Banks foreclose on rental property owners with excellent payment histories
SPRINGFIELD, Mo. — Imagine never being late or missing a payment, but still losing your home to foreclosure. It’s happening across the nation to owners of rental properties.
An owner of multiple rental properties can’t typically get a traditional loan, so he’ll get a one-, three- or five-year note that’s renewed when it expires. Several property owners in the Ozarks are getting turned down for renewals even though they’ve never been late or missed a payment. The result is they lose their properties to foreclosure and the income that goes with it.
When Don Hosey got into the home rental business nearly a decade ago, he never imagined this is how it would end.
“That’s how I feel. They don’t care,” Hosey said about his bank.
He owns 10 properties in Springfield. He say he’s never been late on a payment. He’s never missed a payment. In fact, his properties were making him a profit of about $2,500 a month. So he can’t figure out why his bank would refuse to renew his loans. Instead, it sent him a letter demanding that he immediately pay off the loans on all 10 properties.
“I have to pay the balances on all properties or they take them back and foreclose on me,” he said.
Check out the rest here…
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Maybe we should all immigrate to China which probably provides more protection to home owners than the U.S.
By the way why don’t the mention the name of the bank? it should be make public
This only has one name ROBBERY !
Hello, this is the problem and why people have chose not to make a payment, because we knew they would do this with out the falsehood of the appraisers.
usjustice4all,
Read the rest of the article, the rental income now goes DIRECTLY to the banks!!! He doesn’t have an option to pay the mortgage. But he still need to pay the expenses…