how can you break a one year lease when your landlord is in a forecloser? he was already behine on his payments and we did not know anything about this, we know now that the bank will be taking it sometime,but we dont want to wait until winter weather set in too move. all that people tell us is keep paying your rent, I think we should save our money to move out.
2006-09-12 23:50:47 · 5 answers · asked by carlabrkr 1 in Home & Garden ➔ Other - Home & Garden
You signed a contract with the landlord. While he still retains ownership, and he DOES until the foreclosure is complete, that contract is binding. You can't just walk out on it. Think of it this way, if you buy a house, the original mortgage is sold and resold to any number of mortgage companies. Do you think you can live there without continuing to pay your mortgage? No, you still have to pay no matter who owns the contract/lease/deed. Most of the time, banks choose to not honor the contract since they didn't sign it with you, but if they choose to list it as an asset, you gotta pay.
Until such time as the bank tells you to vacate the premises, the landlord can take you to court for the rent that's due. Your contract with the landlord is in full effect until the ownership defaults back to the bank. Further more, if you don't pay rent, the bank itself can go after you for the back rent if the contrct is listed an asset of the property. Yeah, you might get away with just moving and breaking the lease but are you willing to take the chance that the landlord won't have the money to take you to court? Small claims court usually costs around $20 to file and that's where he'll take you. The bank has quite a lot of money to sue you with and they can afford a much better lawyer than you can.
All these people saying to just leave - Do some research on the LAW not just what you THINK is fair. The landlord owns the property at the moment. Therefore, the contract you signed is valid and he can and will act accordingly. Chances are, if you don't pay rent he'll evict you just to spite you. People are like that. Can your family afford to have that on your credit record?
2006-09-13 05:06:59 · answer #1 · answered by Xandyr D 2 · 1⤊ 0⤋
he is in forecloser, he is in debt to someone, therefore you don't have a lease any more. What is he gonna do, take you to court and say "hey these people didn't pay me rent for my place that is in forecloser"? I don't think so. If Iwas you I would just move. He was in the wrong to not be paying on the place to begin with. I say MOVE!
Good luck!
2006-09-12 23:55:32 · answer #2 · answered by mag 4 · 0⤊ 0⤋
Due to it being in Forclosure, I think the lease is Null and voidat this point. Contact you city's tenant's union or something of the sort and see what the laws are, or just call an attorney and ask. Some attorneys give free advice.
2006-09-12 23:54:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Your lease agreement is a legal contract and you are bound by it's terms. There is value attached to your lease, and the bankruptcy trustee, or his/her designee, will assume the duties of landlord and you are still obligated to abide by the terms of the lease. In order to vacate the lease, you need to hire an attorney.
Good luck with your situation.
2006-09-16 20:54:44 · answer #4 · answered by exbuilder 7 · 0⤊ 0⤋
i think that you have grounds to move early and terminate the lease. especially if you know for a fact that he has forclosed on the property. call your residential tenancy authority in your city and they will tell you what rights you have as a tenant. I dont think you will have a problem leaving the property sooner than your end of lease date. give them a call they will tell you what your options are. goodluck...
2006-09-12 23:59:32 · answer #5 · answered by nicci2381 2 · 0⤊ 0⤋