I have a lease and the home may be in foreclosure. Not sure of time frame involved but it was filed in court within last month. Thanks for any help
2006-12-12 15:00:14 · 4 answers · asked by xxx 1 in Business & Finance ➔ Renting & Real Estate
Call the county tax assesor to determine if the property taxes are behind.
Call the county property dept to determine who is the lender, and has a foreclosure notice been filed. It will probably be better to go to the county office personally.
I would think the mortgage lender will have to honor your lease, but like someone said, you should try to get the advice of a local tenants rights agency. Maybe they have a set of froms or a steps you need to take. I can say this DO NOT take anything for granted, ie you call the bank and someone says sure everything is fine, then a week later the locks are changed, or the sheriff shows up and says you have to leave because you did not file an XYZ motion and are being evicted.
Not a good situation, but if you have a handle on the process, maybe you get free rent for 3-5 months. At least that is enough to cover you for your troubles and having to move. And if your landlord is in financial trouble, I would say you are not going to get your security deposit back.
Make sure you document everything and start a file. You might need to meet with an attorney, certainly that would give you more leverage and more protection. Good luck
2006-12-12 16:10:34 · answer #1 · answered by Gatsby216 7 · 0⤊ 0⤋
If the landlord isn't making payments and the mortgage company forecloses, then yes, you can be evicted. Talk to an attorney, I'm not one, you might have a suit against the landlord. Depending on your state, it can take from 3 months to 18 months before the foreclosure is final (sold at auction), and another month or more to evict.
Good luck!
2006-12-12 15:06:09 · answer #2 · answered by helblindison 2 · 0⤊ 0⤋
I think in most states the new owner is bound to the lease. If your lease is pretty standard in terms of length and the amount of rent, you should be ok.
There should be a local housing authority who can clarify this for you. If nothing else you should be able to contact the lender, because I am sure this is not the first time they have been through this situation.
2006-12-12 15:06:53 · answer #3 · answered by VATreasures 6 · 0⤊ 0⤋
Yes, simply read the mortgage, it will tell you.
2006-12-12 16:38:33 · answer #4 · answered by batwanda 4 · 0⤊ 0⤋