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Rent Control: When one nasty landlord’s actions affect the rights of all homeowners

April 21st, 2011

To put it mildly, I am not a big fan of the current state of San Francisco Rent Control. I was a fan of rent control when it was first mandated in San Francisco. At that time, rent control protected tenants against “bad” landlords and protected homeowners moving into buildings with 4 units or less. Their own home was completely under their control. Rent control has gotten draconian since the late 1990′s with the advent of the anti-business Board of Supervisors.

This article from the Chronicle shows how a landlord can do really bad things to old people and/or disabled people and therefore hand these hard line tenants rights organizations an issue to run with against any form of reasonable rent control. There is a little bit of hope in this article mentioning a possible “condo bypass” for those TIC buildings waiting ad infinitum to convert to condominiums. If you are interested in rent control in SF or TIC’s / Condo Conversion, read this article.

-Patty

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CREDIT SCORES AND MORTGAGE PAYMENTS – Don’t hang yourself!

April 13th, 2011

Read this article from the San Francisco Chronicle to find out what affects your credit score negatively. #1 on the hit parade of what downgrades your credit score is a missed or late mortgage payment. You can have other dings in your credit but you can’t miss a mortgage payment. We know someone who has a great job, a overall good credit score but the fact that she missed some mortgage payments has negatively affected her score to where she can’t get a loan.

A short sale will negatively affect your credit if the bank reports that you have an unpaid balance. This article talks about the double edged sword of missing mortgage payments in order to “qualify” for a mortgage modification. Just getting a 30 day late notice on your mortgage will greatly affect your credit so missing a few payments will be even worse.

How a deed in lieu of a foreclosure (you turn over the deed to your house to the lender) versus a short sale is also discussed in this article as it pertains to your credit score. A lot of how your credit score is affected is subject to how the bank reports your short sale to the credit bureaus.

Very interesting article if you or a friend of yours is considering a short sale.

-Patty


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