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StressednNJ · Dec 3, 2008, 06:12 PM

Hello Everyone.
I hope that I am posting this question to the correct topic page. I have recently found out that the building in which I live (as a renter) is facing a possible foreclosure. A man came by the building with legal papers and was looking for the landlord. My neighbor spoke to him and he told her that the building was facing foreclosure. My neighbor and I have both spoken to our landlord and she has given us both the impression that we have nothing to worry about and that she and her husband are working to keep the property. They are not the most honest and upfront people and I am, of course, incredibly stressed about this situation and about facing the possibility of being put out on the streets without much notice. Is there a website or place I can go that will tell me if my building is facing foreclosure preceedings and that will tell me how far along the foreclosure process is?

Thanks for the help!

ScottGem · Dec 3, 2008, 06:28 PM

Check the county clerk's office for who holds a lien on the rpoperty. Then contact them. There should also be a court record.

I wouldn't be concerned about being put out so quickly. Courts are sympathetic to enters caught in a foreclosure and are likely to give you plenty of time to find new housing.

Also if this is a multi unit building, the new owner is likely to run it as a rental anyway. You may have to sign a new lease though.

LisaB4657 · Dec 3, 2008, 06:28 PM

Try not to worry too much. If the building does go into foreclosure then you'll be given plenty of notice before there is any eviction. The bank will have to give you at least 10 days notice, and if you need more time to find a new place and they're not cooperative then a judge will give you at least 30 and maybe as much as 60 days.

ScottGem · Dec 3, 2008, 06:30 PM

Also, have you thoight about getting together with the other tnenats and buying the property and going co-op?

StressednNJ · Dec 3, 2008, 06:41 PM

Thank you for the answers. You both have made me feel a bit better. I will try calling the county clerk's office for information and the court for information on the court records. I was told that we would receive a few notices before the foreclosure actually happens, but I'm afraid that if we have to count on my landlords for those notices, we may be in trouble.

I haven't spoken to my neighbors about buying the property, but that is something to consider. I have been looking into buying a place - looks like it may happen sooner than I originally thought!

Thanks so much again!

ScottGem · Dec 3, 2008, 06:48 PM

If the landlord is close to losing the property anyway, they maqy not want to get anything out of a sale except to avoid a foreclosure. Or you may be ale to assume the mortgage by just paying the arrears.

LisaB4657 · Dec 3, 2008, 06:57 PM

There's something else you should consider... if the building is large enough then it's possible that the lender required the landlord to sign an "assignment of rents and leases" at the time of financing. That means that if the landlord defaults on the loan, all of the rents and leases get assigned to the lender. In that case the lender would have to honor the terms of your lease and would not be entitled to evict you.

In any case, whether there is a foreclosure or not, and whether there is an assignment of rents and leases or not, you are still going to be given plenty of notice by the court and most likely the lender as well. If your lease is going to be terminated then you should be able to get at least 30 or 60 days to find a new place.