Is that means I have to move right away or I have one or two more months to stay.
2007-09-28 09:37:08 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
a short sale is different then a foreclosure which would wipe out your lease that is junior to the senior note
but on a short sale all that happens is the bank OKs a sale lower then the note but no legal proceeding to cancel junior encumbrances like your lease
so in my opinion the new owner will still have to Honor the terms of the lease
2007-09-28 11:18:47 · answer #1 · answered by goz1111 7 · 0⤊ 0⤋
I think you should look into moving right away without a delay. Give your landlord a 30 day notice.
Short sale just means that your landlord still owes mortgage on the house and when he sells the house he just has to give the bank the proceeds even if it's not the same amount that he owes on the loan. It'll stop him from going into foreclosure.
2007-09-28 09:50:36 · answer #2 · answered by SylentDreamer 2 · 0⤊ 0⤋
The other poster is incorrect.
MOST mortgage companies have a policy that you CANNOT short-sale unless you are current with your payments. If the other poster knows of one that will only short-sale if you are 91 days late or greater, that is the exception and not the rule.
Here is the thing: If you are currently mid-lease, a short-sale is NOT the same as a legal foreclosure, therefore the new owners must accept the lease as it stands, and are not obligated to renew it.
2007-09-28 09:46:46 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋
I agree with the first poster. If the home you are living in and paying rent is up for short sale. It means the owner is about 91+ days late.
Most state you will have to move out immediately, but many states dont allow the home owner to collect the rent and not pay the mortgage.
Meaning he might pay for you to move. You have to call your state to see what the laws are. You cant stop the short sale, but you have rights as well. Call your state and ask for renters rights, should be dept of consumer protection. Find out what the laws are.
Good luck, but be ready to move out the day it sales.
2007-09-28 09:44:45 · answer #4 · answered by financing_loans 6 · 0⤊ 1⤋
If you are under lease usually the new owner must honor the lease and can't force you to move until the lease has expired. Anyway that is how it works in the state of Nebraska. Now if the house went into foreclosure that would be a different story.
2007-09-28 10:57:45 · answer #5 · answered by Desiderata 2 · 0⤊ 0⤋
Depends. Do you have a lease? If so, you can stay until it expires. If not, expect the new owner to give you 30 days notice once the sale closes.
2007-09-28 09:43:10 · answer #6 · answered by Bostonian In MO 7 · 1⤊ 0⤋
depends on what state you are in. I would check your local dept of real estate and see how long you have. I know in california if you have lived there for longer then 12 months he has to serve you 60 days notice. Have you thought of maybe buying the house?? If he is short selling it, this means he is 91 days behind on his mortgage, you cant short sell unless you are late on your payment
2007-09-28 09:40:33 · answer #7 · answered by mscarriem 3 · 1⤊ 1⤋
It would also depend on who buys the home. Perhaps they would want to continue renting it to you.
2007-09-28 09:41:38 · answer #8 · answered by flamingojohn 4 · 0⤊ 0⤋
don't move until someone makes you. in the meantime, start looking for new digs.
2007-09-28 09:51:21 · answer #9 · answered by pyro 2 · 0⤊ 0⤋