the bank want to make some kind of deal with us to get out soon. i'm perfectly fine with that but i don't know what kind of deal to expect. there are seven months left on the lease at $3000 per month. the bank took our lease to determine it's legality (or something) and said they would get back to us. how much can i reasonably expect to see from this?
we do not know the exact date the landlord got forclosed on. is he required by any law to inform us? also, he still has our deposit and possibly some rent money he collected from us after the house became the banks property. are we entitled to our deposit? how can we get it back if he never returns our calls? another issue, we haven't had heat in months and even after numerous calls, he never fixed it. is there anything that can be done about that?
2007-02-16 11:10:05 · 7 answers · asked by charlie other 2 in Business & Finance ➔ Renting & Real Estate
The bank has to honor the balance of the lease. They can't unilaterally break it. The foreclosure is nothing more than a change in ownership and the buyer of a property is bound by any existing leases.
Hopefully you only gave the bank a copy of your lease. If you gave them your original signed lease, demand its immediate return! They should have a the former landlord's copy to work from and it's their problem if they don't. You can provide a copy for their convenience but you should NEVER surrender your original!
Unless the landlord returned your security deposit to you, the bank MUST credit you with it at move-out whether they received it or not from the previous owner. If the landlord did hand it over to you, the bank can demand that you pay it to them if the lease requires a deposit.
As long as you have proof of the rents paid to the landlord, the bank will have to honor any payments you made until the date that they notified you of the change in ownership. Even if you don't have receipts or canceled checks, it's presumed that you are current unless the bank has proof otherwise which isn't likely.
The bank is now your landlord and they must handle the repairs now. Send them written notice of any required repairs, exactly as is spelled out in your lease. The legal obligations of the landlord passed to the new owner -- the bank in this case.
If the bank wants you out early, it's up to you whether or not you leave before the expiration of your lease. If they make a good enough offer, take the money and run. If you're not satisfied with their offer, tell them you'll settle with them at least expiration.
2007-02-16 11:25:02 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 1⤋
Bostonian's info is pretty correct. Other than that if your landlord got his/her loan before you got the lease, then the bank does not have to honor your lease. Only if you were there first and then your landlord refi'd, does the bank have to honor your lease.
Assuming the bank does not have to honor your lease, then I would have another meeting with them and suggest that you pay them the rent and that you also maintain the home until they find a buyer. Then you are basically protecting their interest and you will agree to move out asap once they have secured a buyer. The bank may go for this and then you have time to look for another place to rent.
Good luck.
2007-02-16 18:12:48 · answer #2 · answered by Chrisusc 2 · 0⤊ 0⤋
It's unlikely that you will see money from your ex-landlord without filing a claim in small claims court. Then you will still have to chase him for the payout.
The bank will have to evict you if you do not wish to leave. That is costly and time consuming. They may be willing to pay the deposit amount to you to have you leave.
I hope you don't live somewhere too cold. Why would you have continued to pay rent without having the heat available? Your new landlord-the bank-is now responsible for the upkeep of the house. You should put the future rent deposits into escrow. You should let them know by certified letter that you will be doing this until the house is repaired.
2007-02-16 11:25:09 · answer #3 · answered by dreamlessleep 3 · 0⤊ 1⤋
Call the news team that investigates they will point you in the direction its called renters rights your landlord will have to refund your deposit as far as the bank making you move i am afraid the law will be on their side so if i were you i would be looking for a place to live because i highly doubt the bank will be giving you 3000.00 a month for the remainder of your lease, You may have to take your former landlord to court and sue him for your deposit he wasn't paying the note with the rent money he was putting it in his pocket and you are left out in the cold..
2007-02-16 11:31:30 · answer #4 · answered by Mary O 6 · 0⤊ 1⤋
If you're without heat, call the city.
Get the bank to pay you some money and your moving expenses.
El
2007-02-16 11:29:43 · answer #5 · answered by El_Nimo 3 · 0⤊ 0⤋
the bank must honor the lease ot buy you out for the entire amount!
They also owe you the security deposit.
2007-02-17 07:57:03 · answer #6 · answered by charlotte q 2 · 0⤊ 0⤋
If you don't have heat, and you've been paying your rent on time and the bank is foreclosing on this guys stuff, why are you guys still paying this landlord rent? Hey, he's not fixing stuff like heat, he's gonna lose the property too. He doesn't deserve rent!
2007-02-16 11:17:07 · answer #7 · answered by ANSWER MY QUESTION!! 6 · 0⤊ 2⤋