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My husband I are currently renting a home. We pay on time every month. Today we got a knock at the door, serving us (meant for the home owner) with a Final notice of Foreclosure. They said they have made several attempts to contact the owner for payment. This is 8 months worth, atleast of past due payments. My husband and I have told the owner that we will be seeking legal help. My ? is. Should we pay rent?

We have paid rent for 2yrs to this man, come to find out that 8 months of our money, went to his own pleasure. HELP!!!!?!??!

2007-08-09 09:21:24 · 5 answers · asked by Mandi 2 in Business & Finance Renting & Real Estate

5 answers

I would say don't pay any more rent unless your lawyer says you have to.

2007-08-09 09:25:10 · answer #1 · answered by redunicorn 7 · 0 0

I think your looking at this is the wrong way. Regardless of what he did with the money that is not the issue. The bottom line is the house is being foreclosed. No one wants to loose there home. I would seek information of how much is owed on the mortgage and if they will make a deal with you so you can own the property rather then pay someone else mortgage. If your credit is good they might take a loss on the property since the market has dropped.

2007-08-09 09:28:03 · answer #2 · answered by Kat G 6 · 0 0

His rental income was his if he can't make the payments he loses his house so you will need to move. If you don't pay the rent you can be evicted and sued maybe garnish your pay and will probably not get back any deposits either way.
I would plan to move and get some boxes. I don't know what legal help you can get to help him keep his home but maybe find a way to have the deposit applied to the last month's rent. You have 20 days until rent is due I would plan to move Sept 1.

2007-08-09 09:29:37 · answer #3 · answered by shipwreck 7 · 0 0

See if you can find a person at the bank who will be handling the foreclosure, and ask what they plan to do with the property. If they are just going to hold on to it, then they may let you pay the rent to them. If you don't know who to pay rent to, then I would get a lawyer, and give them the rent money to hold. Your LL will probably try to get the money from you, and so will the bank. If your attorney has the rent for safekeeping, then you can just refer whoever calls you to him or her, and they can figure it out.
Honestly though, I would probably just move, unless you seriously like the place you are living, in which case I would see if you can buy it, like another answerer said.

2007-08-09 10:04:57 · answer #4 · answered by Anonymous · 0 0

Frankly, it is irrelevant what he did with the rent money you have paid him in the past.

Now to the meat of your question
"My ? is. Should we pay rent? "
You need to talk to an attorney IMMEDIATELY about your best course of action but I can tell you this if the property does go into foreclosure the lender will evict you from the property

I would begin looking and preparing to move immediately. If I were in your shoes, I probably wouldn't pay Sep rent, find a new place and move. What is he going to do....evict you?

2007-08-09 09:45:03 · answer #5 · answered by Craig T 6 · 0 0

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