WHO has the legal right in a foreclosure with a tenant? (sale, for rent)

Momma_bear · 12-07-2009, 04:38 AM

Quote:

Originally Posted by PropWash

Thanks for the link.
Just for the record: we used a reputable real estate agency in Vero beach in order to avoid this exact situation (mess), but they rented to us anyway.

Cash for Keys is cool, FlaLadyB, but only reason we are not jumping out of the home is:
a. we love the house (plus the view, the convenience and great neighbors)

b. We will be in a position to purchase it in March/April if we can hang-in a bit longer.

If this wasn't the case, we would have left long ago.

You need a lawyer. Get one. I am sure that the bank has lawyers working on its behalf. You can use the internet for ideas but it is not a substitute for legal advice. Go get a lawyer. NOW.

TurtleTracks · 12-07-2009, 04:45 AM

As a former apartment manager I can say that there is alot of paper work involved with evicting a renting tenant. Some may pull a bunch of nonsense but the same rules apply until your served by the law.

apickels · 08-08-2010, 06:01 PM

How long after being served with foreclosure papers do i have before being evicted?

apickels · 08-08-2010, 06:05 PM

WHO has the legal right in a foreclosure with a tenant?

FlaLadyB · 08-09-2010, 07:26 AM

Ok....you must have gone looking for this post since I started it in late 2008.

Some of the what happens have changed since I started this post back then, but the majority of them are the same.

If you have a lease you are in a binding contract with the Owner. You are obligated to pay your rent even if he isn't paying his mortgage.

Didn't say I like it or think it's right, but it's the law.

If your owner is in foreclosure and you are paying the rent he most likely will not evict you since he is making money.

If you do not pay your rent, yes, he can evict you and you will be served papers accordingly.

I would highly suggest that if foreclosure papers have been served on the house where you live that you contact your owner and see if you can work out something between the two of you first.
Some owners are nice, some are not.

Foreclosure papers aren't served on the tenant- they are served on the owner and the house you live in is listed with the owners name, not yours. Most of the time the bank has no idea if anyone lives in the house or not.

Judy Mclendon · 08-14-2010, 01:05 AM

I just moved into a place that got foreclosure papers in feb. i moved in in june and i got papaers that said the property was going up for bid that was how i heard

Judy Mclendon · 08-14-2010, 01:12 AM

I just moved into a place that got foreclosure papers in feb. i moved in in june and i got papers that said the property was going up for bid that was how i heard. I even asked the landlord and her realator that was renting the place if the place was in foreclosure and both of them said absolutely NOT.

Judy Mclendon · 08-14-2010, 01:15 AM

until the place is taken over from the bank or goes up for bid, than u have 90 days if you have a lease . but if the new owner wants it to live in than you have 60 days

tampagirl1220 · 03-07-2011, 05:02 PM

I am currently in this situation. The responsible side of my brain says to keep payng the rent. The fairness side of my brain says SCREW THEM, save the money and get out! Yes, I signed a binding contract when I signed my lease. But the landlord signed it too! Why should I hold up my end of the deal if the landlord doesn't hold up his? Why should he be allowed to continue taking my money every month and live carefree, while I am broke and do not know where I may be living in another couple of months? The mortgage where I am living has not been paid in NINE MONTHS - June 2010 according to the foreclosure papers we were served with. And they owe the bank almost $150K. Think about it....they haven't paid since June and they gave me a lease in the middle of September. They knew full well when we signed this lease that this was going to happen. They just wanted to make the extra money.

There are 18 tenants here, paying $700 a month...this landlord is making almost $13K a month in rental income and not paying the mortgage. He is living high and mighty off of our money every month. When we questioned him, he said, and I quote, "I am not going to fight the bank. I am letting them take it in foreclosure. But you'll have to keep paying your rent to me until you are evicted by the bank." SCREW THAT! I need to save that money to find a new place to live, and hope to God I don't pick another one in foreclosure.

So, yes...there is emotion involved. Which emotion? Pure hatred and blinding anger towards this jerk for doing this to us.

Sheltie166 · 03-07-2011, 05:12 PM

Quote:

Originally Posted by tampagirl1220

I am currently in this situation. The responsible side of my brain says to keep payng the rent. The fairness side of my brain says SCREW THEM, save the money and get out! Yes, I signed a binding contract when I signed my lease. But the landlord signed it too! Why should I hold up my end of the deal if the landlord doesn't hold up his? Why should he be allowed to continue taking my money every month and live carefree, while I am broke and do not know where I may be living in another couple of months? The mortgage where I am living has not been paid in NINE MONTHS - June 2010 according to the foreclosure papers we were served with. And they owe the bank almost $150K. Think about it....they haven't paid since June and they gave me a lease in the middle of September. They knew full well when we signed this lease that this was going to happen. They just wanted to make the extra money.

There are 18 tenants here, paying $700 a month...this landlord is making almost $13K a month in rental income and not paying the mortgage. He is living high and mighty off of our money every month. When we questioned him, he said, and I quote, "I am not going to fight the bank. I am letting them take it in foreclosure. But you'll have to keep paying your rent to me until you are evicted by the bank." SCREW THAT! I need to save that money to find a new place to live, and hope to God I don't pick another one in foreclosure.

So, yes...there is emotion involved. Which emotion? Pure hatred and blinding anger towards this jerk for doing this to us.

If you have a lease, the buyer of the property (which I assume is an apartrment building) has to honor the term of the lease, so you're not going to get kicked out before the actual time you would have had to move or renew the lease anyway. You'll just switch from paying your current landlord to paying the new owner, who probably will renew your lease (if you want to stay) and you can just keep on living there forever.