What should I do in this situation?
I am a first time renter and going to college. Today I got home at 12:00. at 12:24 there was a knock on the door, so I answered. It was a man from the something of clerks. He asked if I owned the property and I said no. He told me the property was going to be foreclosed on. I asked him when? he said it will take a few months to a year. I asked him if my realty agent knew, he said they should know about it.
I called the realty agent and told her, she said "oh everything is fine, he (the owner) has been in forecloser before, dont worry everything will be fine, he is working it out now."
I was concerned because why did she not tell me about it if she knew about it?
I just have one question.
I should keep paying my rent till the lease is up right? (it will be up in jully 2009).
This happened to my niece also and they did come and tell you she had to leave and the landlord knew. For some reason if i were you i’d try and find another place or someday they’ll come and say you have only so much time to move out. I think this is a terrible thing to happen to anyone and especially when the landlord knows. Good luck.
Your fine. Just keep mailing in the rent. if the property is foreclosed on the only change will be where you send your rent check.
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Until the moment that the county takes over possession of the property through foreclosure, the current owner of the property is your landlord and you must continue making payments to him/her. If the foreclosure does go through, the bank will give you a 30-day notice that the property is going to foreclosure auction, which is basically your 30-day notice to vacate the premises.
Right now, foreclosures are being delayed for a couple of reasons: First, there are so many that the banks are having difficulty keeping up with all of them. Second, a lot of lenders are waiting to find out exactly how the current administration is going to bail out foreclosure homeowners. So, it’s likely that the house won’t go into foreclosure for some time, perhaps until after July.
When your lease expires in July, you will automatically revert to a month-to-month lease. At that time, you just have to give a 30-day notice to vacate. If I were you, I would keep my eye on available rentals in case the foreclosure comes through. Then, if you last through when your lease is up, you can look for other rentals and move at your leisure (with a 30-day notice).
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Your Lease is seperate from his Mortgage/Foreclosure Concerns. I would continue to pay or he could get you evicted or take you to small claims court for unpaid rents.
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Yes. Keep paying your rent and living there until you get legal notice that you can’t live there anymore. The landlord’s problems don’t change your lease until they stop him from keeping his end of the lease. And the realtor is probably right that the owner can deal with this, and if it turns out that he can’t, the bank or next owner may also want to rent to you.
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This happened to my niece also and they did come and tell you she had to leave and the landlord knew. For some reason if i were you i’d try and find another place or someday they’ll come and say you have only so much time to move out. I think this is a terrible thing to happen to anyone and especially when the landlord knows. Good luck.
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1. The owner is in no way obligated to let you know of his/her financial status with his lender.
2. Yes, you must continue to pay rent as your lease states.
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