entered a year-long lease dec. 06. landlord has not paid mortgage since oct. 06, and in 90 days, the house will belong to the bank unless landlord pays substantial amount of money.
any advice?
2007-03-26 07:32:57 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Depending upon the state you live in.
You will likely be a hold over tenant with all the rights associated. On the downside your lease will likely be void (not if you are rent controlled!) Also, some lenders will take over the property management to collect the rents according to the terms of the owners loan, so you could find yourself paying rent to a someone other than the owner if they show you a court order prior a foreclosure. If that happens, you are still a tenant under the terms of your lease.
The upside!
A new owner will have to give you notice to vacate 30 or 60 days, whatever the local law requires. (The current owner can do this)
A new owner through Foreclosure sale may not have access to any move in forms or photos as to what condition the property was in at the time you moved in, this is good when you want your deposit back, it's hard to blame the tenant for damages when you have no idea what the place was like at move in. In California the new owner has to give you back your deposit within 21 days and provide a detailed report of any deductions they kept all within 21 days of move out. You'll need a copy of your lease and proof of the deposit paid at move in, you'll clobber the new owner in small claims court if they don't give you your $ back (minus what ever the lease shows, Keys, remoted, cleaning etc.). If the lease says it was clean when you moved in, you need to leave it that way (minus normal wear and tear)
Also the Landlord must give you the right to a "prior to move out inspection" in writting. In CA the landlord MUST do this.
Whoever gives you notice to vacate: Personally I'd go to the local recorders office and make sure the person giving you notice owns the property, some new owners give you notice before they are on title... It's likely they must be in title to give you notice to vacate.
Cash for keys: In addition to your deposit and rents you paid prior to the date of foreclosure you can often negotiate a move out payment. Get all of the days you paid rent for, get all of your deposit back according to the terms of the lease and you can often get CASH from the new owner, maybe $100, maybe $1,000. Don't get to greedy though, these guys are plenty tough and may send Guido over to ask you to leave.
If the place goes up for auction there will be people looking in the windows, climbing your fence to see in, knocking, it'll be a circus.
Good luck.
2007-03-26 08:02:46 · answer #1 · answered by bob550k 1 · 0⤊ 0⤋
be prepared to move at some point, when the bank forecloses on the house all lien, leases which are junior to the bank note are terminated period. If and when the Bank takes over, if they can not find a buyer right away most likely they will let you stay as long as you pay rent, once some one buys the property then within thirty days you will have to move
2007-03-26 14:42:49 · answer #2 · answered by goz1111 7 · 0⤊ 0⤋
Diffrent states have diffrent laws on thinkgs like that.
here if you buy a place that has people in a lease living in it you can not kick them out untill there lease is up.
We wanted to buy a duplex but didnt just because we would of had to wate to move in.
Check out the laws maby call a lawyer (some will give advice over the phone free) then decide what to do. There is a chance you can stay there there is also a chance you will have to move.
Id also talk to the owner and find out what he is doing with your rent, If someone rents out a house and still owns on it the rent usualy covers the house payments.
2007-03-26 14:40:35 · answer #3 · answered by monkeyeatbutt@sbcglobal.net 4 · 0⤊ 1⤋
Prepare to move. The new owner will have to decide if they want to lease the house; and you'd be better prepared in case they want to move in. Lease will expire with owner's interest.
Ignore the people who don't understand the difference between buying a property that has a lease in effect and having a foreclosure take place.
2007-03-26 14:36:28 · answer #4 · answered by wizjp 7 · 0⤊ 1⤋
Find a new place to live ASAP and move without a notice. Pay your rent up until you find a new place but don't count on getting your security down payment back. If the landlord is that bad as to loose the house/apt, chances are you won't get anything back that you forked over to move in.
2007-03-26 14:39:06 · answer #5 · answered by justme 6 · 0⤊ 1⤋
Unfortunately nothing you can do but move. When the bank takes ownership of the property they may offer you a "cash for keys" arrangement to get you out, and that's the best case scenario.
2007-03-26 23:55:26 · answer #6 · answered by SndChaser 5 · 0⤊ 0⤋
Depending on your lease you could take action against your land lord. You could look into working something out with the bank and assume the mortgage if that was a course you would like. If you are only living there temporarily you might be able to work out something with the new land lord.
2007-03-26 14:38:42 · answer #7 · answered by bcnd 3 · 0⤊ 2⤋
There is an alternative..........try whats called a short sale if you think you can qualify for a loan. And TRUST me you may not think you can but there are many many different programs out there to qualify first time homebuyers. Email me with any questions you may have........Again I answer questions for free LOL
2007-03-26 14:45:13 · answer #8 · answered by peapod_mommy 2 · 0⤊ 0⤋
Buy it or move.
2007-03-26 14:36:56 · answer #9 · answered by dwforce 3 · 0⤊ 1⤋