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    irishlady1204's Avatar
    irishlady1204 Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Jul 20, 2007, 05:38 PM
    Do I still pay rent?
    My landlord's mortgage just got foreclosed on (I've only lived here 6 weeks!! ) Do I still pay her rent? Does the bank really own the house now? Help!!
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #2

    Jul 20, 2007, 06:40 PM
    You pay rent no matter who owns the building. If it really has been foreclosed you owe the bank. If the foreclosure isn't final you pay the old owner. Be careful and know your facts. If you pay the old owner and the foreclosure is final you still owe the bank to same amount. Do not pay either party until you know the facts, call the bank and ask. Do not call the old owner and ask, sounds like a deadbeat anyway.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jul 20, 2007, 07:56 PM
    You need to start looking for a new place to live. Foreclosure voids your lease.

    How do you know it was foreclosed? What notification have you received?
    irishlady1204's Avatar
    irishlady1204 Posts: 5, Reputation: 1
    New Member
    		  
    #4

    Jul 20, 2007, 09:17 PM
    Quote Originally Posted by irishlady1204
    My landlord's mortgage just got foreclosed on (I've only lived here 6 wks!!!!) Do I still pay her rent? Does the bank really own the house now? Help!!!!!!!!!!!!!!!!!!!
    I received a letter from the bank sent to "Jane Doe or current resident" stating that foreclosure has been granted. The owner has NEVER mentioned anything... she doesn't know I know. Like I said... I've only lived here 6 weeks!! I would have never moved in had I known!
    Thanks for your help! Looks like I've got a lot of calls to make!
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #5

    Jul 21, 2007, 06:27 AM
    What else did the letter say? Foreclosure being granted doesn't necessarily mean the bank retook posssession. It just could mean they CAN take possession. Did the letter say anything about vacating or about who to pay rent to? You really need to give us more info to help you.

    What I would do at this point, is put the rent payments into a separate savings account. Once this is all resolved, you can then turn over the payments to whomever they belong to or you can use them to move.

    You do have a cause of action against the landlord. If he rented the property only 6 weeks ago, he had to know about the impending foreclosure. To not mention it was negligent. However, if he can't keep up the payments on the property, how are you going to collect anything?
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