Can they do this. If it's forclosed, won't it be owned by the bank. What will the bank do, kick us out? I was told that the bank may help us look for a new place, maybe even offer to help us find a place, is this true.
2007-08-02 04:05:21 · 8 answers · asked by Loly T 1 in Home & Garden ➔ Other - Home & Garden
Laws vary from state to state. I can tell youthat New York requires a court order, and has very specific proceedures. They have to give you an opportunity to get your stuff out.
Banks don't want to be landlords- that is not their business. They usually place a forclosed property with a real estate broker to manage it until it is sold. If you can find out from th bank who that person is, and cooperate with them, they may buy some peace with what is called "key money". In other words, they will offer some financial help for moving expenses to avoid going through expensive eviction proceedures.
That's in NY. I don't know about other states.
2007-08-02 06:07:00 · answer #1 · answered by donmohan2 4 · 0⤊ 0⤋
The answer to this question depends on whether you have a written lease or not. If you have an unexpired lease, the next owner of the house is obligated by the terms of the lease until the end of the current lease. If your lease is expired and you are currently renting month-to-month, you will have thirty days to get out. If you have no written lease, you had better find another place fast.
2007-08-02 12:20:50 · answer #2 · answered by Brian A 7 · 0⤊ 0⤋
See if some of you can buy it from the bank as a Short Sale and you can become the landlord, if not you can petition the courts for a longer stay. nothing can happen with out a court order anyways.
2007-08-02 11:09:53 · answer #3 · answered by mr.obvious 6 · 0⤊ 0⤋
Contact a legal aid attorney and ask them if you are going to be evicted.Tell them what you heard and they can direct you.I believe you should get a 90 day notice.Someone may collect the rent til then,so make sure the right person is doing it.Sorry about your situation.
2007-08-02 11:10:51 · answer #4 · answered by Maw-Maw 7 · 0⤊ 0⤋
This is a legal question and answers depend on your rental agreement and local laws. Get an appointment with an attorney to get the correct legal answers.
2007-08-02 12:06:14 · answer #5 · answered by sensible_man 7 · 0⤊ 0⤋
Yes, you have to leave and you can be locked out.
I doubt if the bank will help you find another place to live, but it is worth asking.
Do not wait on doing something NOW. You might find yourself out on the street.
2007-08-02 11:11:01 · answer #6 · answered by Anonymous · 1⤊ 1⤋
Your landlord must follow the correct procdures, 60 day 30 day 7 day 3 day notice etc, they can't just say get out or else.
2007-08-02 11:09:36 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It all depends on what your contract says that you signed when you moved in (if you have one).
If you do not have one, then usually just "sufficient notice" (15 to 30 days) is required to be given.
2007-08-02 11:08:59 · answer #8 · answered by Dirt 2 · 0⤊ 0⤋