Lease Foreclosure protection (leasing, mortgage, home)

[renataa]

Hi, I am considering leasing from a homeowner and although currently the home is not in foreclosure, I want to add an addendum to the lease to protect my deposits Last and security specifically) in case the owner does not pay his mortgage:Can you state that the contract will become null and void if owner does not pay mortgae as required by the mortgage contract or state owner agrees to pay mortgae as stated in contract and if doesn't....such and such will occur??? Any thought/ideas???
Thanks

[fauve]

Sure, you can add a paragraph that states that. It might be informative to see how the landlord reacts to it.

How would you expect to find out he was in foreclosure though? I would be afraid that I wouldn't know till the sheriff was on the doorstep. If things get to the foreclosure stage, I would expect your chances of recovering last and security would be next to none. And, if it were that late, simply not paying your rent might leave you in jeopardy of being evicted either by the landlord or the sheriff.

Consider renting from a large property manager over a private landlord if this greatly concerns you.

[Momma_bear]

One of the things you can do to protect yourself is to follow up on the requirement that the landlord put your security deposit in an escrow account. Ask to see the paperwork. Ask for an account number.

[rkumar3]

I agree the best way would be put the deposit in an escrow account. Otherwise, there is no guarantee that you will see the money in case of foreclosure.

[Momma_bear]

Originally Posted by rkumar3

I agree the best way would be put the deposit in an escrow account. Otherwise, there is no guarantee that you will see the money in case of foreclosure.

I believe it is a law in FL (not 100% sure but I think so). It is often overlooked but I would counsel the OP to get the information about it up front.