my land lord is in foreclosure and i've only been a tenant for 3months.?

Question

He then told her that he and his wife were looking for a single famiy to rent out his 2 bedroom 1 car garage home for $800 a month. She then later at our apartment gave us the news since we lived in a 1050 sq ft apartment which we pay almost a $1,000 a month broke the news to us and we were excited about moving in! Since we are going to be able to save couple hundred bucks more a month we said " why not!.. We always wanted to rent a house instead of an apartment with units. When we can rent a home that has a yard and garage!" So we meet this guy and we introduced ourselves and also showed us the home. It's about 1092 sq which was a little larger than our apartment. He said that he needed it to be moved in no later than a month and so we did. It's been 3 months being a tenant and he now tells us the house is foreclosing. And for the past 3 months we've been having issues with our landlord. He also one time let his self in the house without giving notice!! Please help us??....

Answer 1

If you are on a year's lease, ordinarily the new buyer will have to honor your lease. If you're on a month to month, then they only have to give you 30 days notice.

Since you've been having issues anyhow, those issues would likely only get worst. If the owner is padlocked by the Sheriff, then you won't have access to your property.

Answer 2

If you have a WRITTEN lease, it will survive the foreclosure. You can stay put until your lease is up. The bank will become your new landlord and you'll pay the rent to them or their designated property manager. Once the lease expires the bank will probalby notify you that you have to move so that they can sell the place.

If you don't have a written lease, the bank will become your landlord once the foreclosure is complete. What happens next will normally be up to the bank. They'll likely want you to move but must at least give you whatever statutory notice is required locally. That's typically 30 to 60 days. Most banks will be a bit flexible with you since you are an innocent party to the eviction.

Nobody -- landlord, Sheriff, or lender -- can padlock the property without a valid eviction order from a court of competent jurisdiction. That won't happen unless you refuse to leave and the landlord (bank in this case) has filed an eviction case and received an eviction order from the courts, so don't worry about that.

Normally a landlord cannot enter the home without prior notice and a valid reason to enter. Normally the landlord must provide 24 hours written notice of his intent to enter. Valid reasons to enter include making needed repairs, showing the place to prospective buyers or tenants, or to inspect the property for defects, damage, or violations of the lease terms. He can enter without notice to resolve an emergency condition but normally must leave notice in plain view of the entry and the emergency reason for it. You can file a crimminal trespass complaint against a landlord who enters without notice and a valid reason to enter.

Answer 3

bostonianinmo is correct.

Also, you can work out a deal with the bank (get a lawyer on your side though) that the rent paid will go toward equity and at the term of your lease you can purchase for the loan balance minus the amount paid in. The reason I say to get a lawyer is so the bank doesn't stick you with all of their legal fees. Based on your current rent, you can have an easy $9000 down payment plus what ever other money you want to bring to the table

Banks are not in the business of owning real estate and if they get stuck with it, it usually ends up costing them....if they have an out, they will usually work with you

Talk to the banker, find out what you can do and if they agree that they want to sell to you, contact an attorney to review any and all contracts