I'm still living here in this house that my landlord lost . I have a lease an it's good till April of next year. My lawer sent letters to the bank that took over the property but have heard no nothing as of yet . what should I do .
2007-10-13 19:53:22 · 4 answers · asked by mustafa H 1 in Business & Finance ➔ Renting & Real Estate
Your lease is void now since the lender got the house back and you don't have a lease with them, they may force you out. The old mortgage is gone too so you can't assume it. Ask the bank about a buying the home and getting your own mortgage. Good luck buying your first home.
2007-10-13 20:07:48 · answer #1 · answered by shipwreck 7 · 2⤊ 0⤋
Yes you have a lease, but the lease is only valid as long as the previous owner owned the property. The bank is now the owner of the property, and it is the banks call if they honor your lease or not.
You have a lawyer working who has sent the information to the owning bank. I would consider calling them yourself and let them know that you are interested,while you are speaking with them find out what they will be listing the property for, and get yourself a mortgage preapproval for $20000 above that amount in case it becomes a bidding war (when it is listed), you have a buffer zone :)
2007-10-14 09:51:15 · answer #2 · answered by Ame 2 · 0⤊ 0⤋
Wait it out and make friends with the real estate agent who will be around soon.
If in your shoes I would wait until it goes to auction and try to get it cheap.
In the meantime, get pre-qualified for a housing loan, and start saving money for a new place to live.
Good luck to you.
2007-10-14 03:07:22 · answer #3 · answered by Gem 7 · 0⤊ 0⤋
You'd probably have to come in with some cash and ask them to refinance, that is, qualify for a new loan. You probably can't do it.
2007-10-14 02:59:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋