Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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I haven't been served yet but expect to soon.

I want to rent this house on a short term lease 1 year at time.

In NY it should take 3-4 years to drop the hammer.

I was told that until that hammer drops I can do as I wish.

Do you folks agree?

tks




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Moose
Jack wrote:
I haven't been served yet but expect to soon.

I want to rent this house on a short term lease 1 year at time.

In NY it should take 3-4 years to drop the hammer.

I was told that until that hammer drops I can do as I wish.

Do you folks agree?

tks






Jack, I think you may be confused about what could happen and there isn't enough information in your post to really make a recommendation.

This isn't legal advice but I'd never assume you have 3-4 years to do as you wish, even in New York.

Also, servicers will not become landlords and rent properties to you.  It opens them up to all kinds of liabilities. Being a landlord has legal consequences like rent controls, making repairs and being responsible for upkeep of the premises to maintain habitability.

I would re-evaluate your plan. If you can afford to rent, you need to have a backup place to rent just in case they can push through a foreclosure.

Moose



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I've spoken to several attorneys they say the minimum is three years, it's been published in the NY papers, since I intend to oppose it it will go longer, not the point of my question.

Nor am I asking the servicer to rent it.

I'm moving out, I'll still have title deed etc., I think I have a right to do with the property as I wish, until it is sold at action.

I wanted to know if I'm correct in that assumption.

Are there any cases
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What did your attorney advise about renting?

I recently spoke to an attorney about this too. He said I am free to rent my home but there have been a few instances where the owner was required to place all or part of the rents into a special account with the courts.  He phrased it better than this, but that was the gist. I'm in a judicial state, but not NY.

Of course, I am not an attorney, so disregard anything I say..   :-(

Best to you.
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Moose
Sorry for the confusion - I was under the impression you wanted to stay in the house and rent it.

This isn't legal advice, but under foreclosure circumstances, in some states a "landlord" could be guilty of misrepresentation as to the ability to lease the property for the committed term of the lease.  You may also have income tax issues if you are receiving and reporting rental income, claiming the typical depreciation and not making any mortgage payments.

Too many issues to address without competent, local counsel.

Moose

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