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House we are renting is being foreclosed, what do we do?
The house in Saint Petersburg we are renting in being foreclosed. We have been paying rent since November 2006 of $1300 a month. The owner has not paid the mortgage since June 2007 so the bank has filed suit for foreclosure, we got our copies "Jane Doe" on Tuesday.
What do we have to do? Do we have to respond to the court in the 20 days? What is the process from now on out? We are not giving the landlord March's rent. Advice, Suggestions? |
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I would stop paying the landlord, but deposit the rental payment into a savings account.
When it is all said and done, if the bank requests the rent, you will have it available. You might even offer to stay and rent from the bank until it is sold for less than what the rent was prior to the foreclosure. Sometimes the bank will opt to have a paying renter in the home instead of having it sit empty. Good Luck! |
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While all of use would like to stop paying rent, if you don't, the current owner can evict you for non payment if they desire. As long as you live in the hosue you are obligated to pay your rent to the owner. YOu did not say on what date they plan on having the sale, if the sale is to be in March I would not pay March, but if the sale is not till latter, you may have a obligation to pay.
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