Rental forclosure

[Sinfix_15]

Looked around the internet for answers to this question and found a pretty good variety of different answers. Strangely........ IA seems to house a good number of people who offer pretty sound legal advice, so i figured i would fish for an opinion or two here.

I currently live in a rental house and i recently received a foreclosure notice in the mail.

I am aware of the federal law that requires the bank to give me 90 days or honor my lease agreement in the event the foreclosure actually took place.

Should i continue paying rent even though i was planning on moving within 90 days? wait and negotiate with the bank? My lease is fulfilled and my current arrangement is a "handshake" deal. There's some repairs that need to be made, could i withhold my rent based on those grounds?

With my lease fulfilled, would the renter have any ability to damage my credit?

[Vteckidd]

As i understand it, the foreclosure is separate from the lease agreement.

Its none of your business the guy isnt paying his mortgage, and is going into foreclosure. You have an agreement to rent his property, period.

If you are outside of your lease, you could tell him to fuck off and he could process you for eviction. He can come after you.

What you should do is tell him you know its being foreclosed on, and negotiate for a lower rent.

You cannot withhold rent for repairs UNLESS its specific in your contract

[BanginJimmy]

You cannot withhold rent for repairs UNLESS its specific in your contract

Or if the house is uninhabitable until repairs are completed.



As Mike said, the foreclosure doesnt immediately affect you and you cannot use it to get out of paying rent.

If the house is someplace you would consider staying in long term, you could also contact the owner and try to work out a short sale. Mortgage would likely be considerably less than your current rent is.

[WhiteAccord]

Simply talk to the land lord. If you are in good standings then communicate with the individual. If anything negotiate for a reduced rent...

[Sinfix_15]

You guys said what i was leaning towards doing. I'm gonna pay as i normally would and contact the owner sometime after christmas. If he's going to allow the foreclosure i'll weigh my options at that point. The only way id be interested in staying here for any longer than another year would be if the mortgage was significantly lower than what im currently paying.

[Sinfix_15]

As i understand it, the foreclosure is separate from the lease agreement.

Its none of your business the guy isnt paying his mortgage, and is going into foreclosure. You have an agreement to rent his property, period.

If you are outside of your lease, you could tell him to fuck off and he could process you for eviction. He can come after you.

What you should do is tell him you know its being foreclosed on, and negotiate for a lower rent.

You cannot withhold rent for repairs UNLESS its specific in your contract

Outside of my lease, i can pack up and hand him the keys at any moment though, correct?

[Vteckidd]

Outside of my lease, i can pack up and hand him the keys at any moment though, correct?

read your lease, USUALLY theres a clause in there that says after the initial contract is up, it goes to month to month (usually at an inflated rate) and you are required to give up XX Days notice.

if there is no lease, then yeah you can walk at any time

[Echonova]

If dude is too poor to pay for the house you are paying him to live in... What makes you thik he has money to come after you legally?


I say don't give that man another dime until you know for sure which way the house is going. As long as you saved the money you can make the back payments up... Or you have your first and last deposit should you have to move suddenly because your landlord likes hookers and cocaine more than paying his bills (let's be honest, who doesn't?).


Fuck being the nice guy, that gets you nowhere. Game the system homie.

[Echonova]

A handshake deal is worth the paper it's written on.

[BanginJimmy]

The only way id be interested in staying here for any longer than another year would be if the mortgage was significantly lower than what im currently paying.

Look up your address on Zillow and get an idea what your house is worth and what your mortgage would be. If it is in line with what you are willing to pay, contact the current owner to get the specifics of his mortgage. It is a huge win for him if you buy it short instead of the current owner allowing the foreclosure.

[00CelicaGT]

Look up your address on Zillow and get an idea what your house is worth and what your mortgage would be. If it is in line with what you are willing to pay, contact the current owner to get the specifics of his mortgage. It is a huge win for him if you buy it short instead of the current owner allowing the foreclosure.

I thought that you had to be current with your mortgage in order to do a short sale? I always thought a short sale was to help those who were upside down beyond belief be able to get out of The house with out taking a huge loss? :dunno:

[Sinfix_15]

Look up your address on Zillow and get an idea what your house is worth and what your mortgage would be. If it is in line with what you are willing to pay, contact the current owner to get the specifics of his mortgage. It is a huge win for him if you buy it short instead of the current owner allowing the foreclosure.

Zillow is sweet, thanx.

[BanginJimmy]

I thought that you had to be current with your mortgage in order to do a short sale? I always thought a short sale was to help those who were upside down beyond belief be able to get out of The house with out taking a huge loss? :dunno:

No, you dont have to be current but every situation is different. Banks prefer to sell short because they lose less money in a short sale than they do in a foreclosure.