i am renting home from another owner and just foind out that he had not been making martgage payments. we found out that the home is being foreclosed and is currently in "pre-forclouse". i found the following site that had SOME information regarding the foreclosure, but still need extra help. when is this going to happena dn how much longer can i stay living here? i by no means have the money to get up and move right now, but seem to have no choice! am i going to be homeless?? what is the timeline? when must i go? will i receive notice? SEROIUS ANSWERS ONLY PLEASE.
2007-09-17 07:11:55 · 8 answers · asked by justlivinglife 2 in Business & Finance ➔ Renting & Real Estate
http://www.foreclosure.com/listing.html?listingid=6929191#firststep
2007-09-17 07:12:26 · update #1
good afternoon, yes you will be given notice how much i do not know as of yet, if you would like i can find out how long you have.all i need is the landlords name and the address of the location. you might just get lucky and the new buyer allows you to stay,hopefully.if you want you can send the information on the house to eng71401@yahoo.com
2007-09-17 09:19:53 · answer #1 · answered by eng71401 1 · 0⤊ 0⤋
Find out who is doing the forecloser on this home, because at this time they are not receiving any money and at least while you are there after they take possession of it you can pay rent.
The best thing to do is go straight to the source about this.
Even if things do turn to worse there is still procedures that they have to go though that could take at least 90 days... They would have to get you evicted do you have a lease? If it was me I would be saving up my money and ride it out until a sheriff makes you leave,
But that is what I would do not what you should do.
2007-09-17 14:26:59 · answer #2 · answered by Kathryn 2 · 0⤊ 0⤋
Unfortunately you will have to move. You might as well start looking now. Because we do not know where you are located, generally the foreclosure process takes approximately 6 months. There will be a sherrifs sale and the home auctioned at that time. Make sure you document any rent payments you make. You may need proof of them at some point.
2007-09-17 14:24:02 · answer #3 · answered by Alterfemego 7 · 0⤊ 0⤋
Even if the house is foreclosed on, the lender would probably rather have you living there paying rent than the house be vacant. It also takes some time to foreclose.
In any case, you will receive at least a 30 day notice to vacate. You may want to consider cleaning out those closets and having a garage sale, just in case.
2007-09-17 14:22:09 · answer #4 · answered by bdancer222 7 · 0⤊ 0⤋
it all depends on the action of the home owner, but in general unless something happens from the course, you should start savings as much as you can for within a month or two you probably will have to leave
2007-09-17 14:20:50 · answer #5 · answered by goz1111 7 · 0⤊ 0⤋
yes you will have at least 30 days notice. that is if the foreclosure goes thru. also whoever buys it may allow you to stay in the home as it will already have "income" from the home.
2007-09-17 14:21:27 · answer #6 · answered by Anonymous · 0⤊ 0⤋
3 to 6 months time depends on how far is this foreclosure process at right now.
2007-09-17 14:21:26 · answer #7 · answered by Claudio 2 · 0⤊ 0⤋
If you had a contract the owner must honor it or compensate you.
2007-09-17 14:22:41 · answer #8 · answered by Anonymous · 0⤊ 0⤋