What Will Happen Now My Landlord Lost House To Foreclosure?
Sunday, June 28th, 2009 at
2:01 pm
My landlord went to foreclosure without evicting us. The bank tried to auction the house today, but got no bids. The title reverted to the bank. What can I expect to happen next? I worry about coming home to find the locks changed, all our stuff seized. The landlord won’t take any calls and hasn’t for a month. What about our security deposit? Don’t I have to be given an eviction notice, or am I just out of luck?
Tagged with: Foreclosure • Happen • House • Landlord • Lost • What • Will
Filed under: Advice
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The bank is not making any money while you are still paying rent. The bank is adding interest to the landlords loan. It’s in foreclosure because the bank hasn’t been getting there payment from the landlord!!! If only the sheriffs sale has taken place, the house is in the redemption period. The landlord has every right to redeem his house, or even evict you for not paying your rent. You need to talk to the landlord. If he doesn’t return your calls just hold his rent money until he contacts you so you know whats going on. He should want to collect rent for a long as he can until the redemption period ends and the bank takes possession of the property. You have gotten alot on missinformed information!!!
If you have a properly set up tenancy, its unlikely you can be evicted without notice, and while you are there paying rent, the bank have some income from the property, but, it may be worthwhile investigating what the guide price at the auction was, could you afford to buy it? the bank would probably think seriously about an offer around the bottom guide price, and might even be willing to offer you a mortgage, and the repayments may be no higher than your rent.
Talk to them, also talk to the Citizens Advice Bureau or a solicitor.
You need to stop paying the rent (because you won’t get your deposit back).
The lease ended the day the foreclosure took place and the landlord no longer has the authority to even enter the property.
Find another place to live . In my state, when a house is lost to foreclosure, you only get a 7 day notice.
Laws are designed to make it easier for banks to get their house back…so the law is NOT on your side.
Go ahead and move while you still have time.
While I don’t know the specifics of how & when, I’ve known a few people in similar situations and ultimately they all had to find another place to live w/ relatively short notice. I would think you’ll still be given a notice to vacate etc, but you may want to start looking for another place to live ASAP.
The landlord no longer owns the property, so don’t expect any calls from them. The lender will contact you via Realtor or Sheriff’s Dept. regarding the eviction. In the meantime, you should probably be actively scouting a new place to live.
what do you think of flipping property with foreclosure?