My landlord was served with foreclosure papers yesterday. What does this mean for me?

Answer 1

This means that you will probably want to consider finding a new place to live. You will probably be able to stay there for at least a few more months, possibly even up to a year, but I would recommend that you start looking for a new place soon. If the home is going into foreclosure, he/she may not have the money to provide you with your security deposit back. Take this into consideration. You may not want to pay rent for your last month to make up for the security deposit and guarantee that you get it back. Obviously he/she will not be using your money to fix anything up in the house or cleaning it or anything else. As to whether you are asking if you should stop making payments to your landlord, this will go down as a moral decision. I highly recommend that you still make payments to your landlord as you signed an agreement with your landlord and it is your obligation to fulfill your agreement. Best of luck.

Ps: For all of those telling you to stop paying: Whether your landlord is pocketing the rent money or whatever, has absolutely nothing to do with you. It is his/her credit that is now destroyed and you don't know of his/her situation that caused the foreclosure. I am sure this was a major decision in your landlords mind to let the house go or he just simply could not afford the home any longer for whatever the reason may be. Your landlord is obviously having financial troubles and you signed an obligation to pay rent for a specified period of time. Your landlord will pay the consequences of his/her action of letting the house get foreclosed on and he/she can still evict you or have you evicted, and you are still obligated to pay your landlord the rent. The home is still the landlords home until the property is transferred through a sheriff's sale. He has the ability and right to get his home out of foreclosure. So until it is actually sold via sheriff's sale you still have an obligation to make your rent payments.

Answer 2

It could mean almost anything from a rent increase to having to move to getting new and perhaps better landlord.

READ YOUR LEASE - and see what sale of the property would mean to you.

Rather than "not paying" your rent, insist that any rent you pay goes into a separate "escrow" account that will prove that you did indeed pay your rent on time and in full. THis may be something that the bank will insist on - especially with rental property and foreclosures.

Speak with a good lawyer with experience in real estate. There may also be laws covering grandfathered leases, eviction times, and a host of other things that may work to your advantage now that the property is in foreclosure.

Answer 3

Means your landlord was taking your rent and spending it on other things.

Start looking for another place to rent.

Once papers are served it takes about 90 days to finally foreclose on the property and throw everyone out.

Terry S.

Answer 4

MOVE and quickly...you now know he has not been making his mortgage payments.
did it give you a date (like 30 days to vacate or...)
in any case...there is a foreclosure timeline...when it comes to the end and the bank finally takes possession of the property -you may be screwed when the marshalls show up at the door to lock you out without any of your belongings....so move - and quick.
when asked by new landlords why you are moving...tell them...be up front about this guy.

Good luck

Answer 5

Sounds like he was doing something else with your money than paying the mortgage! That's just sad!!!
Unfortunately the bank don't care who is in the house. They just want the money! I'd start looking for a place ASAP. If you have signed a lease you might be able to sue your landlord for making you leave early but that would be after the fact and sounds like they don't have money anyway...

sorry, good luck!

I agree with the above that said not pay anyone to him and save your money so you can aford to get out!

Answer 6

It means you had better start looking for another place to live. My ex husband and I were served like this several years ago when our landlotd didn't pay his bills. ALSO...that means that the landlord has been KEEPING your money and not paying his mortgage. Nice to know, huh? I am sorry. This completely stinks for you. I would be mad. Do NOT give your landlord a penny more! EVEN if they say you have to...he/she is lying. They will pocket it!

Answer 7

it means you better start lookig for another residence and fast, you have to move. the same thing happened to a friend of mine ...the landlord lost the property so they had to move as well. this could happen in an apartment, or a house that you are renting.

Answer 8

The regulations variety with the aid of state yet your brother has concepts. At this element he ought to hire a financial ruin criminal expert just to postpone the foreclosure technique. it is going to value him below $one thousand to try this and he does not ought to easily record for financial ruin. a good criminal expert ought to be waiting to postpone the foreclosure for a minimum of yet another 6 months possibly extra. With the overtime he has now he desires to work out if he would be waiting to make all the back money or placed the abode up on the industry. yet getting the criminal expert is a ought to if no longer the economic business enterprise will foreclose and he will loose money, ruin his credit and from what it sounds like he will nevertheless owe money to the economic business enterprise after the foreclose and he gets sued with the aid of the economic business enterprise additionally. if he easily is going via with the financial ruin he ought to be waiting to stay with the abode for a minimum of a pair of years with out making the money.

Answer 9

That you have to be out of the house at the time the forclosure goes into effect. One idea would be to contact the forclosure agent (prob. his bank) and see if arrangements can be made. They most likely will tell you no, but it is worth a try.

Answer 10

Sounds like it's time to pack up and find somewhere else to hang your hat!