renting when landlord is in forclosure....

The worst thing that could possibly happen to a family happened to us.  There were papers delivered ( or served) to our rental in Belgreade.  The papers clearly stated that the rental that we had been living in was not just up for foreclosure but auction.  We had 3 children in the house and could not believe that this could happen to us.  Thank goodness that we were able to find a house the same day and begin moving out.  The whole situation made me sick to my stomach.  Within 72 hours we had to find a house and move.   No notice nothing.  We were then informed that the only recourse that we had was to file a clain in civil court,  but if someone will not pay a mortgage then what makes us think that we would get payment on a judgement.  I truley feel that there should be CRIMINAL penalties for people who do this to families.  Someone has to step up and hold people accountable for these types of things.  I refuse to throw good money after bad to make a point to the person who did this.  What are we to do?  Unfortunatly I have a feeling that we are not alone in this situation, I am sure that many others have had the same thing happen to them.  I pray for each of those families and hope for the best for them.  Their hands and ours are truley tied. 

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tags: jobs, housing, greed, renting, overvalued, foreclosure + add tags
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posted on Thu, Jul 02, 2009 03:44 AM
last updated on Thu, Jul 02, 2009 03:44 AM
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when the jobs leave, the people leave by40yearlocal July 02, 2009 (1 votes) (report abuse) (reply)
I have noticed 3-4 pages of rentals/ 2-3 pages of homes
for sale (and zero jobs).Many of the rentals are owned by
builders and realtors that bought or built 3-5 homes and
jacked the prices way above national average
and are now stuck with them (LOL). Instead of lowering the
sale price they are trying to rent until the economy
turns. Until the prices drop and some of this inventory
is sold, Bozeman will have more and more issues.
Doesn't a town need jobs to sell and rent homes ?????
RE: when the jobs leave, the people leave bytiredofbeingjudged July 02, 2009 (3 votes) (report abuse)
yeah, i can't help but smirk a little too at how peoples' greed has come to bite them in the arse. let's hope that they learn from this experience.
when i first moved here, i was shocked at how many people here don't work (college students, retirees)

lamphier1:
i feel for you and hope this will be a 'blessing in disguise' :)
Ugh byMontanaChick July 02, 2009 (2 votes) (report abuse) (reply)
This just happened to us too, though we had a little bit more time. I'm sorry and glad you found a place to live so quickly. Decent people would have let you know, no matter how hard of a time they were having.
bozeman housing issues by40yearlocal July 02, 2009 (2 votes) (report abuse) (reply)
Real estate at it's peak was overvalued as a whole by 20% or more.
In some areas,like Bozeman, real estate was overvalued by more than 50% don't expect the housing market to correct back to those peak levels for at least 10 years.

Becareful Bozeman is full of crooks and greed that will steal from a baby
RE: bozeman housing issues byMontana007 July 02, 2009 (3 votes) (report abuse)
Only time will tell who is correct, but I must disagree. The value of homes in Gallatin Valley were slightly above the national average at their peak and I suspect that the prices will be quick to rebound. There are very few areas that offer what Bozeman does. I think that the local economy will recover much more quickly than your prediction of 10 years.

The demand for the area has not diminished, but the ability for people to move here certainly has. There are also many people waiting by the sidelines to see where the bottom of the market is, but they will likely miss it and buy on the first sign of an up-tick in value.

Another signal that real estate will likely recover in some areas is that the stock market is holding, but not strong enough to create a run on stock purchases. The longer it stays in this holding pattern the more likely investors will be lured to invest in real assets. When you couple that with the likelihood of inflation it is reasonable to assume that there will be a significant amount of real estate investment within the next 36 months.

Distressed property is what is selling right now, but at some point the supply of distressed property will be slim pickins. Once the distressed property inventory is depleted the only property on the market will be priced at the seller's discretion. This will be a turning point in the market. We don't have to fix the rest of the country before things take off here.

Big Sky also plays a role in the Bozeman real estate market and overall economy and it appears that the black cloud is thinning up there. It can only help at this point and we've seen the damage from it already.

This is just my perpective, but I prefer to be an optimist. In any case we all have to find a way to make things work and hope for the best.

Take Care,

007
RE: bozeman housing issues bydanie006 July 02, 2009 (3 votes) (report abuse)
I like your optimism, MT007, but I just don't see the RE pattern changing for some time.
RE: bozeman housing issues byMontana007 July 02, 2009 (2 votes) (report abuse)
Is there any particular reason why you don't think things will turn around in less than a decade? I think that there are other parts of the country that will surely suffer for a long period of time, perhaps even decades, but the worse it gets other places the better Montana looks. There are very few "out of the way" smaller towns that offer the communication, transportation, good employment recruits, recreation, proximity to places like Yellowstone, and scenery that Bozeman does. It's no accident that the relatively large, but absolutely small, population growth occured here over the last decade. Speaking in percentage growth there was a lot that went on around here, but in terms of shear numbers the amount is small. Approximately 6,000 people moved into Bozeman proper between 2000 and 2006. There are about 345,000,000 people in the United States. Of that 345,000,000 I bet there are a lot more than 6,0000 more that would like to live here. It doesn't take much to turn around real estate in a community this small and supply can dwindle quickly. I've seen it in other commmunities and have heard the same hopelessness that 40yearlocal has. He/she will be another one that lets the opportunity to purchase pass by and curse the wealthy later when prices are double or triple where they are now. There is finite amount of property and an unbounded population.

It is difficult to predict the needs and wants of a population, but I know that we have only two scenarios. One is that the economy gets better soon or holds steady for a period of time and people sell their out of state property when they can. Some of those will choose to live out their dream of living in Bozeman. The second scenario is that the economy gets worse before it gets better, in which case metropolitan areas are likely to see a significant spike in the rate of crime. When crime rates increase there will also be a certain number of people that choose to flee their metropolitan life in order to escape to Bozeman (or some other seemingly quiet community).

In any case I just don't see how Bozeman will not continue to grow. We know it has some problems and isn't crime free, but it is one of the best places I can think of to live, with the exception of the difficulty to make a living. I can't tell you exactly how many people I know that are planning on moving to Bozeman, but I know of many. They number in the hundreds and are families that are just trying to get their lives in order so that they can afford to make the move.

Again.... Only time will tell and I've been wrong before, but I am pretty certain on my prediction and hopeful that I am correct. I've also been correct on many occasions. Maybe I'm just optimistic, but it helps me get through the days.

Happy 4th,

007
foreclosures by40yearlocal July 02, 2009 (1 votes) (report abuse) (reply)
The rate of foreclosures has really increased in the area
This will add more inventory and fire sale deals which
should help pull home prices further down
Giving Notice byAlphaBeagle July 02, 2009 (1 votes) (report abuse) (reply)
I thought the law was that you had to give thirty days written notice to a tenant that they must move out. The only exception to this is if they haven't paid rent - then they get three days notice. I hope you were at least able to keep your deposit!
comments bylamphier1 July 02, 2009 (3 votes) (report abuse) (reply)
I am so thankful that there are so many good people out there that realize the hardship that people go through when a landlord puts a family in that position. To respond to one of the comments, the gentlemen from the attorney reprsenting the bank did say that they would give us more time if we needed it but we wanted to take no chances with the well being of our children. I think that if we had not been so fourtunate to find a home so fast we would have taken advantage of their offer. Thank you all so much for your kind words and I must express my sadness for the family that recently had the same thing happen to them. I hope that people in this housing environment carry themselves with integrity if they are landlords and give the tenants the coutesy of at least letting them know that their property is in forclosure or up for auction. The extra money will mean nothing if Karma comes to bite you in the butt..... thank you all so much