My landlord is being forclosed on. I dont have any where to go. Is it true that if I file BK, my landlords house will be saved, so that I will not get kicked out?
2006-11-01 01:45:47 · 11 answers · asked by M 2 in Business & Finance ➔ Renting & Real Estate
If your landlord's property is being foreclosed upon, more than likely they did not pay the mortgage and filing bankruptcy will not help you because you are a renter and you are not on the mortgage nor do you have any equity in the house. I am not sure of the laws where you are, but in Alabama, 10 days of the foreclosure sale, the mortgage company will file an unlawful detainer against you to have you evicted as a tenant.
If your landlord is evicting you, you can file a bankruptcy, but that would give you a little time (approximately 30 days) to come up with the money. If you are getting evicted, you want to consider bankruptcy as a last resort, because more than likely you will get kicked out and when you start looking for another place to live, you would have at least 2 negative judgments/actions against you, you're in bankruptcy and you've been evicted.
Best of luck to you
2006-11-04 13:11:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Filing bankruptcy for someone elses problem will only screw your finances up even more. If you are actually in the process of bankruptcy, the bank foreclosing on his loan might have a hard time evicting you.
However, you need to check what the eviction procedures are in your state and municipality. If you've been paying your rent on time, the bank can't just tell you to move without notice and without following the same procedures that are in your lease or rental agreement with your landlord. Basically, they're becoming your new landlord, and there's not much you can do about it.
If you're on a month-to-month rental, you probably have a 30 day notice clause in your contract. If you're in a lease, particularly near the start of it, you're a lot better off, because then the bank or mortgage company should be required by law to honor the terms of the lease agreement. They won't be happy about it, though. They may be willing to settle with you to get you out - IE, if you have 4 months left on a lease, you could probably negotiate with them to give you enough cash for another security deposit if you vacate early.
And speaking of security deposits - in most states, your security deposit is your money. Once the bank takes possession of the property, your current landlord will be required to hand it over to them, and they will be required to hand it over to you once you vacate.
And you may be able to negotiate with the bank to just purchase the place as well. They don't like foreclosures, nor the messy eviction stuff - it could be worth their while to sell it to you.
That's just a rough summary. For more specific legal advice, you'll want to see a lawyer and/or your state/cities housing authority.
2006-11-01 02:03:51 · answer #2 · answered by Chris H 4 · 0⤊ 0⤋
Renters have rights if the house is being foreclosed. I'd be very suspicious of a person collecting money on a home they don't own and especially if they have probably stopped making the payments on it. At the minimum, insist on rent receipts. If you have a lease it should say where to send the payments in the lease.Contact a landlord tenant advisory group. There must be one in LA. I know there is one in San Francisco. Try to Google it....If you see any mail coming to the house from the bank, you could contact the bank that will soon own the property. to see what the time-line is. 64,506 renters have been evicted because of landlord foreclosures so far this year.
2016-05-23 02:05:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You had better talk to a lawyer about this. First consultation is usually FREE. Your landlord is being forclosed on because HE/SHE is not paying his/her mortgage!! Are you paying your rent?? You don't own the place, you have a landlord who owns it. How can your filing bankruptcy save his house??? This is common sense.
2006-11-01 01:51:53 · answer #4 · answered by margierosie1026 2 · 0⤊ 0⤋
Why doesn't your landlord file bankruptcy? Since he's the one being forclosed on......
2006-11-01 01:54:26 · answer #5 · answered by Barrett G 6 · 0⤊ 0⤋
NO....your landlord is the rightful owner and is the only one who can get out of this touble.
Bankruptcy is not a good thing....it will damage your credit for a very long time...
Depending on where you live...perhaps you could just buy the house...
2006-11-01 01:56:49 · answer #6 · answered by Loli M 5 · 0⤊ 0⤋
Good Grief! Don't ruinen your credit by filing backrupcy because of a bad landlord.
Just find another place to live, its not hard...pain in the butt, yes, but you;ll end up better in the long run
2006-11-01 01:57:44 · answer #7 · answered by Mike E 3 · 0⤊ 0⤋
The bankruptcy won't stop the foreclosure. It will hurt our credit immensely and maybe buy you a little more time to get a new place, but it won't help your landlord.
2006-11-03 18:25:59 · answer #8 · answered by Carl 7 · 0⤊ 0⤋
No. If he is getting forclosed on it is his fault and has nothing to do with you. Youll end up destroying you credit for no reason.
2006-11-01 01:48:55 · answer #9 · answered by tjnw79 4 · 0⤊ 0⤋
i don't think there is much you can do.and ruining your credit will only, hurt you later on in life.
2006-11-01 01:54:44 · answer #10 · answered by babygirl 4 · 0⤊ 0⤋