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Well, in this insane economic climate ... I thought NOT being a homeowner kept me relatively safe from "losing the roof over my head," but I was wrong. After looking for months and finally finding an ideal apartment (having saved first and last months' rent plus a month's security to move in), I was told on Sunday by the guy who owns the house that both he and his soon-to-be-exwife have declared bankruptcy and that the house I live in is going into foreclosure on March 10th. I will have to move out of it. Mind you, I had just moved INTO the place in October (officially).

The day my landlord knocked on my door to tell me the news, I'd literally just walked in from the painting supply store with about $60 worth of painting/plastering materials AND had just told a friend (who recently was let go of her job) that she could do the work finishing up the painting of my place! I spent about a thousand dollars on the move in October -- none of which is tax deductible because I don't have enough deductions to declare to make it so -- and now I have to turn around and do it all over again! EEEEK!

I said all that to say this ... if you're a pray-er ... could you toss a few up for me that I find a good apartment for a rent I can afford (I had found a deal rent-wise and a lovely place with a back AND side yard, patio, separate entrance and loads of privacy. It had a full bath (which is rare in rental apartments in houses in the area where I live) and even had a separate dining room! All utilities were included in the rent and it was a really reasonable rent too. Ho hum. Now I have to start the whole process all over. Including SAVING enough to have all those deposits again!

On top of it all -- he's keeping my one-month-rent deposit (even tho after March 10 he no longer owns the house so by law could not charge rent ON!) The good news is that if the foreclosure takes a few months -- I can save what I would have paid for rent toward the deposits I'll need to find a new place. I won't need to give him any rent, he said. Hope that means he's keeping the electricity on for me, tho! What good is staying in a place if there's no running water!

Thanks, guys, for any good wishes, intentions, prayers, etc. that you may be inspired to offer.

JUST when I had a great rent, a great flat, and was hopeful I'd be able to really get out of debt this year ... SLAM, welcome to the real world.

Naomi

ps: Did anyone see that Oprah show yesterday where she showed that thousands upon thousands of middle-class families / retirees / singles are now living in "tent cities" all over the country (or worse, in their cars!) because they've lost their jobs and mortgages or cannot now pay their rent? Ahhh .... yes, the most "together" nation in the world. Right. Boy, have we drunk the kool-aid, eh?

pps: Decent and reasonably priced apartments are now scarcer to find since so many people being foreclosed on are now looking to live in them, and it's driving up demand. Time for some faith, eh? I need to just stay thankful and hopeful ... luckily, something I find pretty easy to do for some strange reason.

I'll keep you'll posted.

I'm certainly praying that you find a good place to live AND the rent is reasonable. Is it legal for him to keep your one-month rent deposit? Please keep us informed and keep the good attitude!:)

Maybe you ought to talk with the bank people about buying the place, or pay them the monthly rent. That way you may not have to move out...

I thought of that, Doc ... but they'll probably just make me pay THEM the rent I was paying the owner until they find a buyer and I won't be able to SAVE for a new place! I'm weighing my options here and seeing if I should let them know I'm his tenant. I think he kept that hidden from the bank, used my rent money not to pay his mortgage but to pay other bills or to live on ... since I think he knew WHEN I MOVED IN that he was in the process of losing his home. Thanks for the advice, Doc.

Naomi

I think the possibility still exists whereby you could take over the place.

If you can make up a proposal for the bank on how you would make the needed mortgage payments, I'm sure they'd be more than willing to work with you. After all, if they've got property just sitting around, they aren't making any money either.

If you figured out what the building is worth, and how to divy up the rentals to meet mortgage and upkeep costs, maybe you could become the new owner who would pick and choose which tenants are able and responsible enough to keep the place going?

I figure if you already have a place you like, and have invested in it already, then this shows the bank a great deal about your own abilities and responsibilities.

doc

Hippy

Doc has a good idea at least it is worth finding out...I would tell them you paid first and last plus security and will stay until you get your moneys worth since the landlord won't return your money...if they say they will evict you,I would tell them you will go to channel whatever and see if they would like a story for the evening news...here in K.C. a couple of local channels chase around reporting this kind of thing and the bank will probably not want the publicity.

A couple more things...

Verify the guy's story, just to make sure he isn't pulling a fast one, and if you do get evicted make sure you've filed a lien against him and/or the property in order to get your money back.

Doc is right.....the bank may be eager to make any kind of deal they can make to save time and money.

The last thing they need is another foreclosure.

Hmmm. I must look into this, guys ... Thanks for your comments (and prayers).