Help!!! Foreclosure

[saddina]

http://www.nlihc.org/template/page.cfm?id=227

Here's the paperwork you'll need (we moved in November for the same reason, remember?). I agree with Boyd, if you love the place, ask to sign a 2yr lease and that buys you time.

 

[bel]

They have to give you time to get out, I think its 60 days after the sale, look up your local regulations to be sure. If it does go up for sale don't let the realestate agents bully you into leaving early either, you have rights so they can't just force you out, they can be really pushy and rude sometimes. Sometimes though to get things done faster they will offer you a couple grand after the sale to leave before the 60 or 90 days and leave it clean.

We went through the same thing when we rented and the landlord stopped paying. Keep on your landlord to keep you informed, we got strung along about restructure but the bank never did, to be safe start looking for a new place. We managed to buy a fixer cheap, (check out realestate sometimes house payments can be the same price as rent or less).


Hopefully your landlord comes through and it doesn't get to that.

 

[SillyChicken]

Quote:
yes but the bank might want to keep you guys on as tenants if it covers all the expenses-until they put it uop for sale orrr..they could offer you a sweet deal on the house so they don't have a ton of work to do on it!!!!

Yeah, you might be able to get the place, how cool is that! Probably pay less a month too! Good luck with the outcome!

 

[HennyJenny]

Deb,
I agree with the person that said that if the bank owns the house it is too late for your landlord to give you a lease - it is also too late for you to pay rent until you talk to an attorney. Sorry!
Jennifer

 

[The Poultry Peanut]

 

[rancher hicks]

Who knows the bank may work out a deal where you get to convert from tenant to owner. Talk to the bank.

 

[Whispering Winds]

Quote:
Are you in a position to possibly buy it from the bank? Sometimes, a short sale will be the answer but it sounds like a full blown foreclosure has already happened, which means your landlord has not made a payment for quite some time. I wouldn't start packing. A foreclosure can actually take up to 18 months to happen. If this is just in the first throes of it, then you probably can wait it out. But, after your lease is up, be ready to go. I also wouldn't give a dime more after the lease is up, and no one has told you to leave to the landlord either. I am a realtor, deal with BPO's (mini appraisals) on foreclosures all the time, and have one client, who I have her house listed, that hasn't made a payment for close to 9 months and they are still in it. Depends upon what the lender says. Don't be surprised if you have cars going by taking pics and that kind of stuff, and might even be contacted by an agent who has been assigned an int. BPO. She/He will come in and take pics of all the rooms and any damage and fill out a report, complete with pics. It's a long slow process for sure. Too bad you are the victim though.

 

[Elite Silkies]

My cousin just went through the same thing. The courts gave him 90 days. I wish I had known about the lease, he could have had one done and had longer to stay.

I hope everything works out for you guys.

 

[kelseygirl707]

Well Deb, If I win the Lotto tonight, we'll bid on your house in auction for you!

 

[rancher hicks]

who's the bank? my SIL works in one and does the foreclosures. Maybe he can shed some light on where you stand.