2007-03-09 04:52:05 · 15 answers · asked by catpetpub 1 in Business & Finance ➔ Renting & Real Estate
SOUNDS LIKE ITS TIME TO BUY A TENT....AT LEAST SUMMERS ROUND THE CORNER
2007-03-09 04:55:38 · answer #1 · answered by michael b 5 · 1⤊ 1⤋
Im afraid you can't do anything about that!! You are only the tenant. What the landlord decides to do with the rent money - which is technically his money - is his choice. He chose not to use the money to pay the mortgage and now he has to face the consequences. You will just have to find somewhere else to live, or buy the house yourself, if possible!!
This is happening to a friend of mine. Her landlord ran up lots of debts and as a result the house is now being repossessed! My friend has a few weeks to find somewhere else to live!!
2007-03-09 04:56:31 · answer #2 · answered by Spence 3 · 3⤊ 0⤋
Foreclosure will likely be the end to your lease.
If he purchased that property as an investment upfront, he was legally obligated to forward those rent payments to the bank when he went into default. If he bought it as his own residence, he didn't have that requirement in writing, at least.
Either way, you owe nothing more than what you were supposed to pay on that lease anyway. The bank might even offer you cash to get out of the house so they can sell it. But start looking at other options.
2007-03-09 05:41:05 · answer #3 · answered by Yanswersmonitorsarenazis 5 · 1⤊ 0⤋
The foreclosure will cancel your lease You should consult with an attorney to be sure.
You may be able to stay on a month to month basis while you look for new place if the mortgage company will agree to it. Most likely they will want to sell the house as soon as possible so you will probably have to leave.
Don't play games with them. They have lots of attorneys that know their stuff. DO NOT let this go to an eviction. You won't win and It will ruin your credit.
2007-03-09 09:40:27 · answer #4 · answered by Michael J 2 · 0⤊ 1⤋
Call a local real estate board.......they can tell you the law in your state.
If it is to remain a rental porperty then the Lease usually goes with the property. Not the owner. In otherwords your lease remains in effect to the end of term even if property is transferred.
However, if a new owner wants you out then it is best to go
quietly. I would wait..keep yourself aware of what is happening and any settlement date.....If landlord doesnt cooperate with info. contact the sales agent. They should be
cooperative as they want any transfer to go smoothly.
2007-03-09 05:10:11 · answer #5 · answered by akuna_kumara 2 · 1⤊ 1⤋
You are not responsible for what he does or doesn't do with the money you give him...the only thing is, if you have a lease, you will be able, under law, to live out that lease regardless of who takes over.
2007-03-09 06:28:43 · answer #6 · answered by basport_2000 5 · 0⤊ 0⤋
I think the best thing to do would be to move...but why not stop paying rent, and living there until the sheriff knocks on the door? IT should be at least 90 days.
2007-03-09 06:07:25 · answer #7 · answered by Anonymous · 1⤊ 1⤋
This happened to me once. We were given the option to buy the house by the mortgage company. Good luck
2007-03-09 04:57:00 · answer #8 · answered by Anonymous · 1⤊ 0⤋
i guess you want to know what happens to you if you have a rent book you can go to the council for housing if not you will have to find some wear else to rent try citizens advice to see where you stand
2007-03-09 05:00:35 · answer #9 · answered by ray j 3 · 0⤊ 0⤋
So (odd wording), you are renting the house and now the house is being repossessed? Is that it? Just move.
2007-03-09 04:58:00 · answer #10 · answered by Anonymous · 0⤊ 0⤋
start looking for a new place to live, once the house goes threw foreclosure and is seized most likely you will have to move unless the new owner is buying it for an investment then maybe you can stay
2007-03-09 04:55:57 · answer #11 · answered by goz1111 7 · 2⤊ 0⤋