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| Posted by: Silvia from Arizona on June 17, 2009, 11:23 am |
Comment:
We recieved a letter from a lender, stating that your property may be in danger of foreclosure we can help, I thought it was advertisement, I called the property management at Apartment Hunters, he said he spoke with the owner, and yes, the house is in foreclosure. We are on our 10 month of a 12 month lease agreement. The property manager said we still have to make the rent payments, and that the landlord has been frozen any rent payments to her at this time. So, why are we still going to have to make our last 2 rent payments, when we have been current on our rent, had I not called about that informal letter and asked the property manager, we would have had less than 60 days to move and try and figure out where we are going to come up with $3,000 for sec/rent on another home? Is this so, are we still obligated to fullfill the contract even though the landlord broke the contract when she stopped making her mortgage payments when we were paying her our monthly rent on time? Can someone help me with this....Thanks! |
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Replies to this comment:
Posted By Juve from California on July 7, 2009, 9:03 pm
A big misconception from people is that they think the moment a property goes into foreclosure that they previous owner no longer owns the home. Untrue.
When a property goes into foreclosure it means that the lender, in most cases a bank, is processing the necessary paper work to legally take control of the property. Once the property forecloses, then and only then is when the bank has control.
While a property is being foreclosed, you have to honor the contract with your landlord. When the property forecloses, then you need to find out who the new owner is and deal with that financial institution directly. By Federal Law they have to give you 90 days to find a place, they cannot just kick you out.
If the bank is in a hurry to sell the home, they might offer you Cash for Keys to try and get you to move out earlier. This, of course, is voluntary and you don't have to take it. You can take the 90 days to find a place and move out.
Posted By Tom from Nevada on June 26, 2009, 2:38 pm
IF the property you rent goes into foreclosure. Do not pay the landlord, if the landlord doesn't own the property, find out who the owner is ( it may be a bank) then deal with them. The reality is you could lose a months rent and your damage deposit. Don't take (Elvis's advice he sounds a bit like a slum- Lord to me.
Posted By Jody from West Virginia on June 23, 2009, 7:22 am
We were just sued by our landlord as we didnt want to pay her rent unless she showed us a receipt proving she made her mortgage payment. She refused to show proof of payment, evicted us and she won in court. She has 6 homes in foreclosure. She is a lying bitch but as long as that lease is in effect tenants have no rights at all. These landlords are getting over and taking peoples money.
Posted By Elvis from California on June 21, 2009, 9:45 am
Of course you have to pay your rent as long as you are living there! As of yet, the landlord has not broken her contract with you. You are living there, you are paying rent, everything is normal (so far). You haven't gotten an eviction notice, the landlord hasn't broken her contract with you YET. Foreclosures can take time, most likely you will be able to finish your lease. You will have to pay rent for every day that you live there.
Moving is inconvenient and costly so that part kind of sucks. But you can't really blame the landlord for that--she only promised you a year, after all!
It is good that you found out about the foreclosure so you can plan to move at the end of the lease. I wouldn't stay longer, you want to move out while the landlord still has the money to return your deposit.
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