The house is going to foreclosure within a couple of months. I love where I live; I do not want to move. I understand that in CA the lease will not survive the foreclosure because the lien was recorded before the lease.
Is there anything I can do to protect my interest? And will I have an eviction on my record if I wait till foreclosure to move?
2007-11-12 22:22:41 · 6 answers · asked by bitten by a kitten 1 in Business & Finance ➔ Renting & Real Estate
It's a single family home. Anyone who buys it will want to move in. Very little is selling in my neighborhood; I might be able to convince the bank to do a short-sale. But since I can only put down 10% and will have to borrow on a second, it's doubtful I will be able to afford it even if they are willing to take a much lower offer.
2007-11-12 22:41:26 · update #1
NEW QUESTION:
Do I have to continue paying my landlady the rent even though I know she is not paying the mortgage?
2007-11-12 22:42:56 · update #2
Do you mean that the bank will find me in default on my rent? Because I really don't think anyone will buy this house in the current market. it will be just one of many houses on the market.
If the bank can't sell it, will they evict me immediately? Or just continue on a month-to-month basis?
Should I call and talk to the bank? It's World Savings, a pretty conservative lender.
2007-11-12 22:59:24 · update #3
"Do I have to continue paying my landlady the rent even though I know she is not paying the mortgage?"
Yes, the house is still hers. She can still stop the foreclosure, being in default is not the same as foreclosed. You still owe rent.
The bank will NOT let you rent from them. They are not landlords. Bank owned homes are vacant so that they have no liabilities.
Also, if the bank does not have to forcefully oust you there will be no legal eviction, so nothing to put on your record. Them asking you to move out is not an "eviction", the "eviction" is a court order for the sherriff to move you out. They will do that if you push it, but obviously you have been given notice that you need to start looking for another place to live.
2007-11-13 03:00:25 · answer #1 · answered by Landlord 7 · 2⤊ 0⤋
Your best hope is that the new owners want to continue to rent it out and that you can continue to live there.
You will not have a foreclosure on your record if you wait until the foreclosure to move. You will likely be given 30-60 days to move by the new owner.
Technically, yes, you need to continue to pay rent. If you knew exactly when the foreclosure was, you gamble and stop paying rent a little earlier than that. But not paying rent is a great reason to be evicted and then it could certainly show on your record.
good luck!
2007-11-12 22:54:40 · answer #2 · answered by Rush is a band 7 · 0⤊ 0⤋
You won't have an eviction on your record due to the landlords foreclosure. Things might work out, someone might buy the place and allow you to continue to live there. There might be a way for you to speak to the lawyers and see what your options are. Sometimes, the new owners will write a new lease for you, depending on what they plan to do with the building. You might be able to go to the bank where the foreclosure is, and make your pleas to them, letting the new owner aware that you wish to continue to live there.
Good luck !
2007-11-12 22:30:00 · answer #3 · answered by Robin B 5 · 0⤊ 0⤋
There is nothing you can do to remain at this property unless the new ownership elects to continue renting to you. The legal technicality involved is that you have a lease with your landlady for a specific property. Unless that lease transfers forward to the new owners, you will still have a lease with the landlady for a property which she no longer can provide to you, due to lack of ownership. Unless your state law mandates that such leases transfer to the new owners upon change of title, the lender will not take the new lease willingly.
Don't panic yet. The property MAY end up in the hands of a new owner who wishes to continue its use as a rental. If not, you will be 'evicted' from the premises, but such evictions due to no fault of yours will not end up on your credit report.
2007-11-12 22:44:53 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
You should contact the city in where you live to see what your options are. It's possible that they could sell the place on a short sale and someone purchasing it, would recognize your lease. But know for sure, call the city.
2007-11-12 23:39:22 · answer #5 · answered by Alterfemego 7 · 0⤊ 0⤋
Don't tenants have rights to
2007-11-12 22:25:48 · answer #6 · answered by Wayne ahrRg 4 · 0⤊ 1⤋