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    chicomafia's Avatar
    chicomafia Posts: 1, Reputation: 1
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    #1

    Sep 11, 2008, 06:14 PM
    I'm a tenant my landlord is facing foreclosure,
    What can I do?
    wish thinking's Avatar
    wish thinking Posts: 7, Reputation: 0
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    #2

    Sep 11, 2008, 07:05 PM
    Your Land Lord has to give u 30 days to find u another place.
    There isn't much u can do. If he told u what he was doing an giving u time to find another place. Good luck .
    rockinmommy's Avatar
    rockinmommy Posts: 1,123, Reputation: 82
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    #3

    Sep 12, 2008, 06:10 AM
    Quote Originally Posted by wish thinking
    Your Land Lord has to give u 30 days to find u another place.
    There isn't much u can do. If he told u what he was doing an giving u time to find another place. Good luck .
    This is not correct legal advise.
    rockinmommy's Avatar
    rockinmommy Posts: 1,123, Reputation: 82
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    #4

    Sep 12, 2008, 06:18 AM
    Quote Originally Posted by chicomafia
    what can i do??
    This is a problem being faced by tons of renters all over the country, unfortunately!

    Technically, the landlord still owns the property until it sells on the courthouse steps or the bank takes it back. And as long as he owns it, nothing changes. You still owe rent, you can't just break your lease and move without running the risk of him suing you, etc. (Unless you live in CA - they have some protections for tenants.)

    That said, is the landlord working with you? The discussion a lot on this board is that the landlord probably has so much on their plate right now that they're probably not real likely to come after you if you do bail out. (But they legally could.)

    Some evictions can happen within a couple of months, some take a year or more. Some residents are given notice from the lender to move out. Some expect you to be out immediately. There's no consistent procedure.

    You just have to make a calculated decision how long you want to hold out, what / how you want to pay rent (some recommend holding the rent in an escrow account so you have it if you were to be sued). It's just a judgement call on your part now.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #5

    Sep 12, 2008, 06:36 AM
    As Rockinmommy points out this is an increasingly common problem. However, since the landlord can forestall foreclosure by paying the arrears right up to when the property is auctioned, then you are obligated under the terms of the lease until the foreclosure is finalized. At which point the lease becomes void.

    At that point the new owners will serve you a vacate notice. Normally, they will give you a reasonable amount of time to move.

    Have you considered trying to buy the property from the landlord? If they are going to lose it anyway, they may be agreeable to selling it to you for a nominal amount. You can also talk to the lender and see if you can assume the mortgage by just paying the arrears. This may be a very cheap way to buy a house.
    this8384's Avatar
    this8384 Posts: 4,564, Reputation: 485
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    #6

    Sep 12, 2008, 07:16 AM
    You are still obligated to perform under the conditions of your lease. If you're living in a one-family home, the new owners may ask you to vacate... unless they're purchasing the house as income property. If you're living in a duplex, triplex, etc. then the new owners may ask you to stay as a tenant if you have a good history. It's kind of hard to say what's going to happen but I hope it works out for you.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #7

    Sep 12, 2008, 07:40 AM
    This has a good point. I think we assumed it was a one family house. However, if it's a multi family dwelling, then whoever purchases it may honor your lease.
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