First off we started renting a house from the real estate agency. We have a lease aggreement through end of March of next year. We have paied our share of the rent on time every month. But a couple of days ago we got a letter in the mail from a bank, that wasnt addressed to the owners of the house. It just said regarding occupant. So we thought it was junk mail from a bank trying to get us to join with them. And we opened to find out the owner never told us or the real estate agency that we are renting from, that his house is being forclosed on for not paying the mortgage. See the bank still thinks they live here, and that whoever is living in the home has to be out by Nov 1st. We contacted the real estate agency told them. They said that they would talk to the owner about it. It said after Nov.1st the house will go to HUD until it gets fixed up to sell. Since we have a lease and are renting the house,will they really take the house or can we stay alittle longer, can we buy the house?
2007-09-09 05:18:54 · 3 answers · asked by happygirl22 3 in Business & Finance ➔ Renting & Real Estate
I am not sure if I can buy a house my credit isnt that bad, I just never have bought a home because we just moved in this city, and wasnt for sure if we like it or not. That is one reason why we didnt buy, we seem to be moving alot.
2007-09-09 06:02:22 · update #1
I am not sure if I can buy a house my credit isnt that bad, I just never have bought a home because we just moved in this city, and wasnt for sure if we like it or not. That is one reason why we didnt buy, we seem to be moving alot.
2007-09-09 06:02:34 · update #2
They will take the home. The real estate company cannot ensure that an owner is paying on the home. However once they find out they cannot continue to take rental payments. It will be coming up for sale, but you will have to compete with all other buyers. Be prepared to move, and buy a home to avoid this in the future. It sounds like you can purchase your own home.
2007-09-09 05:53:52 · answer #1 · answered by Beatrice C 6 · 0⤊ 0⤋
Few things:
When the lender, first lien holder or senior lien forecloses on the property in general all liens, notes, leases that encumber the property that where junior in nature meaning came after the senior note that forecloses are wipe out, this includes your lease if junior, now federal, state, local utilities are not wipe out even if junior
you can buy the house, contact the the lender today, inform them who you are and express an interest to buy the place, they will run your credit figure out a down payment and would be very happy to close the deal, if you can swing it with credit and down payment
2007-09-09 12:32:33 · answer #2 · answered by goz1111 7 · 0⤊ 0⤋
The REAL owner is always the lender until the mortgage is paid off .
You do Not have a lease with the lender and they have no obligation to honor it .
You may talk to the bank and make an offer to purchase , which would then negate your lease as the previous mortgage holder would no longer have claim to the property .
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2007-09-09 12:34:33 · answer #3 · answered by kate 7 · 0⤊ 0⤋