Renting; home went to auction - Denver - Colorado (CO) - Page 2 - City-Data Forum

relohunter · 02-19-2011, 08:50 PM

Well some good news. The new lender posted a notice on our door, indicating the situation; we can either do month to month, or do the 'cash' option to get out by a certain date. We will be contacted within 10 days.
We've already started looking at homes for rent, making calls, packing, etc.
Moving sucks. Did it just about 1 year ago to get out here. At least this one is not cross country.

tigiconway · 02-22-2011, 11:23 AM

You should try Windsor at Meridian. They are located in Lone Tree/Englewood area. They have one, two and three bedroom apartments with attached garages and this helps make it feel more like a home. Palomino doesn't accept big dogs. That's why we like Windsor at Meridian. You should look at all the legal paperwork posted to your door and call the attorney's office if there is one. They should be able to help you through the process.

relohunter · 02-22-2011, 02:33 PM

Thanks tigiconway. The instructions on the door indicated someone from the attorney's office would call us within 10 days; if we do not hear from them, then call the lender and go from there. We may call earlier, just to keep our bases covered.

relohunter · 02-23-2011, 08:08 AM

Well, it looks like we found another home. Yay!
But I have another question about the 'cash for keys' program.
Does anyone know, how many days folks typically have to vacate the home after a foreclosure auction,
and, are the funds distributed Only after the home is vacated?

Timmyy · 02-23-2011, 02:21 PM

Quote:

Originally Posted by relohunter

Well, it looks like we found another home. Yay!
But I have another question about the 'cash for keys' program.
Does anyone know, how many days folks typically have to vacate the home after a foreclosure auction,
and, are the funds distributed Only after the home is vacated?

Most likely they will not ask for the cash for keys until they are ready to list it. It all depends on how long they are going to sit on the REO (Real Estated Owned).

relohunter · 03-10-2011, 01:04 PM

Ok; so, we got the notification letter for the 'Cash for Keys'. Moving forward.

This question, is sticking in our minds. The foreclosure auction was February 17 2011. The 'Intent To Redeem' period expired March 2nd 2011.
Here's the question:

Is the former homeowner legally entitled to any form of rent for the month of March 2011?

I smell a dead rat...

2bindenver · 03-10-2011, 04:56 PM

Your contractual agreement is with the owner for rent in order to live at this residence. Your agreement is not contingent upon the owner making mortgage payments.

The redemption period is for junior lien holders, not for sellers.

Should your honor your agreement with the owner even if your owner has not honored his with the lender?

relohunter · 03-10-2011, 05:42 PM

Yes, we honored our end of the obligation by paying the rent each month.

But let me rephrase the question, as I am unclear as to when, our contractual obligation with the former homeowner expires and is no longer valid.

Is our obligation completed:

a) at the time of the foreclosure auction, when the new owner (the bank) purchased the house - mid-February

b) when the redemption period for the former homeowner has expired (March 2nd 2011) - as I understand, this is the deadline, for the homeowner to attempt to reclaim the house, by paying all past-due payments and fees. The homeowner did not do this; therefore, they 'lost the house'.

c) when the deed transfer process has completed, and the 'official deed' is finally in the hands of the new owner (the bank), sometime in the very near future (March 28 - April 10, somewhere in that timeframe)

I would reason, these are the possible scenarios:

If the answer is (a), the homeowner is not entitled to rent payments for the month of March.

If the answer is (b), then the former homeowner is not entitled to any rent payments for March 3 - March 31. They would be entitled to rent payment for March 1 - 2 (or, the amount as defined in our lease agreement).

If the answer is (c), the former homeowner may very well be entitled to rent payments through the end of March.

And here is the reason I am asking. The homeowner suggested using the deposit for the March rent. This just doesn't quite sound right to me. Especially when the lease agreement clearly states, that the deposit can only be used for rent, if it is
agreed, in writing, by the owner. That clause is clearly stated in the lease.

I simply do not know, if the owner, can legally claim any rent funds for the month of March. That is what I am trying to determine. If they are not, then we need to pursue getting our deposit back.

Thanks!