Rental Property - mortgages

[Libyan Sibyl]

I'm just in the process of refinancing, and I came was reviewing my mortgage, which made me think of the Rental Property Committee's recommendations.

Here is the part from my mortgage that interested me:

"Borrower shall obey all laws, rules, and ordinances which apply to the Property and will not use or allow the Property to be used for any unlawful purpose."

This corresponds to rental recommendation number 8:

8. For landlords whose properties are overcrowded, request jail or community service. Post names of landlord offenders in the newspapers in order to discourage future offenders. Forward offenders' names to the IRS and New Jersey Division of Taxation (landlord is likely not reporting the income from all tenants), as well as to their mortgage company and insurer.

newstranscript.gmnews.com/news/2007/0214/Front_page/040.html

Of course, it would be burdensome for code enforcement to go to the Clerk's office for minor infractions, but for those items we want to send a message on - like a restaurant in town, or serious overcrowding, or a habitual offender - it's a pretty good recommendation IMO (and certainly would make some people think twice after seeing it done once in town)

[Libyan Sibyl]

later in my mortgage, the bank can call the mortgage if the borrower adversely affects the bank's rights. (For example, the restaurant and the town could have called in ABC which would have locked up the house and put a lien on it. If that govt. lien is superior - I don't know, but if so, that would be red lights and sirens for the bank to take a closer look at the mortgage.)

[stffgpr2003]

I'm just in the process of refinancing, and I came was reviewing my mortgage, which made me think of the Rental Property Committee's recommendations.

Here is the part from my mortgage that interested me:


"Borrower shall obey all laws, rules, and ordinances which apply to the Property and will not use or allow the Property to be used for any unlawful purpose."

This corresponds to rental recommendation number 8:

LS -

Thank you for this. I will certainly factor this in to where we may go next in further addressing landlord/tenant issues.

In the near future, the former rental committee members will reconvene for an update meeting. We are not "ball droppers," and are staying on top of the recommendations as they are rolled out and executed. I meet regularly with our officials for updates and brainstorming.

I'm sure the newspapers will report on the next rental committee update meeting and what is discussed.

Aside from all the lame partisan "crap" currently polluting the site, there is still room for some good and informative postings like yours. Discussion that might actually help Freehold Borough get some better results - the inherent purpose of the site.

Marc