My lease has expired. Property management can't tell me anything. Will the bank let me know my options? Or am I on my own? Is there a website I can find out if they are in foreclosure? Downtown is 20 miles away. I don't have the time to make the trip to the county recorders office. Do I pay the rent to the bank? Or do I continue to pay the owners?
2007-07-07 20:24:09 · 7 answers · asked by Robin G 4 in Business & Finance ➔ Renting & Real Estate
When I pay rent I assume it is to pay the mortgage. Once the bank takes over. I don't feel the landlord is entitled to it.
Why should the landlord receive rent money met to pay the mortgage? If I were the bank I would take issue with this. How is that ethical or right?
2007-07-07 20:51:39 · update #1
If the bank has not contacted you they don't own it.
If it has been all the way through foreclosure.
There should be something on your door shortly that will answer most of these questions. i.e. when the bank will take over, persons to contact, and possibly who to contact to negotiate with if the bank does end up with it. Phone numbers will be there also.
You have a contract that you must respect until the courts tell you different. The bank would like back payments but it's not theirs until they legally own it. If you don't pay as always YOU fall into default of your agreement! Good luck
2007-07-07 20:34:48 · answer #1 · answered by Willems_grandpa 3 · 0⤊ 0⤋
Until you are notified by the new owner (most likely the bank) continue according to whatever agreement you have in place.
Once the foreclosure is complete the bank will notify you of where to sent your rent. Most likely they'll also give you whatever the statutory notice to quit is for your locale. That's typically 30 or possibly 60 days. If you are having trouble locating a suitable place the bank may be willing to work with you on the move-out date.
Since a move is probably inevitable and your lease is now month-to-month it would probably be best to start looking for a new place now. At least you'll be able to keep it on your schedule for the time being.
2007-07-07 20:53:55 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋
If the owner is foreclosed on, that means he's no longer the owner and has no rights. If you pay him rent, it's a losing proposition. You call the bank and find out what your position is, maybe the bank will let you live there and pay them. They are the new owners. Maybe hey can make a deal with you but, don't expect to much from them, it's a business deal, not from the heart.
2007-07-08 01:04:58 · answer #3 · answered by cowboydoc 7 · 0⤊ 0⤋
Search the city or county courthouse records via website for the house in question.If you know the owners name that'll help you find the case in question to see if it is even in process yet.
most foreclosures go to sheriff sale so the county court record is your best bet.An eviction notice will still have to go up so if in doubt you can call the clerk of courts and see if an eviction order has been placed on the property in question.I would contact the fair housing dept in your area and see about paying your rent to them to hold in escrow they maybe able to help answer your questions also.I wouldn't pay the bank or the owners until I know what is going on if you have You should make sure you have reciept that you paid.
2007-07-07 20:32:41 · answer #4 · answered by boobooloo 4 · 0⤊ 0⤋
You're paying rent, not the mortgage and they are indeed entitled to it.
When the house is sold the new owner (the bank or a buyer) will contact you with your options. If its a bank they may allow you to pay rent and stay while a buyer will probably ask you to leave and start eviction if you don't.
2007-07-08 00:47:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Robin, it appears as tho you are a forthright person, however in a situation like that I see myself as an owner in retrospect. I suggest that if the property is in its 11th hour of foreclosure, you open a trust acct and place the funds in the acct for the surviving owner.
This way, you have covered your bases, the banks will get paid, or vested owners, and you are given a clean bill of health by the victor.
As for the time, the time-line could be 2-6 months depending on the methods the vested owner takes to avoid foreclosure proceedings.
break-a-leg
2007-07-07 20:44:39 · answer #6 · answered by ticketoride04 5 · 0⤊ 1⤋
yeah, your on a month to month. they still have to give you notice. i believe. it doesnt hurt to contact an attorney.
2007-07-07 20:46:33 · answer #7 · answered by just hanging around 5 · 0⤊ 0⤋