Landlord May Be Losing House - I am the tenant?

Question

I have been renting a 3 bedroom house for 6 months now, we have a one year lease. My landlord recently told me that when he rented me the place he was almost in foreclosure and now he wants the rent a little earlier than the usual (the 15th) because he fears he will "lose the house."

Needless to say, I am concerend. I don't want to pay him if he is losing the house. I also have paid on time since Day One and worry that he will lose the house and then I will be thrown out...I am in NY, anyone have any advice...

My fear is that he has been spending the rent money on other things and this is why he has fallen behind on his mortgage. How many months does it take someone to get at foreclosure in NY? Because knowing that will answer my question - if I have been paying him for 6 months and he is 6 months behind, this does not bode well for me.

Answer 1

It is not your job to save your landlord form foreclosure.

You probaly paid the last month's rent and a deposit when you moved in.

If your landlord is in financial trouble he probably will not have the money to return your deposit.

I would tell him quite frankly that you are concerned about his ability to return your deposit and how soon you will have to move out because of the foreclosure.

Ask your landlord if a notice of default has been filed and if so, when was it filed.

I would confirm this with The County Recorder's Office for the county where the property is located.

The County Recorder can tell you if a notice of default has been filed and when it was filed.

From the date of filing of The Notice of Default you can determine how much time you have left before the lender can sell the property at a Trustee's Sale.


I recommend that you contact an attorney who specializes in real estate law and discuss this with him.

You will need an attorney to protect your rights.

Your landlord (no matter how nice he may be) might not meet his obligations to you if he is in financial trouble.

The bank that takes the property back in foreclosure or the person who buys it at the Trustee's Sale also will not meet their obligations to you if they do not have to.

Your attorney will make them act in a more responsible manner than they would otherwise.

Answer 2

I would continue paying my rent, he still owns it until he loosing it to foreclosure which can take several months. You can wait until he looses it and see what the next owner whats to do with the house. A new owner may be looking for a home to live in and it that case you will be getting a 30 day notice to move or the new owner may be buying as an investment and you could be his new tenant.

Answer 3

What does your lease say? I am sure it has a rent due date.. you are not obligated to pay rent before the due date printed on the lease.. and he can't evict you. It's all up to you.. if you want to help out and do it as a favor because you have a good relationship with him, it's your call. It could work in your favor.. you don't want to be living there and then all of a sudden find your things out in the street because the house forecloses either. I think I'd start looking for a new place to live, it just sounds fishy to me. Good luck.

Answer 4

if the bank does foreclose on the house you are renting it is under no obligation to continue to continue renting to you. you would have to move out. what where your plans in another 6 months anyway? that is the end of the lease agreement so you may of had to move then anyway. just move it up 3 months to the 9 month mark and be ready to move month to month. the foreclosure process is not an immediate thing. if you stoped paying rent outright it would still take 2-4 months to kick you out of the house leagally.

Answer 5

Do not pay your rents before they are due. If he loses the house before your rent is due and AFTER you have paid him, you will have paid the wrong owner the rent. In other words, if you pay him on the 20th instead of the 1st of the month, and the bank takes ownership on the 30th of the month, THEN your rent would be due to the bank, not the landlord. Yes, the bank will ask for it.

Answer 6

relies upon on the hot proprietor. in case your hire is contemporary, you may sue the owner for the stability of the hire which you paid. although, remember which you would be in for dissimilar issues, because of the fact if he had the money he might pay the residing house be conscious. you may attempt to preserve a private loan and purchase the residing house straight away from the owner, in the past the ordinary public sale. He might supply you a stable fee, for the reason that he will lose the residing house besides.

Answer 7

well legally if you have a written contract with him to rent, then you have to pay him. Its good he is at least being honest with you about having possible trouble keeping the house instead of just springing it on you one day saying you have to vacate the property.

If you are able to get the rent to him a little earlier, i'd see if i could comply with him, that will hopefully make it a little bit easier for him to pay the mortgage on the house. Just remember this isn't your fault, this crazy mortgage rates and stuff are affecting everyone, you've done good paying on time, but rates rise and landlords have to do what they can to keep the properties they have.

* He could have gotten and adjustable rate mortgage and now that the new year is coming his rate may change, which will mean that his monthly mortgage for that property will increase. *

Answer 8

If I were in your place, I would start looking for another place to rent. I would also continue to pay him on the 15th. There is nothing he can do to make you pay earlier just to save his butt. You will have to continue paying him as long as you are there, but start looking for another place ASAP. You might want to mention the situation you are in....it may improve your chances of finding another place.

Answer 9

i would keep paying him in advance if u want to keep living in that house. or if u no longer want to live there, look fir another place 2 live.