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I just found out that my rented house is going into foreclosure and the broker says they won't accept rent no more because its not their property no more. Who do I pay rent to and my lease is about up around the same time, they will not accept the renewal lease they sent to me. What now??
Hello w:
When the house foreclosed, your rental agreement got canceled. If the bank owns it now, they MIGHT take rent from you, or they might give you 30 days to be out.
excon
Was it foreclosed on or is it in foreclosure?
If the foreclosure hasn't been finalized, you need to pay rent to the owner of the property. If the broker is no longer managing the property they should be able to give you the owner info. You might think of seeing if you can buy the property.
If the property has been foreclosed on then you have to find out who the new owner is and see what arrangements you can make with them.
If the property is going into foreclosure the owner still owns the house.
However, since the owner defaulted on the loan I would save your money to find other accommodations.
The broker do they still have the property listed?
Can you buy the house? Right now would be the perfect time since rates are low!
Again, this is bad advice. As long as the landlord owns the property the tenant is obligated to pay rent. We do not allow advice that involves breaking the law.Quote:
Originally Posted by ForeclosureHelp
The question is a little confusing... if the bank owns the property they will be filing a notice of ejectment.
It was stated that the broker will not accept anymore payments since it was now owned by the bank?
Sorry for the misinterpretation...
As I stated in my response, he needs to find out who the current owner is and make arrangements with them, In the meantime, he needs to pay his rent into an escrow account.Quote:
Originally Posted by ForeclosureHelp
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