I just found out on my own that the landlord received a NOD in November their second one! I have only been living there for 2.5 months which means I have put in over 8k to stay in a place where I will be forced to move from. Any suggestions on my actions, and i do not want to buy the house. I already know I shouldnt pay anymore rent but that puts me in jeapordy with the landlord I also know I need to contact the bank but I dont know how to find out which one it is any advice is greatly appreciated.
2007-12-12 08:59:43 · 8 answers · asked by Marsbar 3 in Business & Finance ➔ Renting & Real Estate
You should talk to the landlord about what is being done to save the home. Maybe he's trying to refinance or save up and pay back the arrears. But you don't know how much danger you are in unless you talk to him about the situation.
If you aren't planning on paying rent anymore, you should plan on moving out. Your lease agreement with the landlord is still good for as long as he is the owner of the property. If you stop paying, then you can be evicted by the landlord long before being evicted by the county sheriff.
To find out which bank is foreclosing on the house, call the county court and ask who is named as the plaintiff in the case. You can also find out who the lawyers are that are working on the foreclosure. The court should be able to look up the case by the address of the property or the names of the owners.
Hope that helps.
ForeclosureFish
2007-12-13 05:13:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You said that you have 8K into this. Is that your first and last month's rent and the deposit?
I recommend that you ralk to an attorney who specializes in real estate law.
If your landlord is having financial problems he may not have the money to return any unused rent plus your deposit.
Your attorney will tell you what your options are with respect to recovering your deposit and unused rent.
You should also talk with your landlord. Ask him about the notice of defailt. I recommen that you appraosh him in a helpful manner. In facr I recommend that you ask him how you can help. He is probably under a great deal of stress right now.
If you approach him with the idea that you want ot be helpful if you can, he is more likely to be cooperative with you.
Unfortunately if the bank takes the property back in foreclosure, the bank can break your least.
The good news is that it soundsl like you are early in the process. It will be a few months benore the trustee can auction the property.
I would start now to get his sorted out with the landlord.
2007-12-12 10:01:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You cannot stop paying rent. If you live there, you have to pay. You do not need to contact the bank. They shouldn't discuss anything with you anyway as it really isn't you business.
It is entirely possible that the landlord will resolve his deliniquency problems and there won't be any foreclosure. Even if it does, it could be more than a year till you would actually be forced to move.
If you have a lease, you are stuck with those terms. If you don't have a lease, you can find someplace to move and just give your landlord 30 day notice.
2007-12-12 09:24:33 · answer #3 · answered by bdancer222 7 · 1⤊ 1⤋
if you gave a deposit at move in equal to a months rent
you can contact the owner to let him know that you will be moving because of the foreclosure and you will not be paying last months rent
and/or you can wait until you get notice from bank although some banks in different states do not give 30 days notice., if you can find out which bank it is you might be able to talk to someone but they usually don't give info out to a renter.
good luck
2007-12-12 09:25:17 · answer #4 · answered by jeanniep 5 · 0⤊ 0⤋
I would get out of the house ASAP, giving the appropriate notice, but also would tell the bank that holds the mortgage what is happening. And check with the police because you might be able to file a report especially to prevent that from happening to someone else. It may be worth a visit to a lawyer to see your rights, like just leave. Next time you rent you want to check out the stats on the house, eg mortgage status.
2016-05-23 06:44:01 · answer #5 · answered by ? 3 · 0⤊ 0⤋
this sounds strange, but until the foreclosure is over and the bank has title again, it is still the property of the owner. I doubt if he would evict you, but who knows, he is still the owner. Foreclosures can take 4 months to l year to finish.
2007-12-12 09:07:25 · answer #6 · answered by DeeDee 6 · 0⤊ 0⤋
Rent To Own Homes - http://RentToOwnHome.uzaev.com/?IKSr
2016-07-13 03:31:33 · answer #7 · answered by Glenn 3 · 0⤊ 0⤋
Why don't you buy it as a foreclosure?
Learn from here:
http://www.buying-investment-property.info
2007-12-12 09:27:14 · answer #8 · answered by Anonymous · 0⤊ 1⤋