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    cherkk's Avatar
    cherkk Posts: 14, Reputation: 1
    New Member
    		  
    #1

    Feb 29, 2012, 07:59 AM
    I have been renting a 5 bedroom home that is now in foreclosure
    Looks like most rental homes are in foreclosure. My family lives with me, seven people I don't know where to even start to look for another place to live. I do need advice and direction. My sister is 60 and in very poor health and can not take too many more moves. Please help me.
    farvaknowsbest's Avatar
    farvaknowsbest Posts: 199, Reputation: 8
    Junior Member
    		  
    #2

    Feb 29, 2012, 08:09 AM
    Well the good news here is that foreclosures usually take months to settle, so you have some time. If the house is in foreclosure but you are renting the house I believe you still have the right to live there as it is not your fault the house foreclosed. Another option may be looking in to buying the house from the bank. Foreclosed houses usually go for market value and you may be able to get a really good deal on it. Just a suggestion. Hope everything works out for you!
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Feb 29, 2012, 12:40 PM
    On top of the Real Estate Law forum is a sticky that deals with this issue. Once the foreclosure is final your lease will need to be honored unless the buyer plans on moving in. In that case you have 90 days to find a new place.

    However, you might consider buying the house. The bank may agree to seel for whatever the balance of the mortgage is.
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