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    whitaker777's Avatar
    whitaker777 Posts: 1, Reputation: 1
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    #1

    May 14, 2009, 11:38 PM
    The broker says they won't accept rent after forclose sale
    I just found out that my rented house is going into foreclosure and the broker says they won't accept rent no more because its not their property no more. Who do I pay rent to and my lease is about up around the same time, they will not accept the renewal lease they sent to me. What now??
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    May 16, 2009, 05:58 AM

    Hello w:

    When the house foreclosed, your rental agreement got canceled. If the bank owns it now, they MIGHT take rent from you, or they might give you 30 days to be out.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    May 16, 2009, 06:07 AM

    Was it foreclosed on or is it in foreclosure?

    If the foreclosure hasn't been finalized, you need to pay rent to the owner of the property. If the broker is no longer managing the property they should be able to give you the owner info. You might think of seeing if you can buy the property.

    If the property has been foreclosed on then you have to find out who the new owner is and see what arrangements you can make with them.
    ForeclosureHelp's Avatar
    ForeclosureHelp Posts: 16, Reputation: -1
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    #4

    Jun 8, 2009, 04:35 PM

    If the property is going into foreclosure the owner still owns the house.

    However, since the owner defaulted on the loan I would save your money to find other accommodations.

    The broker do they still have the property listed?

    Can you buy the house? Right now would be the perfect time since rates are low!
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #5

    Jun 8, 2009, 04:39 PM
    Quote Originally Posted by ForeclosureHelp View Post
    However, since the owner defaulted on the loan I would save your money to find other accomodations.
    Again, this is bad advice. As long as the landlord owns the property the tenant is obligated to pay rent. We do not allow advice that involves breaking the law.
    ForeclosureHelp's Avatar
    ForeclosureHelp Posts: 16, Reputation: -1
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    #6

    Jun 8, 2009, 04:51 PM

    The question is a little confusing... if the bank owns the property they will be filing a notice of ejectment.

    It was stated that the broker will not accept anymore payments since it was now owned by the bank?

    Sorry for the misinterpretation...
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #7

    Jun 8, 2009, 04:56 PM
    Quote Originally Posted by ForeclosureHelp View Post
    It was stated that the broker will not accept anymore payments since it was now owned by the bank??
    As I stated in my response, he needs to find out who the current owner is and make arrangements with them, In the meantime, he needs to pay his rent into an escrow account.
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