Foreclosure questions

[feelquiet]

Some lenders/servicers (Fannie Mae, Citibank) will provide at least 30 or 60 days notice and work with renters and not just evict without notice. I'm pretty sure all the banks that accept TARP money will eventually extend the same courtesy. Remember that you will lose your security deposit/last months rent that you already paid to the current owner.

Also remember that in many cases, the property's appliances may be part of the loan collateral, depending on how they're attached and whether they were purchased with the home or after. You shouldn't assume these are "free appliances" to take with you, even though everyone else is "stripping" foreclosed properties.

[addie4]

I find myself in the same predicament, my landlord told us that the house we are renting will be auctioned off in 10 days! We have a lease with 90 day written notice. Do we have to immediately get out? Do we stay here and wait for someone from the bank to come knocking? Are we risking a Lockout?
Any advice would be greatly appreciated.

[giz2000]

Originally Posted by addie4

I find myself in the same predicament, my landlord told us that the house we are renting will be auctioned off in 10 days! We have a lease with 90 day written notice. Do we have to immediately get out? Do we stay here and wait for someone from the bank to come knocking? Are we risking a Lockout?
Any advice would be greatly appreciated.

Were you served with papers? As his tenants, you should have been served with foreclosure papers. If I were you, I'd go to the Clerk of the Court's website and check to make sure he isn't pulling one over on you just to get you out quickly. If there is an auction in 10 days, the papers would have been served on him (and you as his tenants) quite a while ago. Foreclosures are taking several months.

He might be trying to get out of having to give you your security deposit back...because he doesn't have it. Been there, done that....proceed with caution.

[heydade]

Originally Posted by zpcsc

Recently, it has taken about four months from the time the bank takes over & lists the property. When the property is owner occupied, the procedure is for the listing agent to offer cash for keys as an incentive to get them out of the property. I know that in some instances when it is rented and eviction notice is served. As many mentioned, it is nice that they are not making you pay for the rent because I know someone who is renting a condo from someone that stopped paying the mortgage & they are still collecting the rent.

4 months ?? no way...try at least 1 year to 1.5 years.