June 27, 2008

Foreclosure Moratorium Part 3

Any give me an example of how this would help?


Anonymous said...

It's probably designed to help the voters paying rent, rather than the non-voting bank board.

Bill Randell said...


Assume you are a tenant paying rent to a landlord who is no longer paying his mortgage.

The bank can not foreclose nowunder the new ordinance for six months.

The landlord, who has walked, can actually evict you for non-payment.

I fail to see how this ordinance helps the tenant paying rent?


Anonymous said...

I guess I mis-understood the ordinance. I thought they could forclose, just not evict (except for cause - like non-payment).