabin Panda, owner of the home I have rented for 56 months was slapped with a Notice of Default. Here is the link.
We asked him on 8/1/09 why IndyMac Bank put a notice on the door asking for him to call. He said “everything was fine.” A month later Aztec Foreclosure Corporation sent us a letter informing us Nabin Panda was over $11,000 behind on his mortgage.
Only then did he (almost) come clean and say he was working on a loan modification and “everything was fine.” (It’s like deja vu all over again.)
So we asked for a whopping $195 reduction in our rent, to which he agreed, then retracted because we pushed for more information as to the status of the loan modification.
Now we get served with a 3-day notice to pay or quit.
Lovely. Just want a family of 8 wants to hear the day before their 14 year wedding anniversary.
There’s a nice chair next to the stove in Hell for people like Nabin Panda.
Are You Stupid Or What? 
Did you ever think that the owners are actually re-negotiating the loan? If you don’t like the situation, I would suggest doing something about it rather than calling people names. Either way, as a tenant, you are obligated to pay.
John,
When you get a notice from IndyMac on August 1 that says, “Please call the bank” and you ask the rental company what is going on and they say “We contacted the owners and they said they don’t know why you would get that. Everything is fine,” then calling them LIARS is not name calling. It’s an accurate portrayal of their response to us. We have learned that they are attempting to get a loan modification but those are hard to get in a non-owner-occupied property. We have negotiated a lower rent for the time being but only after stopping payment on our September rent to get them their attention and admit that they are behind and are working on a modification.
But is this how you treat a tenant of 56 months that has paid on time every month? Karma is biting him right on the butt.
Good luck with your recovery. My cousin celebrates 2 years of sobriety in AA today.
Wes
Hello, John.
As an FYI this house got foreclosed 12/10/09 and sold for $298,000 at the Riverside County courthouse steps, just like we thought. It’s such a joy – and so productive – to answer your door 8 times before 11:30 in the morning to speak with investors coming to inspect your home while you’re trying to work.
This guy lied from Day 1. We spoke to both IndyMac and Aztec Foreclosure and they told us the owner was NOT working on modifying his loan because they do NOT modify non-owner-occupied homes.
However, the property management firm, First Rate Rentals, continued to trust the delinquent owner vs. the on-time-for-5-years renters. They threatened us with eviction, withheld information and essentially treated US as the problem party in this situation.
I’m thrilled to be done with both of them. Now we wait to see how quickly we are contacted by REAL investors, i.e. those with money, to either move or sign another lease.
We’re told the law allows us to stay at least 90 days or the investor can offer “cash for keys” ($2,000 to $5,000 is the average) to leave earlier than that.
Stay tuned…
The very same thing is happening to me. My husband I learned that the owners of our home are in default by 7 months and claimed they want to get a loan modification and didn’t realize they went that long without making a house payment on the home we are occupying. Meanwhile, they’ve collected 12,600.00 from us for rent on a home they are not paying a mortgage on.
I’m terrified we could be kicked out before Christmas. We will lose our deposit (which was nice and hefty because of our credit…
That’s terrible, Becky. This house has been posted for a Trustee sale Dec 10, 2009. We actually hope it goes through since the owner gave us a 60-day notice to terminate the lease on 11/13. They say they’re getting a loan modification but they have to move back in to the house since IndyMac won’t do a loan modification on a non-owner-occupied property. But the rep at IndyMac tells us they won’t do a loan modification in this case. We’ll see who’s right. It’s a great way to spend the holidays.