I'm renting a house where the owner has not paid the mortgage in 6 months. She is telling property management, she is selling it to family member. I went to the recorders office and got copies of the Notice of Default. She has not paid up nor has she sold the property. Once the date of Oct 18th gets here. I was told the auction could take 30 days. The new owners of the bank then has to give me a 30 day notice to move. Which will take me to Christmas. I don't want to move during Christmas. Step by step what is going to happen? I'm making myself sick over this.
2007-09-23 09:15:48 · 4 answers · asked by Robin G 4 in Business & Finance ➔ Renting & Real Estate
You have a few options:
Once the lender forecloses - they typically give the renter 30-45 days notice to vacate the property, although they don't always do that right away. Sometimes there is a delay of a week or two while the bank people do their paperwork.
If you do not leave, they will start eviction proceedings against you, which normally take an additional 2-3 weeks - although can be longer over the holidays. You can fight the eviction in the court, and you might get an extension, but normally not in a foreclosure.
You have a few options:
1) You could just wait it out. Delays do happen. While you are probably going to get evicted, any delays could take you into mid-January.
2) Once you get the notice to move - you could contact the new owner and ask for an additional 30 days due to the holidays. Many times they will take rent for no more than 30 days - they don't want bad press that they are evicting a family during Xmas. Other times they won't. it depends on the new owner.
3) You could be proactive and look for a new place to stay. Give your outgoing owner notice so that you move out on 1 Nov or 1 Dec
4) be really proactive and buy the house from the owner.
Good luck
2007-09-23 09:32:30 · answer #1 · answered by rlloydevans 4 · 0⤊ 0⤋
Stop waiting for the "shoe to drop " .
Regardless of exactly when , you do know you have to move .
Get looking at listings NOW .
Start making trips to the charity shops to donate what you do not want to pay movers to pack up .
Start getting estimates for the movers (unless you have family with a truck ) .
OR , if you really like the place , contact the lender and make an offer .
Sitting around spinning your wheels and getting sick is pointless .
What does that change / accomplish ?
You have tons of advance notice time , USE IT !
>
2007-09-23 16:30:49 · answer #2 · answered by kate 7 · 0⤊ 0⤋
maybe speak to an attty ? not sure if your new owners intention will be to continue to renting ? or if they will want to vacate the house ? you will need to have your lease reviewed to determine your rights. not sure if you can terminate now / get your security deposit back ? if it is likely you will see your security deposit back if you have an owner in foreclosure / possibly bankruptcy . you might be best to not pay in October move in November ? ask your attorney. you really need a consultation to determine what is in your best interest.
2007-09-23 16:26:21 · answer #3 · answered by Mildred S 6 · 0⤊ 1⤋
Start looking for rentals now, "before" the snow comes.
And you will be moved by Christmas and "won't" be sick.
Good luck. <}:-})
2007-09-23 16:28:27 · answer #4 · answered by Anonymous · 1⤊ 0⤋