2006-12-02 11:34:35 · 8 answers · asked by lisa m 1 in Business & Finance ➔ Renting & Real Estate
If you have a lease, the lender on the property (or any subsequent buyer) will have to honor the terms of the lease. There's no way out for them on that. If you don't have a lease, it's possible that you will get a 30-day notice to quit once the foreclosure goes through. If you know who the lender is, you might try contacting them and see what their plans are.
And yes, you do need to continue to pay rent. Once the foreclosure goes through you will be notified by the lender where to send the rent checks. They might not have your name, so it's possible that you may get a letter addressed to "Occupant" or "Tenant" or some such generic name. Don't toss it as junk mail!
There's also a chance that they may offer to sell you the home at a very attractive price, possibly with a below-market loan thrown in for good measure. It saves them a lot of hassle with managing the property and handling sales and evictions and such. I have a friend who acquired her home just that way.
If you live in an apartment complex the whole thing will probably be transparent to you. When complexes are foreclosed on, the lender turns it over to their preferred property management firm and life goes on as normal for the tenants. At the most, you'll be notified of a new mailing address for rent checks or other correspondence. I've been through that myself -- the new property manager hired the same staff that was already working at the complex so we didn't even see any new faces as a result.
2006-12-02 11:45:31 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Getting any of your payments back would depend when the landlord started missing payments and went into foreclosure. Obviously, you probably can not get payments back that were paid when the mortgage was current. Local laws would dictate if you could get back any payments made after the home went into foreclosure.
But you may have a hard time getting any payments back that you've already given to the landlord, as you have a contract between the two of you to exchange money for the ability to live in the property.
Check into an issue called "constructive eviction" that may allow you to claim you are being effective pushed out of the property, due to the danger of the bank selling the property to cure the mortgage default. You'd have to speak with a lawyer regarding the application of this, but if it is applicable, then you may not have to pay the landlord for a period of time when the home was in foreclosure.
You may be better off continuing to pay rent while looking for another house to rent. If the landlord expects you to carry out the term of the lease, then you may be able to sue to get back payments made in advance, security deposits, etc.
Unfortunately, your only rights in the property are determined by your lease. You have equitable rights, but you aren't the owner of record and you don't hold the title to the house. Have you thought about purchasing the house to stop foreclosure and remain in the property? You're best bet might be to apply for a mortgage, if you can, to keep living there and pay off the landlord's mortgage and stop foreclosure.
ForeclosureFish
http://www.foreclosurefish.com/
2006-12-02 11:48:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I dont think there's much you can do! The person who USED to own the home no longer owns it! I would highly suggest start looking for another place to live, or at least prepare yourself for another place. It takes a few months to foreclose on a home, so you should have plenty of time to start looking! Don't wait until it's too late!
Hey, the way I see it, you were paying the guy rent, so what's his excuse for not paying the mortgage! Obviously, he is pocketing the rent money you give to him and not promising to pay the lender! And here you are paying and being the responsible one!!!
I would stop paying rent, start saving for your next deposit for your next apart! Hell, I'd stay there and keep saving as much as I can... and buy yourself a house! I start looking now, if I were you!
If you can be responsible enough to pay someone's mortgage, you might as well be paying your own!!!
Sorry, but that's just my personal opinion!
2006-12-02 11:50:22 · answer #3 · answered by ALEGNA 3 · 0⤊ 1⤋
I suggest getting in contact with whomever is foreclosing and see if you can stay in the house, if that is what you want to do. You will probably still need to pay rent to someone. It would be best to contact a lawyer in your area who is familiar with local real estate law to advise you. It is probably the mortgage company who is foreclosing. They will probably sell the home to someone. The new owner may want to rent the house out or could move in themselves. Make sure to keep all of your rent receipts. In any case, you will probably be given some time to move. My guess would be that you will be given 30 days to vacate, if the new owner doesn't want to rent the house. It is always better to have someone in the house rather than having it sit empty. Again, check with a local attorney and the people who are foreclosing. You may be able to work something out. Have you considered buying the house yourself? The mortgage people may be willing to work something out with you if you have decent credit and have receipts where you can show that you have made your rent payments on time.
2006-12-02 11:50:38 · answer #4 · answered by Flyby 6 · 0⤊ 0⤋
have you ever made tries to save the domicile from forecloser? in case you have filed a financial disaster 13Bk? this could help save your place. besides the fact that if it quite is now in forclosure what are your plans? If the tenant has wind of this they could be finding to lease someplace. in case you do no longer plan on saving the domicile and not paying the indoors maximum loan with the condo your getting it relatively is agaist the regulation. you may supply her / them a three day observe to pay or stop first in the past you're able to do a element.
2016-10-17 15:14:50 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Yes, you still have to pay rent. You are still in your place. You are still receiving the product you are paying for.
Just move out before you become homeless.
2006-12-02 11:42:55 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Rent-To-Own Home : http://RentToOwnHome.uzaev.com/?aUhF
2016-07-11 22:47:53 · answer #7 · answered by ? 3 · 0⤊ 0⤋
I dont know what state you are in, but there are many different laws regarding this. You MAY be able to take the landlord to court and get all of your money back (in most states).
2006-12-02 11:37:35 · answer #8 · answered by paigeamj 2 · 0⤊ 1⤋