Please help: Renting home in City that is being foreclosed on (Baltimore: foreclosure, renters)

[Phatcat 69]

Hello, I am renting a property in Baltimore City that is being foreclosed on. My rent was never late, I have resided in the home for 5yrs. I have tried to reach the homeowner to many times to count and I went to their home and I believe they have packed up and moved back to NY. She has not answered any of my calls or texts.

Is there anything that I can do to possibly get the house or am I just out of luck???

Intent to Foreclose paperwork was filed with courts already...

[oneworld25]

You might want to contact the Baltimore branch of ACORN. Even if they can't help you, they can probably point you to someone who can.

ACORN: Local ACORN Office

[mrboltonman]

Maybe the lender will let you continue to rent.

[TeamBenya]

Originally Posted by terrystanz

i believe before they can "sell" the home...you the tenant have to be given
the "right of first refusal" to purchase the home.
not sure what the rent is, or your exact financial situation...but it may
be cheaper for you to buy the property than continue to rent !!

i am a "specialist" in housing in the baltimore area....feel free to contact me:

terrystanz@comcast.net

Actually "ROFR" is not required in a foreclosure situation. Even if it were, payment on the property would be at least the value of the note, as the bank cannot sell it for less than that until after they have fully foreclosed.

I would highly suggest you look into if the bank holding the note too bailout funds from the federal government. There is a little known clause that states these banks must allow tenants the option to rent through the date on the lease if the lender was bailed out by the government. Fannie Mae and Freddie Mac have already agreed to comply, and other banks have lawsuits pending against them because of this. (Related Link: Fannie Mae will let renters stay)

It might be a good way to protect yourself if you want to remain in the lease! If not, it might also be a way to bargain yourself into a payoff from the bank to vacate the property prior to the end of the lease. Quite a few banks are known for giving "cash for keys".