I've heard cases about when the bank takes over, sometimes the tenant gets money from the bank for moving expenses, security deposit, etc. It sounds too good to be true, but it comes from a reliable source. Does anyone know any details about something like this?
2007-12-02 12:05:21 · 6 answers · asked by ♥megan♥ 2 in Business & Finance ➔ Personal Finance
Clark Howard, a syndicated radio consumer advocate, told a story of this happening to him. He called the bank when he got the notice he was getting evicted to ask for more time. Long story short, the bank made him an offer he couldn't refuse, because they didn't want to deal with a foreclosed property either. He ended up with a mortgage that cost him less than his rent.
Call the lender and talk to the guy who will be handling the property. Given today's housing market, maybe there's an opportunity for you here.
In any case, the bank "may" do that to get you leave the place quickly and quietly while leaving it in good condition. But don't count on it.
2007-12-02 12:53:11 · answer #1 · answered by Uncle Pennybags 7 · 1⤊ 0⤋
The banks have plenty of options. Most likely all occupants will be booted and the house auctioned or put on market with a cooperating brokerage.
Unless there are specific county or state regulations regarding rentors rights under foreclosure I do not see a positive ending for you.
2007-12-02 12:15:23 · answer #2 · answered by ccampan 2 · 2⤊ 0⤋
The bank won't owe you a damage deposit. You'll have to sue your landlady for it, and obviously she doesn't have much money if she defaulted on her mortgage.
If you can afford to buy the home, you may want to contact the bank. As the tenant living in the home now, the bank may treat you preferentially.
2007-12-02 12:13:16 · answer #3 · answered by PhotoJim 4 · 0⤊ 0⤋
I'd read the article that I've attached below that just appeared in the New York Times a few weeks back about people in your situation. It doesn't look good. Banks don't want to be landlords and only have to give you a minimal notice to be out.
2007-12-02 13:39:46 · answer #4 · answered by shoredude2 7 · 0⤊ 0⤋
if the bank takes over then they will collect the rent, but i never heard of any bank giving you money on a foreclosure.
2007-12-02 12:09:19 · answer #5 · answered by deejayspop 6 · 1⤊ 0⤋
Depends somewhat on where you live, some states are much more "renter friendly".
2007-12-02 12:30:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋