- Stop paying rent as the landlord can’t really do anything and an eviction process takes as long as a foreclosure. It might take even longer before the bank contacts me to start collecting rent. I could potentially save thousands and move on if/once I get evicted.
- Negotiate a low rent now before there’s a new owner, as whoever buys the property would have to honor my lease. I could potentially lock myself into a much lower rent.
- Wait till foreclosure begins and start negotiating with the bank for lower rent.
- Buy the property, since as a tenant there are no uncertainties about the condition of the unit.

My questions are manifold:
1.) Is the above advice in any way sound?
2.) Does an eviction result in any negative consequences (credit score, some other "mark" that could impact future job search etc.)
3.) If I was interested in buying the unit, when/who should I engage (LL or bank)?
4.) Should I go for a short-sale or foreclosure transaction?
5.) Can I stop paying rent/reduce it due to non-payment of the HOA fees?

A few details:
I am on a month-to-month lease right now.
The property has been owned by the LL for a number of years.
The LL isn’t particularly forthcoming and is continuing to pretend like there are no financial issues and the HOA situation is being taken care of.

Any advice appreciated.

My advice:

Never ever stop paying rent. Continue to pay the rent in full and on time and keep access to the cancelled checks. The new owner may desire to keep you as a renter. If you like the place, then why risk losing it because of non payment of rent?

Why on Earth would the current owner, bank or HOA negotiate a lower rent rate with you? Your rent goes to help cover the owner’s back association fees and or mortgage. That would be a very dumb move on the part of the current owner.

If you are evicted then that impacts your credit score. Don’t mess that up by playing games here.

If you want to buy the unit then figure out/learn what it is worth and make an offer to whomever owns it. You could do the current owner a favor by making him an offer because he and you can hire a real estate professional to do the paperwork. This alone will save him 5% to 6% in real estate commissions if he makes a deal with you.

I sense you want something for nothing here regarding rent and I would not go there. It will be the biggest mistake of your life.

Finally, you can’t stop paying rent because the property owner isn’t paying his HOA fees, mortgage, property taxes, insurance or any other expenses. As long as you have a peacful, quiet and habital place to live you owe rent. If any of those things fall apart then you give your property owner a chance to remedy them. If he or she fails then you move. What you don’t do is stop paying rent.

I’m told that because we haven’t been incorporated – there’s no homeowner’s association since there are still some units for sale – that it will prevent me from being able to refi. Is this statement correct.

We (building occupants) are planning to go through the Articles of Incorporation within the next 3 or 4 months and I’m concerned I’ll miss the opportunity to refi at these all time low interest rates.

With property values significantly decreasing especially in my city, will this also affect the loan interest rate aside that I have phenomenal credit overall. Anyhow, I put half down on my property in fall of 2007, yet the value of identical units like mine are currently selling for 30% less. The ratio of what I owe vs what my unit now is worth… how does this affect my rates.

Second Question:
With the condo’s appraised value being 30% lower, will I have to pay PMI. I want to rollover my balance which is 25% of current market/assessor’s appraised value for my home.

Thanks for your help.

What does the Certificate of Incorporation (COI) have to do with your property. When I bought my condo apparently the COI had been expired for years.. When I took over the association I discovered the last president didn’t bother to renew the COI and in fact had no idea what a COI was….thus had to go back and file for the previous 4 yrs. These have to be renewed yearly..

EVEN without a COI…none of that seemed to impact the sale of units within the building.. Didn’t impact my purchase at all! The bank never asked..

I’d be more concerned as to why the developer had not Incorporated the building prior to selling units.. In NJ that is required before the developer can sell any units!

I do not know the answer for the second question..sorry

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