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

    Sep 2, 2007, 08:52 PM
    Hello Everybody, I am in a month by month contract. The owner is going through foreclosure but I think that it is in the beginning stages. He will not give me any information as to who the lender is. First of all, do I have to continue to pay him rent even though he told me that he is surrendering the house and I am on a month to month and he told me that I can stay until the bank kicks me out? Secondly, is there a way that I can find out who the lender is by myself online and ask them their policy regarding foreclosures? I could really use this advice. I'm a single mom and I am afraid that I won't have enough time to find something that I can afford.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Sep 3, 2007, 06:31 AM
    Quote Originally Posted by sierrasunn
    Hello Everybody, I am in a month by month contract. The owner is going through foreclosure but I think that it is in the beginning stages. He will not give me any information as to who the lender is. First of all, do I have to continue to pay him rent even though he told me that he is surrendering the house and I am on a month to month and he told me that I can stay until the bank kicks me out? Secondly, is there a way that I can find out who the lender is by myself online and ask them their policy regarding foreclosures? I could really use this advice. I'm a single mom and I am afraid that I won't have enough time to find something that I can afford.
    First, its not a good idea to piggyback your question on someone else's thread. This generally leads to confusion. So I've requested this be moved to its own thread.

    Did you read the answers to the original question in this thread? Of course you have to continue paying him rent. His financial status has no bearing on your contract with him.

    Start looking now. You can't be summarily thrown out without notice. So you will be given some time. Have you thought of asking the landlord if he can transfer the loan to you? If he is just going to give it back to the bank, he will get nothing and may continue to owe something. If you assume the mortgage, at least he won't owe anything more.
    DianeV Sr Loan Officer's Avatar
    DianeV Sr Loan Officer Posts: 76, Reputation: 9
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    #3

    Sep 4, 2007, 10:14 PM
    The mortgage will be recorded in your city or town hall. Usually someone there can help you if you give them the address.
    Keep paying the rent. You may want to try to buy from him. Most loans are not assumable these days, so you will have to get financing on your own.
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