Help!!! Foreclosure

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call your landlord and sign a new lease agreement before this happens. Make sure you have a 2 year lease with option to walk away at your will. It's the least he can do, and keep paying him rent until then.

I would try to sign a new lease, but Dont keep paying HIM rent once the bank totally owns the property- that makes no sense to me. Same thing happened to my sister, she kept paying despite a foreclosure and the guy just pocketed the money. You have to ask yourself- if you are paying the rent, WHAT is he doing with the money??? Obviously not paying his mortgage....
 
That happened to our neighbor when we first bought our house. Our neighbor said he was paying the landlord, then found out later the landlord never paid the bank. Our neighbor went directly to the bank, and payed the rent to them directly. He was trying to buy the house from the bank, but the bank said he had to either go thru the previous owner directly or wait for the official foreclosure. Our neighbor eventually ended up moving. He didn't want to wait for the bank, and didn't trust the landlord.

If you don't want to deal with the bank, then explain to the landlord, you will be putting the rent money in a savings account until this is sorted out. That way you are protected if the bank decides it wants to go after you for back rent payments. The landlord might be doing that already, but you just don't know.

Bluemoon
 
Same thing happened to friends of ours. They were served papers by a sheriff saying it was being foreclosed on. Landlord wasn't paying the mortgage, just taking their money. They contacted the people on the notice and, long story short, they are buying the place. The bank told them to stop paying rent but save that money for closing costs. It has taken 7 months so far and not closed, but they are slowly creeping along towards owning it and have quite a bit put back for closing costs. The bank was happy to work a deal with them for what was owed on the property as the sales price (less than market value, so good for our friends). Their area was VERY hard hit in the housing crisis, so if yours was, too, I'd give that bank a call.
 
We may be facing the same situation. It is my understanding that the bank will have to complete the foreclosure and then if they decide to get us out, they will have to go through a "unlawful retainer" hearing and this will take some time.

Renters, (unfortunately for the legal owners) have way too many rights and getting a renter out of a property is like pulling hens teeth.
 
We had the same thing happen last spring. We found out in May of 09 that our landlord hadn't paid on the house since Nov of 08. We quit paying him at that point (why pad his pockets when he already took our money and used it for something else) We ended up moving in August just to make sure the kids weren't in school and we were told to get out. The banks wouldn't give us any information at all as we wanted to stay and make payments to them but they said there was nothing they could tell us. On our county website they have a foreclosure tab and if we put the owners name on there it pulls up the house and tells what point the house is in in the foreclosure. To this day it is still sitting empty with my 2 big coops out back and our horse barn that my DH built. Absolutely heartbreaking.

Good luck Deb I know just what your feeling and going through
hugs.gif


eta our jerk landlord told us the same thing about redoing the loan and all that garbage. He had a 2nd out on the house and was just way over his head. At this time alsom he was telling my DH that the boarders at his equestrian center weren't paying him and the center was in trouble. We figured that's where our $2000 a month rent went.
 
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