I just signed a new lease and when I checked the mailbox it was full of mail advertisments offering services for the foreclosure listing. I went online to check the public records and the mortgage company had filed Lis Pendens in September. What do I do?
2007-11-24 11:02:25 · 7 answers · asked by lmltide 1 in Business & Finance ➔ Renting & Real Estate
get a lawyer, you should also plan on moving!
2007-11-24 11:06:49 · answer #1 · answered by martimas77 2 · 1⤊ 0⤋
You have the right to sue the landlord for not disclosing the material fact that the property you would be renting was being foreclosed. That would certainly be a good reason to get back a security deposit or any months of rent that you paid up front.
But you do not have the right not to make the rent payments as long as you are living there. If you take advantage of living in the property, then you have to live there by the terms of the lease, which means paying rent for space and the quiet enjoyment of that space.
You can move out and try to get your money back that you've already paid and sue if the landlord isn't cooperative. But you can't try to live there for free during the foreclosure. That's unfortunately about the extent of your rights in this kind of situation.
2007-11-27 03:25:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
In a foreclosure, the lender does not assume existing leases. When the foreclosure action is completed, you will receive a notice from the new owner (probably the lender) telling you that you have to vacate the premises within a certain number of days. There's a chance to make some money here. Many lenders offer 'cash for keys' , which simply means that they will give you cash if you leave quickly and willingly, so they don't have to go through an eviction process.
However, if you paid any security deposit to your current landlord, that won't travel forward to the new owner either, and you will probably have to initiate a small claims court action against the current landlord in hopes of recovering the deposit.
2007-11-24 13:59:37 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
today the owner is taking any funds and saving the funds - on the brink of bypass avert-- You signed a 30 day hire contract settlement which obligates you to pay the rents promised. If he recieved the NOD- 4 months in the past then this means that finalization of the foreclosures technique is close to hand and quickly you may properly be recieving a letter telling you to look for different residing quarters-- yet you nonetheless would be secure additionally-- using fact this construction can now be bought for a miles less costly value and no be counted if that's in any solid situation an INVESTOR will %. it up almost in the present day and you will recieve a letter of latest administration be conscious including your suggestions. so which you may desire to proceed paying your hire would desire to be your ideal selection today. In some situations a foreclosures technique would desire to circulate as long as an entire 3 hundred and sixty 5 days before finalization of the approach yet save in mind that 8 months of the approach has already been outlived and so which you may desire to assume issues to truly start to ensue with right here few months. particular-- you will receive sufficient be conscious to vacate if a vacate is asked in any respect-- interior the intervening time save paying yur shrunk condo volume and do your set aside emergency moving funds, (wet day funds) Simpson and Loanmaster additionally grant super education take up it properly ... solid success
2016-10-18 00:22:01 · answer #4 · answered by ? 4 · 0⤊ 0⤋
I would contact the lender or the lender's attorney that recorded the lis pendens, and ask this same question of them.
I would also ask the lender if they have done anything in the court case that would require you to pay rent to them as opposed to the landlord.
2007-11-24 11:28:15 · answer #5 · answered by LUCKY 4 · 0⤊ 0⤋
If you want to be shrewd about this, call the lender and ask them if the mortgage is assumable(if you can afford the existing mortgage payments).
If the mortgage is not assumable and you can afford the payments apply to the lender for a mortgage loan or ask them if you can still rent the condo till it's sold. If not, it's time to move.
2007-11-24 17:12:05 · answer #6 · answered by !!! 7 · 0⤊ 0⤋
You probably don't have any rights if the condo goes to foreclosure. Sorry.
2007-11-24 11:19:03 · answer #7 · answered by Judy 7 · 0⤊ 0⤋