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| Posted by: Martha from Florida on October 12, 2009, 8:22 am |
Comment:
On Sunday I was served with a summons...my landlord is in foreclosure. Do I have to continue paying rent? It is a huge cost trying to move. |
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Replies to this comment:
Posted By QWMichael from on April 16, 2010, 12:45 pm
No. But now i will. Thanks for that.
Posted By Denise from Georgia on November 17, 2009, 1:40 pm
Research the new law President Obama signed in May of 2009. This law was written to proctect renters. If the house you are renting goes into foreclosure, but has not been sold at auction, you are still obligated to pay the rent. Unfortunately, you may still be obligated to pay the current owner. I was told by my attorney to put the money in escrow. I guess it would depend on your state (county) laws. But the new law, Protecting Renters in time of Foreclosure is very straight forward. If the house goes back to the bank or an investor, they are suppose to honor your lease as long as you have a bona fide lease. If it gets purchased owner occupied, you get 90 days. They can not evict you in any sooner than that. Per the law, they can not evict you to sell the house. Do your research and learn the law, it will help you. You have to let them know about the law and maybe even hire an attorney. I just went thru this here in Nov 2009. I harrassed and intimidated. I had to educate myself, my attorney and the judge when we went to court. But in the end, I won the right to stay in the house through the end of my lease. By the way, don't let anyone come to your house to do appraisals, that is one of the loop holes in the law that was not addressed. If the bank or investor gets an appraisal, they may fight you to sell the house from under you.
Posted By Debra from Nevada on October 26, 2009, 11:26 am
If I have a lease that ends January 1st and the house sells shortly before that would I have any rights such as the 90 days to move out, cash for keys, etc. Or if the house actually sells a few days after would I have any rights. The house I am renting went into Degault on August 10th with 90 days to bring it current,(I was not told by them about this I found out on my own because I knew something wasn't right) on Oct 26th a notice was taped to our door by Recontrust Co. "Notice of Default/Election to Sell under Deed of Trust". Also this states they have 35 days to bring the note current or right to bring current expires. Any Advice will be greatly appreciated.
Posted By Lacey from California on October 19, 2009, 1:07 pm
You still have to pay your landlord rent. The law states (of course its different in each state) that if you are renting a house, you have to pay the owner of that house each month. Now if the house is in foreclosure, your landlord technically still owns it, therefore you still have to pay him/her rent. As long as his/her name still shows on the title as owner of the house, you have to pay them rent. Once the bank takes possession of the house, you no longer need to pay your landlord. I know its unfair, trust me, I'm a renter going through this situation too. Except my landlord hasnt paid the mortgage since November of 2008- and theres still no default on the house yet. It can take up to a year to actually go into foreclosure on some cases.
Posted By iflyjetzzz from Texas on October 17, 2009, 4:26 pm
You need to find your county's land record database online. Do a search of all filings on your property. If you don't know where to start, call your county clerk. Better yet, post your county in FL and I'll post a link to the website.
Here's some advice I posted on another forum to a renter whose house was already foreclosed:
Or better yet, if you're able to get a copy of the foreclosure, I'd include that with the letter. For me, I've gone to my county clerk's website and logged on to their electronic database. I'm in Bexar County (San Antonio), TX. Once logged on, I did a search of land records. By putting in the legal description of the property, I was able to see all records filed ... deed, partial release, lien, etc. I found the new deed that was filed after foreclosure. It lists the buyer, which is a Goldman Sachs (GS) trust. Basically, my owner's loan was subprime crap (10% interest rate) that was sold off to GS. GS packaged a bunch of these crap mortgages together and then subdivided them into tranches. They sold the tranches off to mutual fund managers and pension managers.
Here are a few words of caution for you:
1) The bank may not want you as a tenant. They may try to persuade you to leave; don't leave unless you want to.
2)Your lease is no longer valid; it has ended due to the foreclosure. That means you need to negotiate a new lease with the bank. Read it closely and DO NOT sign anything that you don't like. Make changes to it to suit your needs.
3) In accordance with the Protecting Tenants at Foreclosure Act, you can live in the house until the lease ends because an individual who was planning on living in the house did not buy it. That's something to think about when negotiating a new lease. I intend to have the following included in my new l
Posted By iflyjetzzz from Texas on October 15, 2009, 7:40 pm
Pre-foreclosure or post-foreclosure?
Check the county records and familiarize yourself with foreclosure auction procedures in your county.
Google 'Protecting Tenants at Foreclosure Act'. Read it. Understand every word of it.
Do you have a lease? If so, when's it expire?
With no lease (month to month), you have 90 days after foreclosure to move out. Make sure that you are offered 'Cash for Keys'. Also Google it, understand it, be prepared to insist on enough to cover moving costs.
With a lease, you can stay until the lease expires.
If you choose to stay longer than a short time after foreclosure, any Cash for Keys offer will be rescinded. That's leverage for you to get a better Cash for Keys settlement.
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