I have been in my lease for 2 years. I was with a property management company when the new owner said they wanted to lease the home to me when it renewed and not go thru the management company. We signed the new lease in April. Now October the home is about to be foreclosed on. I pay rent on time and still have 7 months on my lease. Can I loose my home? Is my lease no good any longer?
2007-10-18 08:46:30 · 9 answers · asked by thegator1 1 in Business & Finance ➔ Renting & Real Estate
The bank will own the home and doesn't have to rent to you.
2007-10-18 08:49:46 · answer #1 · answered by shipwreck 7 · 1⤊ 0⤋
Depending on your state the foreclosure process takes any where from 4 months to a year. The typical time is 6 months.
You can probably still live there for at least some of this time.
How long depends on what happens to the property. The owner may try and save the property via loss mitigation or other methods. Or the property will go to auction and if some one buys it (not likely in this market) then you may have to move unless the new owner agress to keep you as a renter. Or the property may become owned by the bank (most likely in this market) and the bank may let you stay in the propery for a while as they would rahter have it lived in than not. However, after the property is sold by the bank you will have to move unless as above the new owner agrees to let you stay. The problem is that you do not know if the new owner is buying it for an investment (in that case he or she might let you stay) or if they are buying it to live in (more likely). Obviously if they are buying it to live in then you have to move.
The prior poster is right ask the bank if they can offer you some kind of assistance if you need it.
You probably have at least 6 months to live there as the forclosure process is very long and on top of that once the house is put in the market (by the bank or otherwise) it is taking months and months to sell in this market.
You are not "losing" anything as you are a renter with no stake in the property to begin with. You may have to vacate and rent another place but you will not have "lost" anything.
2007-10-18 09:12:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you have a written lease, your lease should still be good. If your landlord/management company files bankruptcy, you will then need to contact the Bankruptcy Trustee to find out where payments go. Otherwise your lease should still be good and whoever ends up owning the lease should allow you to complete the lease. They would have to bring eviction proceedings to get you out. And if you are paying the new owner once there is a new owner, I doubt there would be grounds to evict you.
2007-10-22 08:38:38 · answer #3 · answered by Lesley 5 · 0⤊ 0⤋
The bank needs to be made aware that you are on the property. They will sometimes offer moving fees and assistance in getting another place. You will still need to be evicted and that process may take awhile. The foreclosure can take months so I would ask an attorney in your state about your options. You may be able to coast until the sale.
2007-10-18 08:56:50 · answer #4 · answered by BigPapa 1 · 0⤊ 0⤋
Sooner or later you will have to leave, I would make plans for the sooner, you could force them to evict you but then renting a new place would be much harder. Landlords for some reason hate to rent to people who have been evicted somewhere else.
FYI "loose" is free from restraint, such as my pants are loose. It does not cannot be used when you lose something such as your home. Loose is not a proper tense of the word lose, loss or lost.
2007-10-18 09:33:16 · answer #5 · answered by Seano 4 · 0⤊ 0⤋
He can no longer evict you whilst he remains the owner. while the foreclosures is finished and there are new proprietors, i.e., the economic company, you have a various situation. The lease would be paid to the economic company. The economic company will finally sell the residing house. yet you would be there for 8 months or longer. proceed to make your lease money. do no longer supply the owner any reason to evict you.
2016-10-13 02:30:52 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Yes you can be evicted. Once the house goes back to the bank they will evict you and resell the home. You have no protection.
2007-10-18 08:54:43 · answer #7 · answered by lahockeyg 5 · 0⤊ 0⤋
Two ways that you will loose depending on your state laws,
1.) you will be notified to come to court because they are extinguishing your rights under the lease due to the foreclosure.
2.) you get notice after the foreclosure to vacate the premises in accordance to the landlord tenant act of your state.
2007-10-18 08:52:55 · answer #8 · answered by newmexicorealestateforms 6 · 0⤊ 3⤋
depends on state law, so you need to Google it. [state: tenant law; foreclosure; eviction]
I know that in texas the foreclosure buyer [new owner] is required to give you notice ... i believe 30 days.
GL
2007-10-18 08:51:33 · answer #9 · answered by Spock (rhp) 7 · 0⤊ 0⤋