Ask Experts Questions for FREE Help !
Ask
    Kelaniya's Avatar
    Kelaniya Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 9, 2007, 08:26 AM
    Can bank evict well paying tenants if tenants want to stay
    My good friend from England and his family are leasing a home in Houston TX. He is a well paid man working for a oil company and (with British passports). Landlord fell sick and is about to foreclose the house and go bankrupt. My friend Martin loves to stay there to continue his tenancy (a beautiful home close to his work) and landlord wants to help them stay but he is not sure if he could pay the arrears and keep the house and so that the tenant could stay without bing evicted by the bank. Would the bank keep the tenants if landlord requests and since they pay a big check every month and on time?

    The house will be foreclosed in a few weeks. How can I help my friend. Landlord's lawyer already gave them prior notice explaining the tenants that landlord is filing bankruptcy chapter 7 or 13 and I know my friend can't sue anybody. All he needs is to stay in the house until his lease is over(for another 18 months).

    Can bank evict them on the day they are supposed to foreclose or is the bank supposed to give them at least some notice. Bank's lawyer went to the tenant's house and handed over the papers that the hosue will be foreclosed on a certain date.

    Should the tenant find a place immediately or what are the chances? Can lanlord talk to the bank and explain how good the tenants are and request to let them stay until the tenancy is over? The landlord is genuinely trying help. They both parties like an answer if you may kindly pl? Thanks so much!
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Dec 9, 2007, 08:33 AM
    Hello K:

    IF the bank kept the house, I'm sure they'd be happy to keep your friends as tenants. But, the house is going to be sold at auction and the new owners aren't going to be buying a rental house. They're going to be buying a house they can move into.

    So, your friend can't stay. Yes, legally they can be evicted as soon as the foreclosure happens although that probably WON'T happen. However, in order to avoid the possibility of that happening, your friend needs to find a home NOW.

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Dec 9, 2007, 01:32 PM
    First why can't your friend sue, he can sue just like anyone else.

    But you friend can be evicted if there is a foreclosure, at the foreclosure all leases are voided. They can stay of course till the home is sold at foreclosure but then they can be moved out very quickly.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Dec 9, 2007, 01:41 PM
    As noted with the foreclosure of a residential property, any leases are voided. However, eviction is court proceeding, so no they could not be evicted immediately after foreclosure. They could and probably will be served with a notice to vacate once the foreclosure is finalized. If they do not vacate, then eviction proccedings will be initiated and I'm not sure if they want that on their record.

    However, if the landlord is not releasing them from the lease, then they can't leave without breaking the lease. So they are really caught.

    The best thing for them would be to see if the landlord will assign the mortgage to them if they will pay the arrears. This way they get to own the house cheap.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How to evict tenants stealing from the landlord? [ 3 Answers ]

I have tenants that live above me, the landlord, over the past 4 years numerous items have come up missing including money. We are hoping to catch them in the act with security cameras we just installed When we do, what should we do next? If we go to the police and prosecute and they are :confused:...

Tenants Rights [ 2 Answers ]

If you are renting a home and the house has been foreclosed on does the bank have to help the tenant with first, last in security deposit when finding a new home to rent?

Too many tenants [ 1 Answers ]

I have rented an apartment in my home to a single women for about 3 years. She has paid her rent on time one time. She is a nice women but has had numerous family members move in temporary (less than 6 months at a time). Recently her daughter and granddaughter has been staying with her when we...

Can I evict tenants who violate lease by smoking? [ 3 Answers ]

Our tenants are violating the terms of the lease by smoking in their apartment. The lease states no smoking anywhere in the house, smoking is allowed outside behind the house only. Nearly every night there is a strong odor of cigarette smoke in the enclosed backporch outside our backdoor (we live...

Non paying tenants with no lease [ 5 Answers ]

We have a tenant that hasn't paid rent since July. We used his security for August and half of September. In July we asked him to leave because we needed the apartment for our own needs. He has always been late month after month leaving us notes telling us why he will be late. We have been nice...

View more questions Search