[riarob]

just found out landlord is 60 days down on there mortgage when should we quit paying them and or should i contact there mortgage company wells Fargo
i don't believe wells fargo knows that this is a rental people moved back to cali what are my rights

[trnsplntfrmNV]

Originally Posted by riarob

just found out landlord is 60 days down on there mortgage when should we quit paying them and or should i contact there mortgage company wells Fargo
i don't believe wells fargo knows that this is a rental people moved back to cali what are my rights

Dude you have no rights and I would not pay one dime more and find some place else to move. Did I say that...I would move, I was in that situation 6 months ago.

[Grofica]

wasnt this post on here before?????

[delgadobb]

Originally Posted by riarob

just found out landlord is 60 days down on there mortgage when should we quit paying them and or should i contact there mortgage company wells Fargo
i don't believe wells fargo knows that this is a rental people moved back to cali what are my rights

If you signed a lease, you're still responsible for rent. Whether or not your landlord is current with his/her mortgage, your contract is with them & not the mortgage company. Strange as it may seem, it's possible the landlord could not be paying the mortgage & still come after your for rent. I didn't say it was right, but sometimes that's the way it is.

Now, from a more practical perspective, here's some things you may consider:
(1) Search earlier threads on the same topic, as there's some good advice on which I can't improve. This isn't the first thread on this topic.
(2) You might want to start looking for a different place now. Legally, your landlord could come after you for skipping out on the lease if you move early. Practically, though, it's unlikely to happen if they're out of state & not paying the mortgage. No guarantees, though.
(3) You might want to have a heart-to-heart with the landlord. As a small-time landlord, I appreciate tenants who are up-front so there's no confusion. (However, I'm not behind on my mortgage.) You might find out the situation's different than you think. Or, you might find you're right & get the chance to negotiate a transition for yourself.
(4) My suggestion is DON'T contact Wells Fargo. If you intervene with your landlord's mortgage, you open up a huge can of worms (maybe potential lawsuits). Put another way - what do you have to gain by going to them?

[airics]

You are still liable for the rent... Landlord may lose the house and will easily win against you in court. He may be missing the payments on purpose in order to try to shortsale the house.

[BWALDON]

Renters in Foreclosed Properties No Longer Lose Their Leases

Before May 20, 2009, most renters lost their leases upon foreclosure. The rule in most states was that if the mortgage was recorded before the lease was signed, a foreclosure wiped out the lease (this rule is known as "first in time, first in right"). Because most leases last no longer than a year, it was all too common for the mortgage to predate the lease and destroy it upon foreclosure.
These rules changed dramatically on May 20, 2009, when President Obama signed the "Protecting Tenants at Foreclosure Act of 2009." This legislation provided that leases would survive a foreclosure -- meaning the tenant could stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days' notice before having to move out (this notice period is longer than any state's non-foreclosure notice period, a real boon to tenants).
An exception was carved out for the buyer who intends to live on the property -- this buyer may terminate a lease with 90 days' notice. Importantly, the law provides that any state legislation that is more generous to tenants will not be preempted by the federal law. These protections apply to Section 8 tenants, too.
Importantly, tenants who live in cities with rent control "just cause" eviction protection are also protected from terminations at the hands of an acquiring bank or new owner. These tenants can rely on their ordinance's list of allowable, or "just causes," for termination. Because a change of ownership, without more, does not justify a termination, the fact that the change occurred through

[007 license to sell]

Originally Posted by riarob

just found out landlord is 60 days down on there mortgage when should we quit paying them and or should i contact there mortgage company wells Fargo
i don't believe wells fargo knows that this is a rental people moved back to cali what are my rights

There is a federal regulation, which will expire at the end of 2012, that requires the sending of a 90-day notice to the tenant to vacate from the premises.
Nevada state law, which was passed after the June, 2009 session, requires a 60-day notice to the tenant. The federal law always takes precedence.

AB 140 states that a tenant or subtenant is to be provided notice within three business days that his or her residential unit is being foreclosed by the lender. The notice is to state that the tenant may terminate his or her lease and move out or remain and possibly be evicted under Chapter 40 (after the expiration of the notice).

If a tenant fails to pay rent or fails to perform any other obligations of the lease agreement, the tenant will be subject to a eviction notice prior to the expiration of the 90-day period.

During this 90-day period, the new owner has the same rights, obligations and liabilities of the previous owner under NRS 118A (the landlord tenant act) and under the lease or rental agreement that the previous owner entered into with the tenant.

Tenants can vacate from the property prior to the expiration of the notice period without any obligation to the new owner. In this case, the tenant would not be require to give the new owner 30-days notice.

I hope this is helpful