2007-07-15 08:55:15 · 6 answers · asked by chucky 1 in Business & Finance ➔ Renting & Real Estate
The renters have very little rights in most of the US when this happens.
Are you sure it is true?
I would call the landlord and tell him I am moving out. He still has a right to expect rent from you up until the day he loses the house to foreclosure but if it shows up on your credit you should be able to explain it easily.
This is also why someone should not get involved in a rent to own scam.
2007-07-15 09:38:03 · answer #1 · answered by glenn 7 · 0⤊ 1⤋
if the homeowner goes into foreclosure....when the house is sold at auction at the courthouse...renters will be greeted soon after by the marshalls to evict them, cause the bank and/or new owners will not want the renters in there. if the marshalls show up---the renters have to leave right then...not 30 days...so if you are the renter --- GET OUT now... this is not good and is happening all over the US.
Pick up a paper and read everyday about all the foreclosures....it is maddening. There is a hugh article in the San Diego Union today that talks just about this very thing and states we have several more years of foreclosures coming in this market.
good luck
:)
2007-07-15 16:09:06 · answer #2 · answered by Blue October 6 · 0⤊ 1⤋
Keep paying your rent if you want to avoid eviction.
If you have a lease and the property is foreclosed upon the lease will survive the foreclosure. The new owner -- most likely the bank -- will have to honor it.
If you don't have a lease you can expect a Notice to Quit from the new owner shortly after the foreclosure. You may be able to negotiate something with the bank as to when you must vacate but if you don't they will most likely be forced to evict you.
2007-07-15 16:00:54 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
You don't really have an recourse because you don't own the property. If it is foreclosed on, you will have to move at some point.
However, what you might consider doing is buying it from the owner, either on a standard purchase agreement and getting your own mortgage on it or on a contract for deed. If they are behind on mortgage payments you may be able to work a program with the lender. To find out who the lender is, you will have to contact the county governement offices to help you.
2007-07-15 16:00:12 · answer #4 · answered by Alterfemego 7 · 0⤊ 0⤋
Who are you? Do you own the house? Did you lend the money?
2007-07-15 15:58:46 · answer #5 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
start looking for a new place to live really soon,
2007-07-15 15:58:08 · answer #6 · answered by goz1111 7 · 0⤊ 0⤋