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Old 02-04-2012, 10:34 PM
 
Location: Knoxville
1,155 posts, read 3,381,208 times
Reputation: 372

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Need advice as a couple i am working for, have been renting and according to information supplied, have now been served eviction notice and have learned that the owner was foreclosed on as was not making payments. Does anyone have any experience, with working with and seeing that an extension could be allowed as my clients will be willing to pay some rent, until we can get them in their own house, which is taking longer as we are only able to purchase with owner carrying the loan. Thanks and appreciate all input!
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Old 02-05-2012, 04:56 AM
 
Location: Fayetteville, NC
1,490 posts, read 5,974,296 times
Reputation: 1628
Here you go....

Protecting Tenants at Foreclosure Act of 2009

http://www.fdic.gov/news/news/financ.../fil09056a.pdf
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Old 02-05-2012, 05:26 AM
 
Location: East Tennessee
3,928 posts, read 11,577,338 times
Reputation: 5259
^^ Yes, this. Fortunately, tenants now have rights and some protection against deadbeat landlords and lenders. IF, they've been paying rent and they have an enforceable lease, I don't think they can be evicted.
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Old 02-05-2012, 10:14 AM
 
Location: Tempe, Arizona
4,511 posts, read 13,554,308 times
Reputation: 2201
Ditto above. The renters would have at least 90 days to vacate, more if they have a valid lease that is longer and a buyer will not be occupying the property.
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Old 02-05-2012, 10:24 PM
 
Location: Knoxville
1,155 posts, read 3,381,208 times
Reputation: 372
thanks for the great responses. I will be using this for my clients good and let you know what the Mortgage Company does!
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Old 02-07-2012, 05:10 PM
 
Location: Northwestern VA
982 posts, read 3,481,174 times
Reputation: 569
It depends on the laws in your state. In VA, the amount of time tenants are allowed to remain in the property depends partially on when the lease was signed along with some other factors (is rent competitive?, can tenants truly afford rent?, does it make more sense to sell the property or continue renting? what is tenant's credit like, etc.) If the tenants have bad credit, the bank will most likely want them out.

Quote:
Originally Posted by oldmanbob View Post
Need advice as a couple i am working for, have been renting and according to information supplied, have now been served eviction notice and have learned that the owner was foreclosed on as was not making payments. Does anyone have any experience, with working with and seeing that an extension could be allowed as my clients will be willing to pay some rent, until we can get them in their own house, which is taking longer as we are only able to purchase with owner carrying the loan. Thanks and appreciate all input!
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