Oct
21
I Rent A Room (half The Mortgage & 80% Utilities) For Nine Yrs- Do I Have Rights If There Was A Foreclosure?
ByI’m not on the deed or loan paperwork. Just been a live-in nanny for the past 9 years. Should I get any kind of tax break?
San Diego, CA
That is going to be a negative. Renters to not get any kind of tax breaks. Only home owners. The mortgage company will send a statement for interest paid over the year to whom the note belongs to. The homeowner also will get a tax right off for up keep and repairs. As far as the foreclosure part the mortgage company will have first right and the original note will have to be settled you will be able to bid on the home when the bank puts the home up for sale but, you will not be able to use any past payments that you may have made to help your case. You can contact a local Realtor if you would like to make a bid on the home. Hope this helps you out.
Since you specify you have a “rental” agreement, the landlord or owner’s responsibility is simply to give you a 30 day notice if they want you to move.
Also, longevity renting for any amount of years does not afford any special privileges as far as real estate laws are concerned…the only thing legally binding is whatever lease or rental agreement you might have signed.
As far as a tax break, that depends on your State..some States have a “Renter’s credit or deduction” you can take but, except for that, nothing else that I know.
No, since you don’t own the property you get NO tax breaks of any type.
Wow, they raped you on your rent and utilities. But no, it’s not your property at all. Therefore, the only right you have is the right to get your stuff out of the place.
Yeah, you got screwed big time. Are you an illegal?
El
No, sorry,you don’t have any rights to it or tax breaks. As far as the law is concerned, you were just a renter there. Better be looking for a new place to live, if it’s in foreclosure.