Comments on: Predatory Renting http://loanworkout.org/2007/11/predatory-renting/ - Free Mortgage, Auto and Student loan Calculators by LoanWorkout.org Wed, 28 Mar 2012 18:33:33 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: kellylhansen http://loanworkout.org/2007/11/predatory-renting/#comment-11629 kellylhansen Thu, 26 Jun 2008 04:00:51 +0000 http://loanworkout.org/2007/11/20/predatory-renting/#comment-11629 A frightened homeowner signs over his redemption rights to a company who promises to redeem his property for $10,000 above the sheriff sale price, and in the contract agreement the homeowner pays $1305.00 a month until he can refinance the property back into his name at decent rates. Are there laws or guidelines these companies who "redeem" properties must follow? I just read in Kansas Statutes KSA 60-2414 that a defendant owner has a right of redemption for 12 months from the date of the sale and only has to pay the current holder of the certificate of purchase the amount they paid at the sale to redeem the property,plus the interest at the rate provided for in subsection (e)(1) of KSA 16-204, costs and taxes to the date of redemption. The defendant owner iin the meantime shall be entitled to the possession of the property. My question is: can the current holder of the certificate of purchase add on charges "fees" on top of the purchase price at the sale to make the redemption price almost %50,000 higher than the amount paid to redeem the property? Any guidance would be appreciated. Kelly L. Hansen ctsmyhon@yahoo.com 504-579-2340 A frightened homeowner signs over his redemption rights to a company who promises to redeem his property for $10,000 above the sheriff sale price, and in the contract agreement the homeowner pays $1305.00 a month until he can refinance the property back into his name at decent rates. Are there laws or guidelines these companies who “redeem” properties must follow?

I just read in Kansas Statutes KSA 60-2414 that a defendant owner has a right of redemption for 12 months from the date of the sale and only has to pay the current holder of the certificate of purchase the amount they paid at the sale to redeem the property,plus the interest at the rate provided for in subsection (e)(1) of KSA 16-204, costs and taxes to the date of redemption. The defendant owner iin the meantime shall be entitled to the possession of the property.

My question is: can the current holder of the certificate of purchase add on charges “fees” on top of the purchase price at the sale to make the redemption price almost %50,000 higher than the amount paid to redeem the property?

Any guidance would be appreciated.

Kelly L. Hansen
ctsmyhon@yahoo.com
504-579-2340

]]> By: Roger http://loanworkout.org/2007/11/predatory-renting/#comment-7840 Roger Tue, 20 Nov 2007 19:39:12 +0000 http://loanworkout.org/2007/11/20/predatory-renting/#comment-7840 Cool. I've got a property you can rent. First month's rent is $5000, next six month's is a dollar. <br /><br />Yes, I'm kidding. This bill will worsen things for bankers by making them hold onto properties even longer while they lose money. Not that I have any sympathy for them but this was not a foreseeable risk. Cool. I’ve got a property you can rent. First month’s rent is $5000, next six month’s is a dollar.

Yes, I’m kidding. This bill will worsen things for bankers by making them hold onto properties even longer while they lose money. Not that I have any sympathy for them but this was not a foreseeable risk.

]]> By: Chris http://loanworkout.org/2007/11/predatory-renting/#comment-7839 Chris Tue, 20 Nov 2007 17:25:07 +0000 http://loanworkout.org/2007/11/20/predatory-renting/#comment-7839 Why not. We are accused of everything else. How about contaminated water. Can we get that charge too? Why not. We are accused of everything else. How about contaminated water. Can we get that charge too?

]]> By: Whizkid http://loanworkout.org/2007/11/predatory-renting/#comment-7838 Whizkid Tue, 20 Nov 2007 13:28:44 +0000 http://loanworkout.org/2007/11/20/predatory-renting/#comment-7838 Come on gang! Someone bash the loan officer for renters being abuse by investors renting property! Come on gang! Someone bash the loan officer for renters being abuse by investors renting property!

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